Capital cities are battling it out to be the most valuable places to live, according to a report released last week. But do prospective buyers agree with the findings?
The RP Data/Rismark Australian Home Value Index showed that prices have jumped an average of 2.8 percent in the first four months of 2009, with capital cities sitting at the centre of the rise.
Darwin was a surprise leader, recording a remarkable 5.3 percent rise in property value. Melbourne and Sydney tussled for second, with the Harbour City trailing behind: Melbourne logged a rise of 4.5 percent, while Sydney jumped by only 3.9 percent. Below them were Brisbane at 1.6 percent, Canberra at 1.1 percent, and Adelaide at 0.7 percent, with only Perth properties dropping in value (down 0.8 percent).
But property prices aren't everything: when it comes to cost of living, it seems Sydney continues to be the most expensive city followed by Melbourne and then Perth as revealed in the Cost of Living Survey from Mercer. The survey measures the comparative cost of more than 200 items in 143 cities worldwide. Globally, Sydney ranks as the 15th most-expensive city in the world, Melbourne comes in at 36th place and Perth, which climbed 31 places from last year, is in 53rd place.
Finding the right place to live and buy property requires a combination of factors: suitable property prices, quality and cost of living, and personal preference.
So, what do you think? Which is the best Australian city to live in?
Which city is the most expensive when it comes to buying property?
Is it cheaper to buy than rent in your suburb?
Join the debate and have your say.