Melbourne trumps Sydney's growth

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Melbourne properties staged a stunning performance during the first seven months of the year with median prices jumping by a whopping 8.5% to $454,524 according to RP Data-Rismark International's Home Value Index.

Sydney properties also grew solidly, albeit slower compared to Melbourne. Median price climbed by 6.64% during the same period.

"Melbourne's median value is 19% or $112,000 lower than Sydney house values, reflecting a significant value differential. This maybe one of the reasons why Melbourne's housing performance has been so strong," the report said.

Darwin continued to outperform the rest of Australia, racking up 10.8% growth in value over the first seven months of 2009. Darwin also recorded the highest gross rental yield - 6.4% for houses and 6.2% for units - followed by Canberra, with houses up by 4.9% and units by 5.6%.

Sydney's house prices remain the highest of the capital cities, averaging $537,396, while Perth ranked second at $481,493 and Canberra third, at $477,627.

The weakest performing house prices were found in Adelaide with values up only 1.9% in 2009. Melbourne recorded the lowest house rental yields at 4.1% and matched Perth's 4.6% increase in unit yields.

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