What is the World's Most Livable City?

According to a complicated formula devised by the Economist Magazine, Melbourne, Australia, is the most livable city in the world. Properties for sale in Doha

Melbourne beat out Vienna and Vancouver, the perennial champion, owing to its superior infrastructure. The city also earned high scores in the areas of health care and education.

Australia and Canada account for eight of the top ten cities. There were no American cities in the top ten.

According to the study, "those that perform highest appear to be mid-sized cities in affluent countries with a relatively low population density." "This will encourage a variety of leisure activities without resulting in increased crime or overburdened infrastructure."

The widely publicized study ranks various "lifestyle issues" in 140 cities. Every city is given a "score of relative comfort" based on 30 factors divided into five groups: security, healthcare, culture and climate, education, and infrastructure.

The Economist admits that the livability quotient doesn't change much from year to year. Civil unrest, which can send a city like Damascus plummeting, is the most important factor pushing cities up and down the annual list.

As violence decreased, other cities rose in the rankings. Due to a decrease in the threat of terrorism, crime, and kidnappings, Bogota, Colombia, climbed to number 111 on the list. ("Dubai's livability score increases," the Khaleej Times proclaimed after Dubai climbed to 77th position on the ranking, the list's third-largest jump.)

Tehran, Iran, came in last in the rankings, followed by Douala, Cameroon, and Tripoli, Libya.

Since 2010, Australia's home prices have risen the most.

In the second quarter, housing prices in Australia's eight major cities rose by 2.4 percent, the largest rise in over three years.

According to the statistics bureau's price index of established homes, Perth, Darwin, and Sydney led the rise.

Prices were up 5.1% from the previous year. Perth had the largest year-over-year growth of the eight capital cities, at 11 percent, followed by Darwin at 7.7% and Sydney at 6.1 percent, according to government statistics.

The three-month rise follows a revised 0.8 gain in the first three months of the year, and it exceeds economists surveyed by Bloomberg's expectation of a 1% increase.

According to Bloomberg, the quarterly number placed the index at its highest level since March 2002.

The Reserve Bank of Australia reported another cut to its benchmark interest rate to a record-low 2.5 percent at the same time as the house price announcement. The most recent cut is part of an easing cycle that began in November 2011 as the bank attempts to rebalance the economy as the mining investment boom fades. Housing demand is expected to rise as a result of the cuts, according to experts.

According to Matthew Hassan, senior economist at Westpac Banking Corp., "this is further evidence that the housing market is beginning to stir." "The main driver has been lower interest rates, with improvements in June, July, and August following the last interest rate cut in May."

According to Reuters, the National Australia Bank was the first of the four major banks to report a 25 basis-point reduction in mortgage rates to 5.88 percent.