Sydney's Pitt Street Mall has once again secured its position as Australia's most expensive retail destination and one of the world's elite shopping strips, ranking 8th globally in Cushman & Wakefield's Main Streets Across the World report.

The iconic mall recorded headline rents of USD $795 (A$1,228.72) per square foot per year, up four per cent year-on-year, widening its lead over Seoul's Myeongdong (9th) with the rent gap increasing from 17 per cent to 22 per cent.

“Pitt Street Mall continues to be the jewel in Australia's retail crown,” said Dr Dominic Brown, Cushman & Wakefield's Head of International Research.

“It's resilience and recent rental growth reflect strong demand for flagship locations where global brands want to be.

“Tight vacancy means competition is fierce, and we're seeing spillover into adjacent streets like Castlereagh as retailers seek proximity to prime trade.”

Across Asia Pacific, Sydney ranks 6th, ahead of Melbourne's Collins Street (17th) and Brisbane's Queen Street Mall (25th), both of which remain stable year-on-year. Similarly, there has been spillover growth in adjacent streets such as Melbourne's Collins Street and Brisbane's Edward Street.

“Melbourne continues to attract premium brands, supported by its heritage appeal and strong luxury positioning,” said Daniel Radle, Cushman & Wakefield's National Head of Retail Leasing & Management.

“While rents have remained stable, demand for quality space continues to outpace supply. With limited availability in prime locations, we're now seeing broader retail categories exploring well-located secondary precincts nearby.”

On a global level, London's New Bond Street, where rents have risen by 22 per cent in the past year to USD $2,231 (A$3,447.66) per square foot per year (psf/yr), has been crowned the world's most expensive retail destination for the first time.

New Bond Street has leapfrogged Milan's Via Montenapoleone (USD $2,179 psf/yr), which last year became the first European street to top the global rankings, and New York's iconic Upper Fifth Avenue (USD $2,000 psf/yr).