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Sydney retains crown as Australia's most expensive city for real estate

Sydney remains the number one city for costly real estate, new figures confirm.
Sydney has retained its crown as Australia's most expensive city for real estate, newly-released statistics show.

According to the latest figures from the property analysis firm RP Data and Rismark, prices in the New South Wales capital were up by an average of 1.5 per cent over the course of 2012, despite a slight decrease in the final month of the year.

This means that the average cost of a property in Sydney now stands at $580,000, in marked contrast to Hobart, where a typical home now costs just $317,000, making it Australia's cheapest state capital to buy in.

At the same time, these latest figures also show that prices remained steady in both Brisbane and Melbourne, while Adelaide and Perth also saw slight increases in value as buyers continue to return to the market.

Over the past few years, Sydney's western suburbs have started attracting big-money buyers, with the mansions dotted around this part of the city now worth almost as much as the highly-coveted waterfront properties of the city centre.

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