I've done many NYE in Sydney over the past year, It's not really that special apart from the extra extreme prices you pay!
The NYE just gone, I spent it in Melbourne for an chance and wished I'd done that more often over Sydney.
In Melbourne there was no need to be at an viewing point at 5am in the morning to get an spot. All the trams/trains we're free with plenty of services, that weren't overcrowded. Had dinner at the hotel then head into the tram around 8pm, plenty of space really chilled vibes. It after the fire works back at the hotel within 20minutes