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Housing prices peak

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Melbourne and Sydney’s white-hot housing market appears to be slowing according to reports by Australian Property Monitors.

As Melbourne’s median price topped $600,000 for the first time Andrew Wilson, senior economist at Australian Property Monitors told Fairfax the figures were due to six consecutive quarters of Melbourne house price growth.

But it was homes in the inner east and inner east that were propping up the market.

According to the report in Fairfax – median unit prices growth in Melbourne was relatively flat rising only 0.2 per in the quarter to $419,702.

In Sydney prices grew by 3.1 per cent over the March quarter – a decline from the house price growth of 5.1 per cent in the December quarter according to Australian Property Monitors.

But despite the slowing of prices – buying a home in Sydney has never been more expensive with the average house price now $782,973 and the median apartment price at a high of $547,053.