Wolseley Road, Point Piper, has been named the ninth-priciest street in the world.
Its improved status came despite a 5 per cent price decline to its representative $20,500 a square metre value based on just four house sales - two harbourfront and two non-waterfront.
Sydney's priciest address had been sitting in 10th place for two years, according to the survey by Financial News, the sister paper of The Wall Street Journal.
Wolseley Road's headline sale was Villa Veneto, the five-storey Italianate villa owned by recruitment entrepreneur Andrew Banks and his wife Andrea, which sold last August for $53 million through estate agent Bill Malouf. The purchase by dentist David Penn and his wife Linda was settled last month on Valentine's Day following the payment of the second instalment of $44 million to finalise the deal.
Designed by the architect Michael Suttor, the six-bedroom house sits on a 1426 square metre block, set over five levels.
There is no surprise that Severn Road in Hong Kong sits at the top of the list for the second year.
On Severn Road buyers are likely to pay $80,000 a square metre, up from $70,000 in last year's survey.
The road, at the summit of Victoria Peak, contains about 60 properties, a mix of detached houses and apartment blocks.
Demand for residential property remains strong in Hong Kong among residents and Chinese investors seeking good investment returns. But Financial News suggested to expect volatility as prices have soared by as much as 60 per cent over the last two years, after plummeting 40 per cent at the beginning of the financial crisis.
To curb speculation, cooling measures were introduced last November by the government when it imposed an additional stamp duty of up to 15 per cent on unit sales within two years of purchase.
The Land Registry put Hong Kong's total property transactions last year at $88 billion, up 33 per cent from 2009, and 66 per cent higher than 2008.
The number of property transactions in 2010 rose 21 per cent to 162,739, the highest level since 1997. The total value of the 205,000 property transactions in 1997 was $110 billion.
Severn Road was followed by Kensington Palace Gardens in London in second place on the survey, which is now in its fourth year.
Known to locals as Billionaire's Row, the private road's most recent sale was to Tamara Ecclestone, daughter of formula one mogul Bernie Ecclestone. He reputedly paid $70 million for the house.
"I'm not a spoilt, ungrateful brat who doesn't know the value of money," the billionaire's daughter recently told HELLO! magazine.
Photos featured her current Chelsea home, which has a walk-in wardrobe boasting 14 shelves stacked with Christian Louboutin shoes alone. There were also 22 pairs of ugg boots. Ms Ecclestone also has a Hermès Birkin handbag in each of the 17 shades.
"For me, spoilt means ruined, and I don't feel ruined," she said.
Fifth Avenue in New York City eased from second place to fourth spot, and Ostozhenka Street in Moscow fell from eighth spot to 10th. It ranked sixth in the 2008 survey.
Julia Ovchinnikova, marketing director of IntermarkSavills in Moscow, said prices were now about a third below the peak.
Just four streets in the 10 most exclusive postcodes recouped some of their global financial crisis losses, according to the feedback from international property agents Knight Frank, Savills and local independents who took part in the survey.
Other than Hong Kong's 9 per cent gain, the next best improvement was Chemin de Saint-Hospice at St Jean Cap Ferrat in the south of France, up 5 per cent to $61,000 a square metre.
The expat entrepreneur Basil Sellers, who was raised in Adelaide, has had his house, Cuccia Noya, on Chemin de Saint-Hospice listed at $130 million plus. The villa, on 3200 sq m overlooking Paloma Beach, is next to Villa La Fadarello, the retreat of the ad man Lord Saatchi.
Cuccia Noya appeared still to be in Sellers's possession during my visit to Cap Ferrat in December.
Avenue Princess Grace in Monaco, which headed the list in 2008 and 2009, regained some ground, rising from fourth place to third.
There was one new entrant on the list, Quai Anatole in Paris, situated on the left bank in the seventh district. It replaced Avenue Montaigne near the Champs-Elysees in the 8th arrondissement.
Wolseley Road residents include retailer Frank Lowy and wife, Shirley, the racing manager heir to Coolmore stud fortune, Tom Magnier, billionaire Jim Clark and model Kristy Hinze, and another recruitment industry entrepreneur, Julia Ross.
Andrew Banks now lives in Hong Kong. Shareholders in his recruitment company Talent2 were recently advised by the chairman, Ken Allen, that Banks would spend considerable time in Asia working with the Hong Kong-based non-executive director Ken Borda.
Banks has recently spent $4.8 million on a central Mid-levels district apartment representing about $26,000 a sq m.
The 32nd floor apartment on Hong Kong Island last sold in 1992 for $1.08 million, reflecting 8.4 per cent annual growth. It first sold on completion in 1991 for $760,000, representing 10 per cent annual growth.