From Wikipedia (they're quick!):
There have been many unsuccessful attempts to locate the wreck over the years. In 2005, a prominent
shipwreck hunter,
David Mearns, mounted another expedition to find the wreck with the assistance of the latest
sonar technology, and newly-revealed details recorded by the commander of
Kormoran,
Theodor Detmers.
In June 2007, British maritime researcher
Timothy Akers a former employee of David Mearns, claimed to have located the wreck of the Sydney along with other wrecks from a Japanese Battle Group in the vicinity, using high quality satellite imagery he purchased.
[2] However, this claim has been disputed, and Ted Graham, the chairman of the Perth-based volunteer company HMAS Sydney Search, has dismissed the possibility the wreck can be located using satellite imagery.
[3]
On
11 August 2007 a group of amateur wreck hunters claimed that they had located the wreck of HMAS
Sydney off Cape Inscription on the northern end of
Dirk Hartog Island.
[4]