The Economy of Sydney, Australia

MICHAEL AKKAWI

THE ECONOMY OF SYDNEY, AUSTRALIA

With the largest Central Business District (CBD) in Australia and plenty of surrounding commercial areas, Sydney is an economic powerhouse.

Extending over the harbour bridge, North Sydney is a continuation of the CBD that boasts a large economy. However, North Sydney tends to have a higher vacancy rate compared with other parts of the city.

Located a few kilometres north of the city centre, Chatswood is Sydney’s third largest commercial area with numerous highrise buildings, where the main economy is retail.

A leading financial centre in the Asia-Pacific region, Sydney is home to both the Reserve Bank of Australia and the Australian Stock Exchange headquarters. Numerous multinational corporations also have regional headquarters in the city.

AS AUSTRALIA’S LARGEST MANUFACTURING HUB, SYDNEY GENERATED MORE THAN $21 BILLION VIA ITS MANUFACTURING INDUSTRY ALONE IN 2012-2013.

As Australia’s largest manufacturing hub, Sydney generated more than $21 billion via its manufacturing industry alone in 2012-2013. The city’s manufacturing sector consists largely of enterprises with a high-tech and domestic focus, including advanced electronics, food processing and biotechnology.

Major manufacturing companies with operations in Sydney include Amcor, Rheem, Arrium, Arnott’s, and many more.

Sydney has the highest average house price of any Australian capital city, averaging at $1,142,212 in December 2019.

According to The Economist, Sydney ranks sixteenth in terms of the world’s most expensive cities.

You can learn more about Australia’s real estate industry by visiting the blog of Michael Akkawi.