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Canberra has second most expensive houses

14/07/2010

Canberra’s residential property market has overtaken Melbourne and moved into second place in the list of most expensive capital city markets. Canberra's median residential house price rose 3.7 per cent to $508,500 in the three months to the end of May according to RP Data-Rismark.

Prices in Melbourne increased 3.3 per cent to $480,000, while the Sydney market remained the most expensive with a median price of $517,250, a 2.4 per cent increase in three months. Century 21 Canberra principal Brian Nancarrow likened the Canberra housing market to that of Melbourne a year ago: "It's certainly a boom. It's not a bubble and it will flatten out."

Source: The Australian



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