Sydney is the only major capital city to register an increase in apartment prices over the past 12 months as the overall market declined by 1.57% for the year to October 2011, according to research by Residex.

Over this period Sydney units increased by 2.77% to a median price of $485,500. However this growth rate was a little more than half the 5.05% achieved annually by Sydney units over the last decade.

Of late, Sydney unit prices have remained flat, declining by 0.54% over the last three months to October and rising just 0.42% of the month of October.

Rental increases have not kept up with capital values.

For the year to October, Sydney unit rents increased by 2.27% to a median of $440 per week, below Darwin, which at $450 a week is the most expensive place to rent an apartment across Australia.

According to Residex, the average price of a unit in Australia now stands at $394,500 with a median rent of $355 a week.

Over the last 12 months, Perth suffered the biggest drop in unit prices of 6.55% to $379,000 followed by Hobart (- 5.94%), Brisbane (- 3.48%), Melbourne (- 3.31%) and Adelaide (-1.08%).

Outside of Sydney, the only regions to record median unit prices increases over the last 12 months were the ACT (up 2.75% to $422,000) and country Victoria (up 1.79% to $255,500).

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