Haha Sydney, until we see the average income difference between the two cities and we retreat with our tails between our legs.

Knight Frank has released its Prime Global Cities Index for the third quarter of 2016, and you’ll find us tucked in at number eight.

That’s something of a drop from the last set of results released (HERE), but let’s move along swiftly.

Before we run through these you should understand the definition of ‘luxury housing market’, which refers to the ‘top 5% of the wider market in each city’.

You know, the kind of properties where you would find quality products by the likes of Robert Thomson.

With a 12-month prime property value increase of 8,5%, and a three-month increase of 1%, we have placed one spot above Sydney, although I’m not sure we should be celebrating how increasingly out of reach buying property has become.

Here’s BusinessInsider with a rundown of the two cities:

Sydney

The luxury housing market in Australia’s most populous city is buoyed by a limited supply.

Knight Frank say that its slow 3-month growth rate [1%] is due to new property taxes in the city. New South Wales, the state which includes Sydney, introduced an extra 4% stamp duty for foreign buyers in June.

Cape Town

Cape Town’s coastline and mountains mean that the city — which is highly popular with affluent young workers — has a very limited capacity to expand, pushing up demand for housing.

Yeah thanks sea and mountains, look what you’ve done now.

Here’s the rest of that list:

7. Tokyo, Japan

6. Melbourne, Australia

5. Toronto, Canada

4. Guangzhou, China

3. Seoul, South Korea

2. Shanghai, China

1. Vancouver, Canada

The city, which has a population of 603,000, is highly popular with Chinese investors. The same 15% levy that has slowed growth in Toronto’s prime market has had an impact in Vancouver, too, with prices growing just by 1.5% on last quarter.

And now you know.

[source:businessinsider]