Sydney closes in on ‘big seven’ global status
Sydney has been buoyed in a ranking of the top global cities by the substantial investment in infrastructure, a JLL report found.
The city’s quality of life, transparency, global reputation and high levels of direct real estate investment also boosted its score.
Sydney graduated from the category of “new world cities” to be named among the higher-ranked “contenders”, snapping at the heels of the “big seven” established global cities.
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The top global cities are London, New York, Paris, Singapore, Tokyo, Hong Kong and Seoul.
Of the next block of 10, Sydney ranked ninth, after Los Angeles, Shanghai, Beijing, Amsterdam, Chicago, San Francisco, Toronto and Madrid. Washington DC rounded out the list.
“More cities are becoming competitive with the biggest and best cities,” JLL Australia chief executive Stephen Conry says. “The leading cities have to future-proof in terms of their infrastructure and economic base.”
Conry backs Greater Sydney’s infrastructure investment as “great news” that will help ensure the future of the city.
“The light rail, the first stage of the Sydney Metro and the WestConnex — all will begin to come online over the next five years, and all will have significant impacts on the movement of people across the metropolis,” he says.
Sydney ranked among the top destinations for commercial real estate investment, taking 17th spot and attracting $US24 billion ($30.5 billion) in the year to June 30.
The top global city for investment was New York at $US149 billion, followed by London at $US110 billion and Tokyo at $US66 billion.
Sydney was the second-most transparent real estate market in the world after London, and the city with the second-best brand after Melbourne, the report says.
Features of successful cities included infrastructure investment, innovation, good governance, a long-term focus, transparency, affordability and reputation.
This article originally appeared on www.theaustralian.com.au/property.