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Highest house prices 'are in Sydney, Melbourne and Darwin'

The highest average house prices in Australia can be found in Sydney, Melbourne and Darwin, according to the Real Estate Institute of Australia.

The Australian cities that contain the highest average house prices are Sydney, Melbourne and Darwin, the Real Estate Institute of Australia (REIA) has claimed.

 

 

Hobart, Adelaide and Brisbane have the lowest average house prices in the country, the institute's Real Estate Market Facts report for the March quarter 2011 reveals.

 

 

While Sydney and Adelaide recorded increases in their house prices, all of the country's other state capital cities experienced decreases.

 

 

"Melbourne house prices recorded the largest drop over the quarter, down 6.0 per cent to $565,000 [£369,500]. The largest increase in median prices was evident in Sydney, up 1.1 per cent to $637,258," explained REIA president David Airey.

 

 

He summarised the findings of the report by saying that the housing market is softening due to a number of economic factors.

 

 

Earlier this month, Queensland University of Technology's property economics professor Chris Eves said that Australian property located in rural Queensland is increasing in popularity among foreign investors as it is cheap but near to rich agricultural soil.

- property, Sydney, Melbourne, Darwin, prices

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