Prime residential real estate prices in Sydney on a par with Shanghai, Beijing, and Paris

A nice comparison of prime real estate prices around the global cities, via Knight Frank.

Sydney falls roughly on a par with Shanghai, Beijing, and Paris, as measured in US dollar terms.

Melbourne is far cheaper in terms of its prime real estate... more of a Mumbai.

I've discussed this phenomenon with some high profile fund managers and analysts before, including at the Sydney market peak in 2017. 

Their view was that Sydney's prime real estate locations weren't unusual on a global benchmark, but the further west you travelled, the more irrationally expensive the market seemed.