To be fair, it is Sydney ;)
It was actually much higher in the list, but the weak Australian dollar means that the US dollar stretches quite a bit further.
I seem to recall that cost of living in Sydney is also one of the highest in the world, but didn't find any sources on that.
[1] http://www.globalpropertyguide.com/most-expensive-cities
Prague 4,569 per m^2
And now add earnings to that and Sydney is not that expensive. Pure price per m^2 says nothing, the important thing is how much m^2 I can buy with my average salary.
(source: home owner in Adelaide)
It was actually much higher in the list, but the weak Australian dollar means that the US dollar stretches quite a bit further.
I seem to recall that cost of living in Sydney is also one of the highest in the world, but didn't find any sources on that.
[1] http://www.globalpropertyguide.com/most-expensive-cities