Most indicators suggest that Melbourne has moved into first place as the city creating the most jobs and growth.
That said, the New South Wales Treasurer handed down a 2017-18 Budget yesterday revealing that the state's finances are in rude health.
Each month I've been tracking the unprecedented stamp duty take resulting from Sydney's property boom, a gift which has kept on giving.
It was reported yesterday that the state beat projections in 2016-17 to hit another surplus of $4.5 billion, with NSW now in a negative net debt position, boasting a net worth totalling more than a quarter of a trillion dollars, and with enough left over to set up a $15 billion Future Fund.
To complete the virtuous circle the state now plans to unleash a towering $72.7 billion spend on infrastructure, incorporating an impressive range of projects, a further record $7.7 billion for health infrastructure, and $4.2 billion to build 26 new schools and to fund upgrades.
This is a positive move for Sydney, and the harbour city will need to get these projects moving to fill the hole left by any coming downturn in the rate of apartment building.
Melbourne vacancies keep falling
And this is at a time when demand for rentals has never been higher, with employees changing roles and locations more frequently than in times past, and a record boom in international visitors and students.
While the rate of dwelling construction has been impressive, I recently mused here whether the number of available rental properties will keep up with demand this year and next.
On the other side of the ledger, oil prices have declined to their lowest level in 9 months.