It's the news we didn't want to hear. Sydney is now the seventh most expensive city -Yes, in the world. Even more surpising is that is has beat out international hotspots such as New York, London and Paris who this year, dropped down on the list. However, if you're in the market for a new home, are renting or even enjoy a coffee from your local barista even now and then, you no doubt already know how expensive Sydney can be.
The rankings, published in the annual Prices and Earnings report were calculated by comparing the cost of an average 'shopping basket' of 122 goods and services. The six cities that were ahead of Sydney were Oslo, Zurich, Geneva, Copenhagen, Stockholm and Tokyo.
Sydney was the only Australian city to appear on the list. But don't start packing your bags and head off to live in another state just yet. The rankings revealed some positive news. Afterall, with Sydney's high living costs comes with higher wages.
Sydney finished second in a table ranking the domestic buying power of its citizens. This was calculated by comparing wages in each location with living costs.
Sydney's jump in the rankings can also be explained by the strong Aussie dollar and the depreciation of other world currencies such as the US dollar and euro. So although the ranking might not be the most welcomed news it is sign of a good economy.
What do you think of the rankings? What cities were you suprised to see on the list?