There was never a sight quite like it before - the day Sydney erupted in wild celebration following its successful bid for the 2000 Olympic Games.

News of the historic decision was presented by 9NEWS anchor Brian Henderson on September 24, 1993 following an entire day of festivities across the city.

Sixty thousand people had waited anxiously at Circular Quay in the early hours of the morning, watching a live video link of then IOC President Juan Antonio Samaranch as he delivered the now famous line: “the winner is Sydney!”

The crowd erupted in applause following the announcement, rejoicing at the privilege of hosting the world's biggest sporting event.

Large crowds also celebrated the news at Penrith and Homebush Bay - the future site of Sydney Olympic Park - in incredible scenes rivalling those of the then-recent bicentennial celebrations.

Sydney Harbour was the setting for an impressive fireworks and laser show against the backdrop of an Olympic-themed Sydney Opera House.

Sydneysiders waited anxiously for the announcement on the big screen...

... and then instantly erupted into fanatic celebrations as Sydney was declared host city. (9NEWS)

Many revellers continued their partying well into Friday morning, with pandemonium on George Street as celebrations moved into the city.

Then-NSW Premier John Fahey was present in Monte Carlo during the announcement, and said that “it’s been coming for a long long time – you can wish for it all you want, you still got to make it work.”

Also present was Rod McGeoch, CEO of the Sydney bid, as well as then-Prime Minister Paul Keating.

Over one hundred Australians were present in Monte Carlo to celebrate Sydney's win. (9NEWS)

Some took their partying very seriously - and who could blame them? (9NEWS)

9NEWS Foreign Correspondent Robert Penfold called the bidding “uncomfortably close”, with Sydney narrowly outbidding favourite Beijing by a margin of just two votes – 45 to 43.

Beijing would later play host to the 2008 Summer Olympics, and is also set to host the 2022 Winter Olympics – the first ever Olympic Winter Games to be held in China.

Sydney would go on to host what Juan Antonio Samaranch would proclaim “the best Olympic Games ever”, with key events from the Games leaving a lasting impression on an audience of billions.

Cathy Freeman’s 400 metres gold medal win would quickly become an iconic sporting moment - the victory seen by 112,524 spectators inside the stadium and countless more watching at home.

George Street became party central on Friday morning as revellers refused to quit following an unforgettable night. (9NEWS)

In just seven years time, Sydney would host one of the most successful Olympic Games ever. (9NEWS)

Australia secured a total of 58 medals during the course of the 2000 Games, including 16 gold medals.