Not at all, that's the going rate in Aus, unless you get sucked into the US franchises like GoDaddy or NetRegistry. That's just the domain name though, not hosting. Hosting does vary and it pays to shop around and read what you're signing up for.
I charge $199 (current prices) which covers most people's needs, but you don't have to look far to find cheaper and/or dearer. Hosting does vary...shop around.
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