According to a police statement, emergency services were called to Baptist Street, Surry Hills, an inner-east suburb of Sydney, at about 7:45 pm local time following reports of shots fired.
A man, who is believed to be in his 30s, was found with a gunshot wound when the officers arrived. Ambulance paramedics treated him, but he died at the scene.
NSW Police said that a short time later, emergency services were called to Kensington, a suburb in the eastern suburbs of Sydney, following reports of a car fire. On arrival, officers located a Porsche well alight.
Initial inquires alleged the two incidents are linked, according to the statement, Xinhua news agency reported.