However, reputations change, and as cities grow, location becomes king. The most famous resident, however, was Prime Minister Harold Holt who had a holiday home there and presumably drowned at the notorious Cheviot Beach. Homes here were typically a minute 528 square metres, with living area a little more generous at 316 square metres. That lifestyle is what attracted Jayne and Andrew Bedford to buy in the suburb in 2004, with the couple recently selling up to downsize. The most expensive Melbourne suburb for one square metre of land is in Albert Park, where it costs a median $13,915. This field is for validation purposes and should be left unchanged. Most discussions typically focus on dwelling values, which is logical as people . average block for a new house in the large capital cities combined shrank by 13%, , and this is clearly visible in the median block size of houses sold (. No surprises that property here comes at a premium, with the median house price sitting at $2.74 million. statistic alerts) please log in with your personal account. 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. The highest price recorded was for a staggering $22,000,000. Darwin triumphs in affordability stakes having the lowest price per sqm, followed by Hobart. Units are about $959,000 (up 4.1% year-on-year) with an average weekly rent of $495. The value gap between Sydney and other cities has widened (this is the percentage difference between prices per sqm). The ideal entry-level account for individual users. Over the past decade, Perth and Darwin have seen their relative affordability improve. luxury properties on offer. Many of these are well known as being notoriously expensive, especially Toorak. Back to the Mornington Peninsula is Moorooduc, which has a median house price of $3,028,300. It is especially prevalent in our fastest-growing cities, driven by demographic changes, economic pressure and large-scale infrastructure projects. This will mean those agents are likely to be referred first. Please create an employee account to be able to mark statistics as favorites. A-grade land in Balwyn at Easter 2015 is now firmly at $3000 per square metre. Now you can live your dream, and purchase your very own luxury holiday home, for a fraction of the cost. It offers its own long shopping strip and easy access to the city via Indexed price per sqm, metro and regional areas (2020 Q1 = 100). As reputations change, areas gentrify and as cities grow, location becomes king, Powell said. Between 2012 and 2021, the average block for a new house in the large capital cities combined shrank by 13%, and this is clearly visible in the median block size of houses sold (figure 2). It seems extravagant but remember that Albert Park is the most expensive suburb in Melbourne per square metre. The turnover of properties in the suburb is just 0.95%. Statista. 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. 72 houses and 39 units were sold during this period, representing a 4.08% turnover. Melbourne's outer northeast cheapest for average price per sq m The median house price is currently sitting at a whopping $5.19 million (down 14.4% year-on-year) with rent costing an average of $1,025 per week. Click here to learn more about we can help you. Canterbury, located in between Balwyn and Camberwell, offers historic residences and Melbournes oldest schools. Canberra joined later too. Suburbs 13 kilometres from the city, such as Brooklyn, Sunshine, and Sunshine North, are priced per sqm under the Melbourne average of $1811. Realestate.co.au data records 1737 visits per property for Canterbury vs 1709 for the state, making it a high demand postcode. Typically urban density increases the closer one moves towards a city centre due to population pressure and affordability driving smaller blocks. By clicking send message I agree to the terms and conditions, privacy policy and to receive correspondence from The Realestate Conversation and Williams Media. Despite this, Australia is still home to some of the largest and least densely populated cities in the world. 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%. Closer to the city, Jellis Craig Port Phillip director Warwick Gardiner said buyers in inner bayside were willing to spend up, and forgo a large block of land. The sixth edition of the awards in Australia has opened, with entries closing 4 August 2023, PropTrack's latest market insights highlight that tenants are scrambling for available stock, Top 20 Most Expensive Suburbs in Melbourne, Get the latest real estate news delivered. Stay up to date with our free emails containing the countrys most important stories with our free email newsletters. All rights reserved. These median prices represent a 4.9% increase over the past 12 months for houses and 6.1% increase for units. In next place is a nearby Mornington Peninsula suburb, Merricks North, with a median house price of $4,183,600. Brighton in the inner-south is Melbourne's most expensive suburb to rent at $1294 on average for a house. Perth's lot size has dropped from a median of 600sqm to 375sqm in the past 15 years. ). Renting doesnt come cheap either with As a Premium user you get access to background information and details about the release of this statistic. 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 (. 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. If you are an admin, please authenticate by logging in again. Apartments aren't cheap either, with the median price sitting just shy of $1 million at $944,999. Most expensive suburbs in Melbourne 2013/2014, by price per square meter Residential units supply in Metro Manila Philippines 2021, by location Opinion of respondents in Benelux on affordable . Price per sqm accounts for this, as a smaller block size will increase it, all other things being equal. The suburb is nine kilometres from Rosebud and has a population of just 416, according to the 2021 Census. 1. Many of the citys most expensive suburbs by squaremetrewere located in the citys south east, including StKildaEast, Richmond, and SouthYarra with these areasbenefitingfrom quality amenities and nightlife, he said. Moving even further out from the inner city, block sizes get even larger. READ MORE: Australia's most expensive suburbs up by 55 per cent. Please use the menu below to navigate to any article section: Melbourne is known for its rich culture, stunning architecture, and bustling lifestyle. Melbourne property: Most expensive suburbs per square metre to buy a house Most expensive homes in Australia at auction this weekend - nine.com.au Please visit our advertising page to learn more and enquire about advertising with us. Arguably one of the best-known suburbs on this list is Portsea, with a median house price of $4,800,500. Average weekly rent costs are $1,165 for houses and $450 for units.. 19 houses were sold over the past year, representing a turnover of 4.2%. The impact of population, dwelling and income growth. A paid subscription is required for full access. In Kinglake West, land costs are the lowest at $260 per square metre, while Heathcote Junction costs $271. "Living in East Melbourne has all the perks of living in the city - just with more parks and greenery". The highest sale price over the past 12 months was $7,500,000, with 120 houses transacted during the time and 22 units, representing a 3.19% turnover. COVID and repeated lockdowns have put a slight dent in the medium term house values of Balwyn, though they are still at a sizeable median of $2.2 million. 10. Hobart was once the most affordable city in Australia, offering the lowest house price and price per sqm in 2017. 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. The median house price of the suburb is $2,704,300. Sydney ranks as Australia's most expensive capital city, at $2466 per sqm. One of these features is block size, which changes significantly depending on location. Toorak has long been king of the hill, home to Melbourne's priciest, exclusive properties - and this is still true today. Affordability can generally be found on the urban fringe. Not so far from Camberwell, Balwyn is home to many refined mansions, lush gardens and cafes. Back to the eastern suburbs is Canterbury, located 10 kilometres from the Melbourne CBD. Which are the wealthiest suburbs in Melbourne? Although Sydney gets plenty of attention as the most expensive city in Australia, Melbourne is still nonetheless an expensive city. Neighbouring suburbs that have vastly different prices per sqm suggest liveability aspects, and the housing landscape is having an impact and suppressing their price. *The number of 2 million Australians is based on the number of users visiting OpenAgent according to Google Analytics for the period of 01/01/2022 to 31/12/2022. ). Are you interested in testing our business solutions? ^Note: When a property is sold, the successful real estate agent pays OpenAgent an 18-25% variable referral fee. Albert Park topped the list as Melbournes most expensive suburb per square metre, where buyers are paying a hefty $13,915 per square metre of land. Rent prices average around $845 per week for houses and $450 per week for units. At $4 million Toorak has Melbourne's highest median house price but South Melbourne and nine other suburbs command more by the square metre, new Real Estate Institute of Victoria data shows. Jayne Bedford recently sold in Yarrambat. Despite attempts to fit in more houses, dwelling growth relative to population growth will have a major impact on house prices. Pressures naturally seen in Sydney and Melbourne now apply to cities such as Hobart and Canberra. Neighbouring suburbs that have vastly different prices per sqm suggest liveability aspects, and the housing landscape is having an impact and suppressing their price. Get the latest data, insights, trends and forecasts for the Melbourne property market. The Metro Sydney boundary was determined by the following SA3 units: Blacktown North, Kogarah Rockdale, Bringelly Green Valley, Strathfield Burwood Ashfield, Hornsby, Auburn, Pittwater, Manly, Leichhardt, Botany, Bankstown, Baulkham Hills, Warringah, Canterbury, Mount Druitt, Blacktown, Eastern Suburbs North, Fairfield, Cronulla Miranda Caringbah, Carlingford, Liverpool, Chatswood Lane Cove, Merrylands Guildford, Canada Bay, Eastern Suburbs South, North Sydney Mosman, Sydney Inner City, Ryde Hunters Hill, Sutherland Menai Heathcote, Pennant Hills Epping, Ku-ring-gai, Hurstville, Marrickville Sydenham Petersham, Parramatta. Despite attempts to fit in more houses, dwelling growth relative to population growth will have a major impact on house prices. The highest sale over the past year was for $11,810,000. 43 houses have been sold over the past year along with six units. This demand for housing needs to be countered with growth in dwellings to slow the growth in house prices and price per sqm. statistic alerts) please log in with your personal account. Workplace flexibility has become a permanent shift that provides people with more choices in their housing. But before we delve into the crme de la crme of Melbournes property scene, it's useful to contextualise property values across the city and see how they compare. Embed this chart. Data by REIV reveals that buyers pay more per square metre for space in Albert Park ($12,947 per square metre) than any other suburb in metropolitan Melbourne. Facebook: quarterly number of MAU (monthly active users) worldwide 2008-2022, Quarterly smartphone market share worldwide by vendor 2009-2022, Number of apps available in leading app stores Q3 2022, Profit from additional features with an Employee Account. 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. However, there is likely to have been a permanent shift in the difference in price per sqm between the metro cities and their regional town neighbours. 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 (. Camberwell, the tenth most expensive suburb in Melbourne, is located about 10km east of the CBD. The decline in block sizes is reflected in all Australian capital cities. Despite the housing downturn, asking prices in Melbourne have remained above the $1 million mark, having been at a steady level since April, according to SQM Research. The cost of space as Aussie buyers crave bigger homes post-COVID Use Ask Statista Research Service, Office space rental rates in major Texas submarkets, U.S. Q1 2022, Office rent per square foot in different submarkets in Dallas-Ft. Worth, Texas 2022, Office space vacancy rates in major Texas submarkets, U.S. 2021-2022, Apartment vacancy rate in different metros in Texas, U.S. 2021, To download this statistic in XLS format you need a Statista Account, To download this statistic in PNG format you need a Statista Account, To download this statistic in PDF format you need a Statista Account. robust prices even while prices across the rest of the city are falling. House prices currently stand at $3.7 million, with units just under $1 million at $910,000. They are less than half the price per sqm of the neighbouring suburbs Maidstone, Yarraville and Braybrook. Apartments are an excellent resource for high-density housing, where many dwellings can be constructed on a plot of land. Suburbs like Albert Park and Middle Park are wedged between the city and the beach, he said, offering space outside the home to enjoy a quiet walk, time at a nearby park or a short trip to the CBD. Located on the Surf Coast Shire, 43 kilometres southwest of Geelong and 105 kilometres southwest of the Melbourne CBD, Fairhaven has a median house price of $2,951,000. Buying in neighbouring suburbs that have vastly different prices per sqm now can also pay huge dividends in the future. Melbourne house prices: real estate data reveals most expensive - ABC However, Canberra still has a lower price per sqm than Melbourne. This is clearly evident across all of our capital cities, although the differences are starker for some. Renting costs a substantial $845 a week for a house and a more affordable $495 for units. 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. In fact, the most expensive suburbs in Melbourne arent even eastern suburbs, The top is Main Ridge, which is located on the Mornington Peninsula. will see the greatest price increases long-term. Were sorry, this feature is currently unavailable. Kooyong is a small suburb about 7km south-east of the CBD, filled with apartments, parklands, ovals and fields. This has been reflected in the growth in the supply of houses being below population growth, in addition to lower-than-average growth in incomes. As a leading property marketplace were committed to delivering sustainable value to all our stakeholders. Business Solutions including all features. Sydneys population and high cost of housing reflect its desirability. You can trust the team at Metropole to provide you with direction, guidance, and results. The top 5 most expensive land price per square metre suburbs in each city Sydney. Indexed median block size of houses sold, by capital city (2012=100). Over the medium term - 5 years - property has experienced consistent growth with a compound growth rate of +6.5 per cent for houses and +4.9 per cent for units. Suburbs had to include a minimum of 10 sales to be included in the analysis. Houses come in at a median of $2.89 million (up 4.2% year-on-year) and would cost you about $785 a week if you were renting. The most and least expensive land price per sqm suburbs Canberra has one of the highest differences between population and supply growth, which has been reflected in a growing median house price. Paddington and Tamarama, both eastside Sydney suburbs, are the most expensive by this measure, at $25,755 and $25,684 per square metre (per sqm) respectively. A buyer looking at listings priced up to $2.1 million might consider: Houses with large blocks, like those in Yarrambat, have become more popular for lifestyle buyers, Ray White Doreens Scott Conboy said, with many people searching for extra space to breathe. It is a battle between boosting urban density and the not in my backyard mentality. "Development restrictions have driven up the prices of Middle Park real estate", Find how much your property is worth in today's market. Property is all about location, location, locationand Melbourne is no exception. However, per square metre, the land cost has not reduced buyers are just purchasing less of it. This statistic is not included in your account. Homes along this less-than-200-metre stretch of street just beside the River Derwent were the most expensive in Hobart, with a street median price of $2,610,500. VIC Most expensive suburbs by per sqm land - PropertyChat Then you can access your favorite statistics via the star in the header. These are the suburbs with the highest median house prices in Melbourne, using data from Domain and Realestate.com.au. At just under $13,000, buyers in Albert Park paid more by the square metre than any other Melbourne suburb in the June quarter. Show sources information Why is Toorak so expensive? Similarly, around Melbourne, Gippsland, Surf Coast-Bellarine Peninsula and Ballarat increased significantly compared to Metro Melbourne. This is evidenced by multiple sales, including the auction we . Price per square meter of land in Melbourne, Australia from 2009 to 2022 (in Australian dollars) [Graph]. In 2012, the value gap between Sydney and Melbourne was 19% and Sydney was 110% more expensive than the most affordable city, Hobart. Middle Park is a bayside suburb thats located right outside of the CBD, about 3km away. Frankston, median house price $768,000, +7 per cent annual growth. The top ten highest prices per sqm suburbs in Australia are all located in Sydney. Units are currently at a median of $808,7500, making them a more affordable option. The most expensive Melbourne suburb for one square metre of land is in Albert Park, where it costs a median $13,915. In this short time, Hobart house prices have overtaken Darwin and Perth, while the price per sqm is now higher than in Darwin. The median house price currently stands at $3.88 million, with apartments at a median price of $800,000. Melbourne Housing Market Insights: March 2023 - The Urban Developer This is despite having one of the fastest shrinking block sizes for new houses and existing sales. The top ten highest prices per sqm suburbs in Australia are all located in Sydney (table 2). It's known for its independent residents and some of the city's oldest apartments, including some stunning Art Deco designs and grand Victorian terraces. It is known for its large beachside mansions on large estates, along with its golf course and yacht club. House sales include individual stand-alone houses, townhouses, terraces and semi-attached properties. Experts Corner by 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. Figure 1. At the same time, median block sizes had become much smaller dropping from 595 square metres in 2012, to 540 square metres last year.