Australia's largest city is the world's most liveable metropolis according to a recent PricewaterhouseCoopers' (PwC) report, which compared 30 global cities on social and economic factors.

London came in second followed by San Francisco and Berlin, while Hong Kong rounded out the top five. Singapore is in sixth place. 

Top 10 Most Liveable Cities in the World

1. Sydney
2. London
3. San Francisco
4. Berlin
5. Hong Kong
6. Singapore
7. Paris
8. Stockholm
9. Toronto
10. Chicago

To rank the cities, PwC looked at six variables – cultural vibrancy, quality of living, working age population, traffic congestion, ease of commute, and relocation attractiveness. Sydney was also ranked first for its natural environment and sustainability, and second for health, safety and security.

"(Sydney's) good quality of life has a powerful pull, perhaps made even more seductive by beautiful beaches and a sophisticated culture," the report noted.

Responding, Iwan Sunito, CEO of Sydney-based developer Crown Group, said: "Although still a relatively young city by global standards, Sydney is capturing the attention of the world, taking its place among cities like New York, Tokyo and London.

"International investors and global funds are increasingly recognising the potential of Sydney. It is not surprising Sydney property values are experiencing strong growth with this expansion projected to continue," he added.

According to the New South Wales government, the city's growing population and highly desirable lifestyle has contributed to a housing shortage of 50,000 units, with an additional 18,000 units per year to keep up thereafter, creating a high demand for new apartments.

To help provide buyers with more housing options, Crown Group is currently developing four major projects, with plans to launch a new development called Crown Green Square in the coming months. Prices start from A$488,000 (approx. S$575,350).