Just ten properties were transacted over the last 12 months. The Metro Melbourne boundary was determined by the following SA3 units: Yarra, Keilor, Port Phillip, Darebin South, Hobsons Bay, Brimbank, Stonnington West, Essendon, Boroondara, Monash, Kingston, Knox, Maroondah, Bayside, Glen Eira, Whitehorse West, Maribyrnong, Tullamarine Broadmeadows, Brunswick Coburg, Manningham West, Banyule, Melbourne City, Dandenong, Moreland North, Manningham East, Whitehorse East, Wyndham, Darebin North, Stonnington East. This is clearly evident across all of our capital cities, although the differences are starker for some. 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). Figure 2. 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 (. The median house price is about $3.65 million (up 13.3% over the past 12 months) and renting a house comes in at an impressive average of $997 a week. 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. Please visit our advertising page to learn more and enquire about advertising with us. However, an increase in high-density housing means less space for traditional house dwellings, making them even more expensive due to the preference for this type of housing. Middle Park, five kilometres south of the Melbourne CBD, has a median house price of $2,553,900. Canterbury has a median house price of $2,980,000, with the highest price in the last 12 months being an eye-watering $15,200,000. A paid subscription is required for full access. Chart. East Melbourne, only 2km from the CBD, is an affluent suburb that gives you the convenience of city living with the added bonus of parks and greenery. Melbourne's most expensive suburbs per square metre It seems Melburnians value ocean views, with the bayside dominating prices per square . A 300-square metre house built at $3,500 + GST per square metre= $1,050,000 + GST. Atop the list is South Melbourne with a price per square metre rate of $11,212, attributed to a 'rebirth' over the past decade which has seen its price rise steadily. Fellow leafy eastern suburb Kooyong is next on the list, with a median house price of $2,973,300. Hobart was once the most affordable city in Australia, offering the lowest house price and price per sqm in 2017. Darwin is also 32% cheaper per sqm than the second most affordable city, Hobart ($1087 per sqm), demonstrating the value Darwin offers buyers relative to other cities. Even though median house prices in Melbourne are still falling, the rate of decline is decreasing, and Dr Andrew Wilson reported that asking prices for established houses listed for sale in Melbourne commenced rising at the end of 2022 -a sign that the market is looking for a bottom. "Most expensive suburbs in Melbourne, Australia in 2013/2014, by price per square meter (in thousand Australian dollars)." (2) As well as reflecting stronger population growth over the past decade, driving denser communities. ). The median house price is $2.85 million whereas the median unit price is $670,500 this is a 4.4% increase for houses but a 12.1% drop in prices for units. Most expensive suburbs in Melbourne by square metre. luxury properties on offer. The ideal entry-level account for individual users. 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. Click here to learn more about we can help you. A block is defined as the square metre of land that the home sits on. Marked by greenery, with excellent facilities, parks and good quality schools, no surprise Malvern is in-demand. In, BIS Shrapnel. With a median house price of $2,120,000, Albert Park also recorded one of the city's . 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. Stay up to date with our free emails containing the countrys most important stories with our free email newsletters. Career opportunities, education, lifestyle, climate and proximity to beaches, attract domestic and overseas residents despite the high financial costs and often lengthy commutes. The median house rent has increased by 79% over the past year to $1,302 weekly. Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. The social centre of the suburbs is deemed to be the Fairhaven Surf Lifesaving Club. 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. Compared to the December quarter of 2022. The fourth most expensive suburb in Melbourne, Brighton, is situated 11km away from the CBD. As reputations change, areas gentrify and as cities grow, location becomes king, Powell said. Affordability has driven many Australians to opt for a tree change, but while dollars have gone comparatively further since the pandemic began, the value for money has deteriorated significantly (. Figure 1. Camberwell, the tenth most expensive suburb in Melbourne, is located about 10km east of the CBD. Jayne Bedford recently sold in Yarrambat.Credit: Justin McManus. This demand for housing needs to be countered with growth in dwellings to slow the growth in house prices and price per sqm. Monday 27 February 2023: Domains unique analysis of price per square metre showcases a comparison across suburbs of what value buyers are actually getting for their money. Renting costs a substantial $845 a week for a house and a more affordable $495 for units. This statistic is not included in your account. (2) Victoria Government Small Lot Housing Code, https://www.planning.vic.gov.au/resource-library/incorporated-documents/cardinia/card-C234card-Small-Lot-Housing-Code-Victorian-Planning-Authority,-November-2019.pdf, (3) https://data.worldbank.org/indicator/EN.POP.DNST. Its not overdeveloped. ). Pakenham, median house price $650,000, +9 per cent annual growth. Whether youre a beginner or an experienced investor, at times like we are currently experiencing you need an advisor who takes a holistic approach to your wealth creation and thats exactly what you get from the multi-award-winning team at Metropole. CoreLogic also reported the rental yield for Melbourne rose 15 basis points to 3.4 per cent. However this isnt always the case as key infrastructure, commercial hubs and proximity to parks and beaches all play a role. Currently, you are using a shared account. It is known for its large beachside mansions on large estates, along with its golf course and yacht club. 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. 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. Italy: average price for properties for sale by region 2022 - Statista And if you're looking for more affordable alternatives, the nearby suburb of Malvern East and Glen Iris both provide similar prestige at a slightly reduced price. Southbank has a population of over 22,600 and a median house price of $2,621,500. Some of the most affordable options in Melbourne are also west. There have been development restrictions in the area, driving up the cost of the property. Most expensive suburbs in Melbourne 2013/2014, by price per square meter Asking price per square meter of houses and apartments in Luxembourg 2013-2017 Price per square meter of land Melbourne . It is a popular tourist spot with views of not just the bay, but also of Melbourne. Sydneys nearby regional areas of Gosford/Wyong, Shoalhaven and Wollongong have all seen above-average increases in price per sqm between 30-40% over the almost three-year period compared to 25% in Sydney. However, an increase in high-density housing means less space for traditional house dwellings, making them even more expensive due to the preference for this type of housing. Neighbouring suburbs that have vastly different prices per sqm suggest liveability aspects, and the housing landscape is having an impact and suppressing their price. Affordability has driven many Australians to opt for a tree change, but while dollars have gone comparatively further since the pandemic began, the value for money has deteriorated significantly (table 5). A-grade land in Balwyn at Easter 2015 is now firmly at $3000 per square metre. The most expensive suburb in Sydney to buy a vacant block - based on areas with the highest number of land sales - is The Hills' suburb of Kellyville, where the median price is now $750,000. 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. 10. to incorporate the statistic into your presentation at any time. Home buyers are spending more than $10,000 per square metre of land for property in Melbournes most sought-after, inner-city suburbs. In Perth and Darwin, their relative affordability has improved. Melbourne Housing Market Insights: March 2023 - The Urban Developer ^Note: When a property is sold, the successful real estate agent pays OpenAgent an 18-25% variable referral fee. 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. In this short time, Hobart house prices have overtaken Darwin and Perth, while the price per sqm is now higher than in Darwin. Agents say lifestyle is the main reason some buyers will choose to forgo a big backyard to live close to the city, while others would rather live further away and have a larger home on hectares of land. "Price per Square Meter of Land in Melbourne, Australia from 2009 to 2022 (in Australian Dollars). The impact of population, dwelling and income growth. The highest sale price during the last 12 months was for $11 million. The top ten highest prices per sqm suburbs in Australia are all located in Sydney (, ). This is despite having one of the fastest shrinking block sizes for new houses and existing sales. A paid subscription is required for full access. statistic alerts) please log in with your personal account. Unfortunately, this can have a negative impact on local residents, as the increased housing costs account for a larger share of the lower local wages compared to their city-paid neighbours. 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. Brighton has a median house price of $2,680,200, which is high given the suburb has a relatively large population of 23,000. Homes here were typically a minute 528 square metres, with living area a little more generous at 316 square metres. Plot sizes for houses in Melbourne's most expensive suburbs per square metre were between 130 and 300sqm, slightly larger than for Sydney.