For thirsty Sydneysiders, the news is good.

Cult whisky den The Baxter Inn has been named the seventh best bar in the world by The World's Best Bars Awards.

The speakeasy located in the bowels of Sydney's CBD also claimed the title of Best Bar in Australasia, while sister saloon Shady Pines in Darlinghurst scraped into the top 50 at number 48.

Both are owned by wunderkind industry duo Anton Forte and Jason Scott, who have spearheaded a resurgence of small bars in Sydney.

"We're just absolutely stoked, it's so cool, just completely awesome," Forte told AAP, attributing the success to the bar staff.

"I always go back to the cornerstone of hospitality, which is really friendly, kind staff who love their product and are passionate about what they do."

Notoriously hard to find, Baxter's has been a favourite of Sydneysiders since it opened in 2011, with its bearded bartenders and extensive whisky library.

"There's no pretentiousness downstairs," said manager Stuart "Chewy" Morrow.

"Everybody gets treated the same way, and I think people appreciate that."

Four other Australian watering holes also made the cut: Sydney cocktail bars Bulletin Place and Eau de Vie, and Melbourne's Black Pearl and the Everleigh in the trendy suburb of Fitzroy.

Curated by more than 330 drink industry experts around the world, voters considered the cocktail offering, service, drinks selection, environment and consistency in determining the list.

"There's also decor, lighting, ambience, music, lots of small things which can make a difference," said award presenter Tom Sandham.

London bar Artesian took out the crown for World's Best Bar for the third year running, beating stiff competition from the glitzy New York City establishments rounding out the top 5.

AUSTRALIA'S BARS AMONG THE BEST IN THE WORLD