most expensive suburbs in melbourne per square metre
Frankston, median house price $768,000, +7 per cent annual growth. Figure 4. Embed this chart. (1). However, when looking at the median house price, it may be a surprise to find Toorak ranks just seventh. Located seven kilometres from the Melbourne CBD, Kooyongs highest house sale over the last 12 months was for $5,250,000. A change in methodology to the way townhouse/terrace/etc. It is popular with well know reasons such as the Myers family, Eddie McGuire, Dame Elisabeth Murdoch (mother of Rupert) Lindsay Fox among many others. Housing affordability: The price per square metre. Renting doesn't come cheap either, with the average house rent costing a cool $1,000 per week and $560 per week for units.. Brighton, located 11 kilometres southeast of the Melbourne CBD, is a popular beachside suburb, named after Brighton in the UK. ). Indexed price per sqm, metro and regional areas (2020 Q1 = 100). Explore our stunning collection today. Neighbouring suburbs that have vastly different prices per sqm suggest liveability aspects, and the housing landscape is having an impact and suppressing their price. As reputations change, areas gentrify and as cities grow, location becomes king, Powell said. [Online]. The impact of population, dwelling and income growth. If you are an admin, please authenticate by logging in again. 41 houses were sold last year, as were 538 units. Rank nationally: Suburb: Price per sqm: Median block size (sqm) 1: Paddington: $25,755: 125: 2: Tamarama: $25,684: 306: 3: . In other words, Canberra buyers receive greater value for money. Not so far from Camberwell, Balwyn is home to many refined mansions, lush gardens and cafes. Get the latest real estate news delivered free to your inbox. The top ten highest prices per sqm suburbs in Australia are all located in Sydney. It is the only city commanding more than $2000 per sqm and is 36% more expensive than Melbourne in second place. A block is defined as the square metre of land that the home sits on. Apartments were not included in this analysis. Sydney is typically known as the nation's priciest city for real estate, but some of Australia's most expensive properties per square metre can be found on Brighton beach. 13 houses were sold over the last 12 months, for a median price of $1,880,000, representing a sales turnover of 4.94%. Affordability and remote working have driven many Australians to opt for a tree change, but while dollars have gone comparatively further since the pandemic began, the value for money in regional Australia has deteriorated significantly. Since COVID people are spending more time at home and want this lifestyle, Conboy said. With a median unit price of $1.15 million (up an impressive 34.7% year-on-year) and average rent of $450 a week, Balwyn units are one of the more affordable on the list. 72 houses and 39 units were sold during this period, representing a 4.08% turnover. This is despite having one of the fastest shrinking block sizes for new houses and existing sales. Suburbs 13 kilometres from the city, such as Brooklyn, Sunshine, and Sunshine North, are priced per sqm under the Melbourne average of $1,811. REIV CEO Geoff White said inner Melbourne dominated the list of most expensive suburbs per squaremetre. to incorporate the statistic into your presentation at any time. Hobart was once the most affordable option by a large margin, it now rivals prices in Brisbane, Perth and Adelaide. It is more than three times lower than the most expensive city, Sydney, at $2466 per sqm. Indexed median block size of houses sold, by capital city (2012=100). (4) Cities that have had the largest house price increase have seen population growth outpace the supply of houses. Want to know more about the Melbourne property market? Moving 38 kilometres out in Mount Druitt, the price drops to under $1300. At just under $13,000, buyers in Albert Park paid more by the square metre than any other Melbourne suburb in the June quarter. It offers its own long shopping strip and easy access to the city via Living in the suburb has all the perks of living in the city, just with more parks and greenery. As of January 2023, the median house price in Victorias capital is up 10.8% year-on-year, to $900,107 while Melbournes unit price is down 5.5% to a median of $584,038. By clicking send message I agree to the terms and conditions, privacy policy and to receive correspondence from The Realestate Conversation and Williams Media. South Melbourne, which has grown in stature in the past decade, tops the list for land value city-wide - at an impressive $11,212 per square metre. The most expensive Melbourne suburb for one square metre of land is in Albert Park, where it costs a median $13,915. Outside of Sydney, the most expensive is Albert Park in Melbourne, which is the 26th-ranked suburb in Australia, and the next is Kent Town in Adelaide, ranked as the 66th most expensive suburb (table 3). East Melbourne is a prestigious and up and coming suburb just 2km from the CBD. If youre looking to rent, itll cost you about $850 a week for houses and $465 a week for units. statistic alerts) please log in with your personal account. [Online]. All the houses have a heritage overlay so theres not masses of apartments.. The population of the suburb is 12,817, with 245 houses and 204 units transacted over the past 12 months, equating to a turnover rate of 4.46%. Greater demand for space within walking distance of the city has really pushed up the price of land in these areas, while many of Melbournes most exclusive suburbs were further down the list due to the size and scale of houses in these locations, he said. If you are an admin, please authenticate by logging in again. On the other side of the coin, steady growth in Adelaide and Brisbane has kept affordability relatively level. Figure 1. statistic alerts) please log in with your personal account. A premium price per square metre reflects our housing preferences of living close to a city or the coast, while the city fringe offers the greatest value for money (figure 1), commented Domains Chief of Research and Economics, Dr Nicola Powell. We help our clients grow, protect and pass on their wealth through a range of services including: Level 2, 181 Bay Street, Brighton, VIC, 3186, Suite 4, 742 Sandgate Road, Clayfield 4011, Level 4, Edgecliff Centre 203 - 233 New South Head Road, Edgecliff, NSW, 2027. Brighton has a median house price of $2,680,200, which is high given the suburb has a relatively large population of 23,000. Sign up here. The average rent for houses is about $875 a week and $455 for units. Southbank has a population of over 22,600 and a median house price of $2,621,500. A 300-square metre house built at $3,500 + GST per square metre= $1,050,000 + GST. 10. Accessed May 01, 2023. https://www.statista.com/statistics/648669/most-expensive-suburbs-in-melbourne-by-price-per-square-meter/, BIS Shrapnel. Located on Victorias Surf Coast, Bellbrae has a median house price of $2,494,500. 146 houses have been sold over the last 12 months, along with 26 units. Further from the city, buyers could find bigger blocks for a much cheaper per square rate. Steady prices, rising listings present opportunities, says REIV, High number of auctions creating opportunities for buyers, Keep the conversation going with Recon Daily. It is especially prevalent in our fastest-growing cities, driven by demographic changes, economic pressure and large-scale infrastructure projects. Renting a house in the area is costly, with the average rent sitting at $800 each week. The major drawcard is that its quiet you can get a park on the street or in front of the shops because all the major arterial roads bypass Albert Park, so theres no through traffic, Gardiner said. The median house rent has increased by 79% over the past year to $1,302 weekly. However, per square metre, the land cost has not reduced buyers are just purchasing less of it. It is a popular tourist spot with views of not just the bay, but also of Melbourne. (4) The 2011-2021 period reflects the census periods, when dwelling counts and median household incomes are recorded. Shrinking block sizes should help to slow the growth in house prices, as the cost of land is the major component in a purchase, Powell said. Show publisher information Located 66 kilometres from the Melbourne CBD, Merricks Beach has a median house price of $2,475,000. Most expensive suburbs in Melbourne, Australia in 2013/2014, by price per square meter (in thousand Australian dollars) [Graph]. As a result, areas with the largest decreases in block size have had growth in price per sqm outpace house price growth at a faster rate, meaning that the true cost to buyers is growing faster than the median house price alone suggests. That lifestyle is what attracted Jayne and Andrew Bedford to buy in the suburb in 2004, with the couple recently selling up to downsize. Outside of Sydney, the most expensive is Albert Park in Melbourne, which is the 26th-ranked suburb in Australia, and the next is Kent Town in Adelaide, ranked as the 66th most expensive suburb (, A premium house price reflects our housing preferences of living close to a city or the coast, while the city fringe offers the greatest value for money (. Toorak, one of Melbournes most exclusive and affluent suburbs, is a long-standing front-runner for property prices so its no surprise to see this suburb at the top of the list yet again. 3126. Affordability can generally be found on the urban fringe. Canberra did have a price per sqm similar to Adelaide, Darwin and Brisbane, but extreme price growth through the pandemic upswing and a different housing landscape makes it more difficult to find smaller and more affordable blocks in Canberra. Marked by greenery, with excellent facilities, parks and good quality schools, no surprise Malvern is in-demand. Canterbury is an eastern suburb of Melbourne that is most known for its boulevards lined with trees that turn bright red in the autumn. One of the riskiest suburbs to consider, price per square metre and otherwise. They are less than half the price per sqm of the neighbouring suburbs Maidstone, Yarraville and Braybrook. Stay up to date with Australia's most important property news through our free email service. However, Canberra still has a lower price per sqm than Melbourne. Please do not hesitate to contact me. Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. The area has many lavish historic residences and is home to some of Melbourne's oldest schools. Its not overdeveloped. Growth rates for regional areas have now fallen in line with their metro equivalents since the peak of the housing market in the first quarter of 2022 (figure 4). Most discussions typically focus on dwelling values, which is logical as people . Join the Australian Commercial real estate conversation with COMMO our free newsletter. You only have access to basic statistics. However, the land cost has not reduced buyers are just purchasing less of it.. 9. Rent prices average around $845 per week for houses and $450 per week for units. Kew - $2.80m. Figure 2. The price per square metre is the sold price divided by the block size, with the median value calculated from the relevant region and time period. Price per square meter of land in Melbourne, Australia from 2009 to 2022 (in Australian dollars) [Graph]. Brighton in the inner-south is Melbourne's most expensive suburb to rent at $1294 on average for a house. Many of these are well known as being notoriously expensive, especially Toorak. Bellfield, with a . The most expensive suburb close to the Melbourne CBD is the leafy suburb of Toorak. Like any city, some areas are just a bit more livable and desirable than others. Middle Park is a bayside suburb thats located right outside of the CBD, about 3km away. Everything you need to know about agent commissions. Comparing house prices is good, but what size of land does a buyer get for that price? As a result, areas with the largest decreases in block size have had growth in price per sqm outpace house price growth at a faster rate, meaning that the true cost to buyers is growing faster than the median house price alone suggests. The suburb boasts a semi-rural lifestyle. Perth's lot size has dropped from a median of 600sqm to 375sqm in the past 15 years. This represents a 2% turnover. The highest sale price during the last 12 months was for $11 million. Some of Australia's most expensive real estate is in Brighton. Urban densification has occurred at different rates. Whether it's a case of some exquisite Victorian architecture or fashionable seaside living, certain suburbs come at a premium. At the same time, Hobart had one of the largest increases in price per sqm from $487 in 2012 to $1087 in 2022, an average of 8.4% increase a year. Just as Sydney has its Eastern Suburbs, which dominate the most expensive suburbs list there, and Perth has its western suburbs, Melbourne has its leafy eastern suburbs. The decline in block sizes is reflected in all Australian capital cities. See below for the top 5 most and least expensive land price per square metre suburbs in each city. As soon as this statistic is updated, you will immediately be notified via e-mail. This demand for housing needs to be countered with growth in dwellings to slow the growth in house prices and price per sqm. However, per square metre, the land cost has not reduced buyers are just purchasing less of it. Shrinking block sizes help to slow the growth in house prices, as the cost of land is the major component in a house purchase. The median house price of the suburb is $2,704,300. In this short time, Hobart house prices have overtaken Darwin and Perth, while the price per sqm is now higher than in Darwin. This is a paid advertisement. robust prices even while prices across the rest of the city are falling. Profit from the additional features of your individual account. ). This reflects a relatively high turnover of 4.19%. Back to the Mornington Peninsula is Moorooduc, which has a median house price of $3,028,300. As a Premium user you get access to the detailed source references and background information about this statistic. Currently, you are using a shared account. This could be due to changes in planning codes, such as the Victorian governments small lot housing code, first introduced in 2012 and amended over time. Units are currently at a median of $808,7500, making them a more affordable option. These shifts have meant people are flocking to regional townships and house prices have followed them. At the start of 2012, Perth had the second highest price per sqm of the capital cities, at $897 (figure 3). There have been development restrictions in the area, driving up the cost of the property. Shrinking block sizes should help to slow the growth in house prices. Despite attempts to fit in more houses, dwelling growth relative to population growth will have a major impact on house prices. Kooyong is a small suburb about 7km south-east of the CBD, filled with apartments, parklands, ovals and fields. "Price per Square Meter of Land in Melbourne, Australia from 2009 to 2022 (in Australian Dollars). dwellings were recorded for the 2016 census required the 2011 census figures of this dwelling type to be backwards extrapolated. In fact, the most expensive suburbs in Melbourne arent even eastern suburbs, The top is Main Ridge, which is located on the Mornington Peninsula. To put this into perspective, asking prices were hovering around the $900,000s from around 2017 to the pandemic. For people looking to buy in the area, it's worth taking a look at Balwyn North as well, as its median house price is slightly lower at $2,087,000. They were more expensive on this measure than traditional ultra-prestige neighbourhoods, such as South Yarra where the price per square metre is $10,082 and Tooraks $7944. Compared to the December quarter of 2022. Realestate.co.au data records 1737 visits per property for Canterbury vs 1709 for the state, making it a high demand postcode. Some of the most affordable options in Melbourne are also west. Just six houses were sold over the past year, with the highest sale price during this time being $1,410,000. terraces. The Melbourne suburbs where buyers pay a premium for space. Located 65 kilometres from Melbourne on the Mornington Peninsula is Balnarring Beach, home to just 471 residents. How Metropole can help you buy an investment property, Property investment in Australia for foreigners and expats, asking prices for established houses listed for sale in Melbourne. Sydneys population and high cost of housing reflect its desirability. With its growing economy, the city has also become home to some of the most luxurious and expensive suburbs in the country. Despite median house and unit prices falling over the past year, they still sit at a hefty $2.65 million for houses and $908,000 for units thats a 4% and 5.6% increase over the year respectively. 8. If you break this down into dwelling types, the median for houses is just shy of the $1 million mark at $945,769, with the unit median at $612,711. The social centre of the suburbs is deemed to be the Fairhaven Surf Lifesaving Club.
