A Melbourne neighbourhood has been named the fifth coolest suburb in the world.

Time Out has released its annual list of the world’s 40 coolest neighbourhoods, determined by a survey of more than 38,000 people.

Last year, Footscray came in at 13th.

This year, it has been beaten by another neighbourhood in the inner-west — Yarraville.

Yarraville came in at number five on the list, beaten by Esquerra de l’Eixample in Barcelona in first place, Downtown LA in second position, Hong Kong’s Sham Shui Po and New York’s Bedford-Stuyvesant.

Maribyrnong councillor Martin Zacharov welcomed the title.

“It’s quite an honour to get such a mention on a global scale, that’s for sure, especially in times like these when everyone is feeling a bit under stress,” he told Ross and Russel.

“Over the last 20 years or so I suppose people realised that, being so close to the CBD, it’s an interesting place.”

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