Sydney is the most populous city in Australia and is home to over four million people.
Located in the state of New South Wales, in the south-east of the country, modern-day Sydney stands on the first European colony in Australia, established in 1788 at Sydney Cove by Arthur Phillip.
Built around Port Jackson, the city is Australia's largest financial centre and a cultural hub. In fact, the city has emerged as a major international tourist destination notable for its beaches and twin landmarks: the Sydney Opera House and the Harbour Bridge.
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National parks with numerous bays, rivers and inlets surround the metropolitan area, making the suburbs particularly attractive.
The extensive area covered by urban Sydney is divided into more than 300 suburbs for addressing and postal purposes and 38 local government areas. In contrast, the city of Sydney covers a fairly small area comprising the central business district and its neighbouring inner-city suburbs.
Pros of Buying Property in Sydney, Australia
One thing that makes the metropolis so popular with Brits looking for second homes is the fact that Sydney is widely considered to be one of the most multicultural cities in the world.
As the Lonely Planet explained: "Sydney is Australia's oldest city, the economic powerhouse of the nation and the country's capital in everything but name. It's blessed with sun-drenched natural attractions, dizzy skyscrapers, delicious and daring restaurants, superb shopping and friendly folk.
"Although it's come a long way from its convict beginnings, Sydney still has a rough and ready energy, and offers an invigorating blend of the old and the new, the raw and the refined. While high culture attracts some to the Opera House, gaudy nightlife attracts others to Kings Cross."
Cons of Buying Property in Sydney, Australia
A study by Mercer recently showed that Sydney is the most expensive city in Australia in terms of costs of living and the 21st most expensive in the world.
The Global Property Guide suggested that Sydney has "the nation's most expensive properties" and that the average cost of a home in the city is in excess of US$350,000.
It added that the "average cost of apartments is US$7,690 per square metre", but that prices rise for larger properties.
What You Need to Know About Buying in Sydney, Australia
However, Australian Property Monitors general manager Michael McNamara recently told the echoice.com.au site that it was very important for people looking to buy in Sydney to pick the right area.
"You get this sense that Sydney is becoming quite a divided city - it's a city of haves and have-nots, of fabulous wealth and almost an American underclass of mass working poor," he said.
"It's the next generation going for lifestyle. They want to be near the beach and the buzz."
In particular, Mr McNamara said that northern Sydney market performed well in 2007, with the beaches proving to be hotspots.
In contrast, he warned against southern Sydney and the western suburbs.
Overall, he suggested that Bellevue Hill, Vaucluse, Mosman and Northbridge were some of the most expensive suburbs. In contrast, Bronte, Killara and Cremorne are slightly cheaper, but still popular, areas.
Foreigners hoping to buy property in Australia will need to again approval from the Foreign Investment Review Board (FIRB).
The Global Property Guide added: "FIRB approval is not required by Australian citizens resident abroad, or for acquisitions in residential-zoned properties by foreign nationals holding permanent resident or 'special category' visas (i.e. New Zealand citizens), or by foreign nationals purchasing with their Australian spouse as joint tenant."