The luxury home market in Australia is the best-performing in the world through the pandemic crisis, according to a new report.

The Prime Global Cities Index for the June Quarter from Knight Frank, which measures top end prices in 45 cities, found five Australian cities ranked in the top 24 globally.

The Gold Coast was named Australia’s top-performing region, rounding out the top 10 with 3.45% annual growth. Sydney and Perth followed at 11th and 12th, both recording 3% growth. Brisbane ranked 16th after prices rose 2.5%, with Melbourne (up 1.2%) ranked 24th.

Knight Frank’s head of residential research Michelle Ciesielski says the survey recorded its worst result overall since the GFC of 2008-09, with the latest index showing the impact of the pandemic on the European and American regions.

“Our analysis by world region shows prime prices in Australasia and North America were the most resilient in the June Quarter, with Australasia the strongest performing world region in the past year,” she says.