Sydney and Melbourne still rank in the top 10 most expensive cities in the world although they have dropped a few places thanks to the weaker Australia dollar, according to the Economist’s 2014 Worldwide Cost of Living Survey.

The bi-annual survey says both cities were ranked lower than last year, when Sydney was listed at its highest-ever position in number three spot and Melbourne tied with Oslo for fourth. Sydney has now dropped to fifth place and Melbourne is in equal sixth, along with Geneva, Caracas and Tokyo.

Singapore, Paris, Oslo and Zurich took out the top four places in the survey, which considers the cost in each city by comparing a range of products and services including food, clothing, rent and transport.

“The long-term rise of the Australian dollar, which has doubled in value in the past decade, has fallen back lately with a corresponding decline in relative prices,” report editor Jon Copestake said.

“But cities like Melbourne and Sydney now appear to have cemented their positions among the most expensive across Europe and Asia.”

Brisbane and Perth are also high on the list in 21st place. Adelaide was 37th and according to the report is the Australasian city that offers the best value for money.

Singapore also bumped Tokyo out of top spot following a drop in the value of the yen since last year.

Mumbai, Karachi, New Delhi and Damascus rank as the least expensive cities in the world, partly due to ongoing conflicts.

“Outside India, bargain hunters may be put off put off by the security risk in many of the countries in which the world’s cheapest cities are found,” the report said.

“Pakistan, Nepal, Syria and Algeria all feature in the bottom 10 but have had well documented security issues or domestic unrest.”

The ten most expensive cities in the world are:

1. Singapore

2. Paris

3. Oslo

4. Zurich

5. Sydney

6. Caracas

6. Geneva

6. Melbourne

6. Tokyo

10. Copenhagen