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Sydney 'a world class city for...

Sydney 'a world class city for real estate'

Sydney has been named a world class city for residential real estate in a new index from Savills.
Individuals looking for their ideal Australian property could be persuaded to relocate to Sydney following a recent announcement.

International real estate services provider Savills has acknowledged the city as a world class provider of premier global residential property locations.

The picturesque Australian metropolis was awarded eighth place in the company's new World Class Index, which featured Hong Kong in the top spot.

Among the cities featured in the index are London, Tokyo, Paris and New York, which - along with Sydney - were classified as "old world" economies.

Joining these locations were Shanghai, Hong Kong, Moscow, Singapore and Mumbai.

"[The locations'] future performance will depend upon their continued appeal as places to live and work as well as to invest," remarked Yolande Barnes, head of Savills Residential Research.

This news comes after reports from the latest RP Data-Rismark Hedonic Home Value Index revealed that overall property prices in Australia had fallen for the sixth consecutive month.

Posted by Steve Douglas

All information provided is of a general nature only and does not take into account your personal financial circumstances or objectives. Before making a decision on the basis of this material, you need to consider, with or without the assistance of a financial adviser, whether the material is appropriate in light of your individual needs and circumstances. This information does not constitute a recommendation to invest in or take out any of the products or services provided by SMATS Services (Australia) Pty Ltd or Australasian Taxation Services Pty Ltd.

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