Nicole Kidman and Keith Urban host star-studded New Year's Eve party in Sydney trends now

Nicole Kidman and her husband Keith Urban threw a star-studded New Year's Eve party at their luxurious North Sydney penthouse on Saturday.

The actress and the musician, both 55, rang in the New Year at their multimillion-dollar Milsons Point apartment in the exclusive Latitude building with some of the biggest names in entertainment including Jessica Rowe and Peter Overton.

Nicole dazzled for the celebration in a sparkly mini dress, which featured feather detailing along the sleeves and bottom.

The Big Little Lies star tied her long blonde locks up as she chatted to guests on the balcony of her penthouse.

Her husband Keith looked stylish in a white singlet under a black blazer and matching coloured pants.

At one point, the singer was seen looking through a pair of binoculars on his balcony.

Former Studio 10 host Jessica Rowe looked stylish in a printed dress as she enjoyed a glass of champagne.

She was joined by her husband Peter, who wore pants and a buttoned shirt.

The event comes just weeks after Nicole and Keith hosted a lavish Christmas party at their home.

Over the past ten years, the couple have purchased two penthouses in the sought after North Sydney building and then combined them to make a mega-apartment.

The Oscar-winning actress splashed $2.78million on an apartment below her penthouse in the exclusive building, according to Domain last year.