most expensive suburbs in melbourne per square metre

10. ). Looking at our more expensive cities Sydney and Melbourne we can see that moving further out from the inner city, generally block sizes get larger and come with a cheaper per square metre price tag. As a leading property marketplace were committed to delivering sustainable value to all our stakeholders. In this article, well be taking a look at the top 10 most expensive suburbs in Melbourne and what makes them so sought after. Renting a home in Kew for a week will cost you $750 on average for a house and $425 for a unit. Read on to find out Get a property value estimation, recent sales of similar properties, insight into suburb trends and average days on market. 43 houses have been sold over the past year along with six units. Site conditions: for a significantly sloping block with limited access, allow and extra 10% of 1,050,000 = $105,000 + GST. Want to know more about the Melbourne property market? Canberra joined later too. At the same time, median block sizes had become much smaller dropping from 595 square metres in 2012, to 540 square metres last year. One of the 82 infamous Brighton beach boxes, located on the Dendy Street foreshore, sold for over . It seems Melburnians value ocean views, with the bayside dominating prices per square . North Melbourne suburbs also provide greater value for money, as Broadmeadows, Gladstone Park and Campbellfield are all less than $1300. 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. Suburbs 13 kilometres from the city, such as Brooklyn, Sunshine, and Sunshine North, are priced per sqm under the Melbourne average of $1811. South Melbourne, which has undergone a rebirth overthe past decade, tops the list for land price per square metre. "Most Expensive Suburbs in Melbourne, Australia in 2013/2014, by Price per Square Meter (in Thousand Australian Dollars). 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. Middle Park, five kilometres south of the Melbourne CBD, has a median house price of $2,553,900. Throughout this report, we will refer to the price per square metre as price per sqm. Know all the market signals you should keep an eye on. 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. The median house price is currently $3.24 million with an average weekly rent of $1,200 per week. The suburb has a median house price of $2,639,000, with the highest sale price during the past year being $2,300,000. While the pandemic has distributed wealth across a larger area and diminished the value per sqm in regional Australia. 19 houses were sold over the past year, representing a turnover of 4.2%. Moving even further out from the inner city, block sizes get even larger. A block is defined as the square metre of land that the home sits on. 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. Suburbs like these are far from the city, but with more jobs moving to commercial hubs such as Parramatta and Macquarie Park, these outer areas will become more attractive due to the potential for lower workplace commute times. If you are an admin, please authenticate by logging in again. Please create an employee account to be able to mark statistics as favorites. Kate Forbes is a National Director Property Strategy at Metropole. Workplace flexibility has become a permanent shift that provides people with more choices in their housing. 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. Neighbouring suburbs that have vastly different prices per sqm suggest liveability aspects, and the housing landscape is having an impact and suppressing their price. Flinders, a seaside town on the Mornington Peninsula, is next on the list with a median house price of $3,926,500. The inner city suburb has a combination of luxury lifestyle properties that are within a 6km radius of the CBD. Join the Australian Commercial real estate conversation with COMMO our free newsletter. Buyers will also find greater value for money in Adelaide, Brisbane and Perth at around $1200, roughly half the price of Sydney. Indexed median block size of houses sold, by capital city (2012=100). Outer suburbs were once seen as the only option for buying a cheaper house, but with work-from-home opportunities now widely available, regional towns have become an alternative. Buying in neighbouring suburbs that have vastly different prices per sqm now can also pay huge dividends in the future. Accessed May 01, 2023. https://www.statista.com/statistics/648669/most-expensive-suburbs-in-melbourne-by-price-per-square-meter/, BIS Shrapnel. Luxury items: for a heated swimming pool with cover and self-cleaning capability, allow and extra $110,000 + GST. The most famous resident, however, was Prime Minister Harold Holt who had a holiday home there and presumably drowned at the notorious Cheviot Beach. The information on this website is intended to be of a general nature only and doesn't consider your objectives, financial situation or needs. 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. 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. Fast forward to 2022, and the gap between Sydney and Melbourne has grown to 36% and against the current lowest capital city, Darwin, the gap is 234%. Just ten properties were transacted over the last 12 months. Realestate.co.au data records 1737 visits per property for Canterbury vs 1709 for the state, making it a high demand postcode. (3) Despite this, the desire for people to live in the capital cities has meant that more and more people are trying to squeeze into them and compete for housing. It is more than three times lower than the most expensive city, Sydney, at $2466 per sqm. Show publisher information Cities that have had the largest house price increase have seen population growth outpace the supply of houses. The turnover of properties in the suburb is just 0.95%. ). Brighton is a little further from the CBD, clocking out 11km, however, it has its own established community and is home to luxury real estate from the Victorian and Georgian era. 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. That is not to say that Canberra is affordable or not seeing high growth in housing costs. Residents here are predominantly couples, older families and empty nesters. Finding a property in these more affordable areas now can pay huge dividends in the future the bridesmaid suburbs and those that are, Price per sqm is a function of both house price and block size, which have changed over the past decade. Explore our stunning collection today. In Perth and Darwin, their relative affordability has improved. will see the greatest price increases long-term. Please create an employee account to be able to mark statistics as favorites. March 24, 2023. 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. Now, more than ever. Apartments are an excellent resource for high-density housing, where many dwellings can be constructed on a plot of land. Housing affordability: The price per square metre. 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 (. Experts Corner by Home buyers are spending more than $10,000 per square metre of land for property in Melbournes most sought-after, inner-city suburbs. At just under $13,000, buyers in Albert Park paid more by the square metre than any other Melbourne suburb in the June quarter. Arguably one of the best-known suburbs on this list is Portsea, with a median house price of $4,800,500. Carlton North was the most expensive suburb north of the Yarra, coming in fourth at $10,809 per square metre. The top ten highest prices per sqm suburbs in Australia are all located in Sydney. Apartments were not included in this analysis. The most expensive Melbourne suburb for one square metre of land is in Albert Park, where it costs a median $13,915. This demand for housing needs to be countered with growth in dwellings to slow the growth in house prices and price per sqm. The suburb is known for its leafy streets and safety, yet is relatively close to the city centre. Located 65 kilometres from Melbourne on the Mornington Peninsula is Balnarring Beach, home to just 471 residents. Many of these are well known as being notoriously expensive, especially Toorak. A change in methodology to the way townhouse/terrace/etc. Stay up to date with Australia's most important property news through our free email service. The garage was about $14,000 per sqm. East Melbourne was the most expensive with a median estimated price of $14,513 per square metre, based on a median plot size of 241sqm. These median prices represent a 4.9% increase over the past 12 months for houses and 6.1% increase for units. Most expensive suburbs in Melbourne by square metre. Get the latest real estate news delivered free to your inbox. Some landmarks include the Middle Park Hotel and the picturesque Middle Park Beach, which both bring lifestyle and entertainment to this seaside suburb. "Development restrictions have driven up the prices of Middle Park real estate", Find how much your property is worth in today's market. "Price per Square Meter of Land in Melbourne, Australia from 2009 to 2022 (in Australian Dollars). One of the riskiest suburbs to consider, price per square metre and otherwise. Inspiring confidence in lifes property decisions, Inspiring confidence for all of lifes property decisions. 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. (1) Demographia world urban areas, 17th edition, http://www.demographia.com/db-worldua.pdf. Hobart was once the most affordable city in Australia, offering the lowest house price and price per sqm in 2017. Melbournes clearance rates started the year on a high, at around 71% versus the high 60s just 3 months ago that means 7 out of 10 buyers and sellers are agreeing on a price. Table 4 shows the simple relationship between population (demand), total supply (of houses), household income and house price growth between 2011 and 2021. The value gap between Sydney and other cities has widened. It is our intention to eventually confirm that all agents in our recommendation list meet these standards, however, to date - we have only confirmed this with the agents on our retained product who we work closest with. A paid subscription is required for full access. Figure 4. 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. Are you interested in testing our business solutions? The emergence of the pandemic saw an immediate shift in working arrangements, which have become permanent for many. 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. (January 27, 2015). Moving 38 kilometres out in Mount Druitt, the price drops to under $1300. Development restrictions have driven up the prices of Middle Park real estate, with the median house price sitting at $3.8 million, while unit median units are currently $861,500. Price per sqm accounts for this, as a smaller block size will increase it, all other things being equal. Apartments are an excellent resource for high-density housing, where many dwellings can be constructed on a plot of land. At the start of 2012, Perth had the second highest price per sqm of the capital cities, at $897 (. They are less than half the price per sqm of the neighbouring suburbs Maidstone, Yarraville and Braybrook. This is because Canberras block sizes are 38% larger than Melbournes. Units sit at a median of $758,750 and would cost you about $590 a week in rent, more expensive than nearly every other suburb on this list. Camberwell - $2.65m. Sources. This statistic is not included in your account. (5) Income growth will also have a positive impact on house prices. However, Canberra still has a lower price per sqm than Melbourne. Inner city bayside areas are more expensive by the square metre than homes in the opulent suburb of Toorak, new REIV data shows. The larger capital cities (Sydney, Melbourne, Brisbane, Perth and Adelaide) have seen the average size of blocks for new houses shrink considerably over the past ten years. 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 median house price in Kooyong is $3.2 million with an average rent of $813 a week, although tight supply means buyer activity is scarce. Suburbs around 20 kilometres west of the Sydney CBD provide lower house prices and bigger block sizes. For those looking to upgrade their lifestyle, John McGrath's top Melbourne suburbs for 2023 represent well-connected, family-friendly locations undergoing revitalisation: Croydon South. No surprises that property here comes at a premium, with the median house price sitting at $2.74 million. 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. With its growing economy, the city has also become home to some of the most luxurious and expensive suburbs in the country. Canterbury, located in between Balwyn and Camberwell, offers historic residences and Melbournes oldest schools. One of these features is block size, which changes significantly depending on location. Melbournes population and house growth has been relatively even, but strong growth in household income has pushed house prices higher. Back to the eastern suburbs is Canterbury, located 10 kilometres from the Melbourne CBD. Melbournes housing affordability has been in keen focus as interest rates continue to rise, and rising land prices are adding to the cost for buyers across the city, Powell said. The size of the home and the amount of land can change dramatically based on where buyers are looking. Despite attempts to fit in more houses, dwelling growth relative to population growth will have a major impact on house prices. Renting doesnt come cheap either with tram, making it perfect for young families. Middle Park is a bayside suburb thats located right outside of the CBD, about 3km away. Shrinking block sizes should help to slow the growth in house prices, as the cost of land is the major component in a purchase. In fact, the most expensive suburbs in Melbourne arent even eastern suburbs, The top is Main Ridge, which is located on the Mornington Peninsula. At the start of 2012, Perth had the second highest price per sqm of the capital cities, at $897 (figure 3). Thats 3.7% higher over the past 12 months for houses but an 8.7% drop for units over the same period. With a median house price of $4,788,300, Main Ridge is the most expensive suburb in Melbourne, despite being located 97 kilometres from the CBD. To put this into perspective, asking prices were hovering around the $900,000s from around 2017 to the pandemic. 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). The suburb is nine kilometres from Rosebud and has a population of just 416, according to the 2021 Census. Brighton in the inner-south is Melbourne's most expensive suburb to rent at $1294 on average for a house. House prices currently stand at $3.7 million, with units just under $1 million at $910,000. Those buying further away can get better bang for their buck, and pay less than $300 per square metre in far-flung neighbourhoods, Domain research shows. Sydneys population and high cost of housing reflect its desirability. Living in the suburb has all the perks of living in the city, just with more parks and greenery. A large amount of this growth occurred in the last five years. Southbank has a population of over 22,600 and a median house price of $2,621,500. The top 5 most expensive land price per square metre suburbs in each city Sydney. Suburbs like these are far from the city, but with more jobs moving to commercial hubs such as Parramatta and Macquarie Park, these outer areas will become more attractive due to the potential for lower workplace commute times. The land size gave the family, including their three children, space for a bigger home and somewhere to ride their motorbikes. Multi-city regions also create a demographic that is less heavily centred towards our CBDs, spreading wealth and providing equal access to education, healthcare and employment opportunities. The highest sale price during the last 12 months was $7,100,000, with 48 houses sold during this time, and one unit. Located 66 kilometres from the Melbourne CBD, Merricks Beach has a median house price of $2,475,000. 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. 91 kilometres from the Melbourne CBD, and 12 kilometres from Hastings, it also has a relatively small population of 423. Arguably the suburb people most Australians consider to be the most expensive in Melbourne, Toorak has a median house price of $3,043,600 and is located just five kilometres from the city centre. Renting doesn't come cheap either, with the average house rent costing a cool $1,000 per week and $560 per week for units.. It is especially prevalent in our fastest-growing cities, driven by demographic changes, economic pressure and large-scale infrastructure projects. [Online]. Most expensive suburbs in Melbourne 2013/2014, by price per square meter Change in price for residential properties for sale in Italy H1 2019, by region Italy: annual change of new residential . For houses, thats a 2.9% decrease over the past year or a 36.3% drop for units. North Melbourne suburbs also provide greater value for money, as Broadmeadows, Gladstone Park and Campbellfield are all less than $1,300. The highest price recorded was for a staggering $22,000,000. Some of the most affordable options in Melbourne are also west. Darwin triumphs in affordability stakes having the lowest price per sqm at $737 (table 1). 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. Further from the city centre, bayside suburbs Brighton, Black Rock and Hampton commanded substantial prices persquaremetre- $4,412, $3502 and $3,251 respectively. The ideal entry-level account for individual users. Sign up here. Learn more about how Statista can support your business. 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. The suburb boasts a semi-rural lifestyle. South Melbourne is popular for its closeness to amenities. Back to inner Melbourne, Southbank is just across the Yarra River from the Melbourne CBD. (5) Income growth will also have a positive impact on house prices. Source: REIV. Thats a 6.1% increase for houses but a 14.3% drop for units over the year. ). 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. Based on five years of sales, houses have grown +5.3 per cent in East Melbourne, while units in this suburb have fallen -11.0% over this timeframe. Domain, powered by APM. Immortalized by Skyhooks' single 'Balwyn Calling' this affluent suburb is home to interwar mansions and a refined atmosphere. This field is for validation purposes and should be left unchanged.

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