Melbourne is the second most populous city in Australia, with a metropolitan area population of approximately 3.8 million (2007 estimate). Located around Port Phillip Bay in Australia's south-east, Melbourne is the state capital of Victoria. Melbourne's demonym is Melburnian. Melbourne is a major centre of commerce, industry and cultural activity. The city is often referred to as Australia's 'sporting and cultural capital' and it is home to many of the nation's most significant cultural and sporting events and institutions. It has been recognized as a gamma world city by the Loughborough University group's 1999 inventory. Melbourne is notable for its mix of Victorian and contemporary architecture, its extensive tram network and Victorian parks and gardens, as well as its diverse, multicultural society. It was the host city of the 1956 Summer Olympics. Melbourne is widely known as the Australian cultural and sport capital. It has thrice shared top position in a survey by The Economist of the World's Most Livable Cities on the basis of its cultural attributes, climate, cost of living, and social conditions such as crime rates and health care, in 2002, 2004 and 2005. In recent years rising property prices have led to Melbourne being named the 36th least affordable city in the world and the second least affordable in Australia. The city celebrates a wide variety of annual cultural events, performing arts and architecture. Melbourne is also considered to be Australia's live music capital with a large proportion of successful Australian artists emerging from the Melbourne live music scene.