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Sydney declared best city in the world for retirees

A new report has found that Sydney is the best city in the world to retire in, with Australia's largest population centre beating another 25 cities to the top. 

This is according to Knight Frank's Global Lifestyle Review 2016 report, which specified that Sydney ranked very highly for retired couples. 

Considerations such as the annual cost of health care, hours of sunshine a year and the cost of a cappuccino were singled out as areas where Sydney performs very strongly, Domain reports. 

The Mercer quality of life ranking - which compared 230 locations all around the world for 39 factors, including the political, economic and environmental aspects - was factored into the Knight Frank report findings. 

In second and third place on the list were Malta and Luxembourg - and not ranked locations were capital cities, as Sydney was the only entrant representing Australia. 

Knight Frank head of research Matt Whitby said pre-retirees and retired couples in Sydney are reaping the rewards of the city's property market. 

Profit made tax free on the price growth of their family home has made it possible for these people to enjoy the benefits of their superannuation nest egg. 

"With very strong price growth in the Sydney residential housing market, the trend of baby boomers downsizing, albeit not only in apartments, is well under way," Mr Whitby remarked.

"The tree change and sea change is less of a trend compared to a decade ago, as amenity is improving in Sydney, transport infrastructure spend is at a record level." 

He noted that many grandparents want to be close to their families, as well as staying around their existing friendship base, which is why transport infrastructure is held in such high regard. 

Jane Fitzgerald, executive director for the Property Council of Australia NSW, said the upturn in residential development at the heart of the city has also helped to nurture vibrant communities that retirees enjoy being a part of. 

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