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