Australia and one of the biggest of its kind in the world. The most visited landmark in the city is the Sydney Opera House, located at Bennelong Point, and is also the most visited landmark in Australia–the building received a $202 million renovation in 2017, known as the Renewal Project, and accommodates an average yearly audience of two million people. Tourism in Sydney generates approximately $30 billion to the state (NSW) economy each year according to 2010 statistics. Manufacturing Sydney is the largest manufacturing hub in Australia, with the value of the city's manufacturing industry surpassing $21 billion in 2012–13, overtaking that of Melbourne ($18.9 billion)–which was formerly Australia's manufacturing heartland. Sydney's manufacturing sector consists largely of domestic-focused and high-tech manufacturing such as biotechnology, food processing and advanced electronics. Major manufacturing companies with operations in Sydney include Arnott's, Coca-Cola Amatil, Arrium, Visy, Amcor and Rheem, among many others. The Smithfield-Wetherill Park Industrial Estate in Greater Western Sydney is the largest industrial estate in the Southern Hemisphere and is the centre of manufacturing and distribution in the region. Lying between the major population growth zones in the north-west and south-west of Sydney, the estate contains more than 1,000 manufacturing, wholesale, transport and service firms which employ more than 20,000 persons. Housing As of December 2019, Sydney has the highest median house price of any Australian capital city at $1,142,212. According to The Economist Intelligence Unit's Worldwide cost of living survey, Sydney is the sixteenth most expensive city in the world. According to a report published by the OECD in November 2005, Australia has the most overvalued houses in the Western world, with prices 52 percent higher than that justified by rental values. Since the 1980s Sydney's average capital growth has been growing 7.4% per year, which means that the average property prices doubled in value every decade. Employment As of January 2022, Sydney's unemployment rate was reported as 4.8% in the 'East Metro' employment region, 6.9% in the 'South West', 5.9% in the 'Greater West', and 4.1% in the 'North and West' region. See also Economy of Australia Economy of New South Wales Sydney Chamber of Commerce References Sydney Economy of New South Wales