Get Parent + Child WordPress Taxonomy Name/Slugs

$post_id = get_the_ID();

// get the assigned taxonomy terms for "property-city"
$assigned_terms = wp_get_post_terms($post_id, 'property-city', array("fields" => "all"));

// loop through the term objects
foreach($assigned_terms as $term){

    // display child term name
    echo 'Child term:'.$term->name.'<br>';

    // display parent term name
    if($term->parent != 0){
        $parent = get_term_by( 'id', $term->parent , 'property-city' );
        echo 'Parent term:'.$parent->name.'<br>';
    }
}