most expensive suburbs in melbourne per square metre

Canterbury is an eastern suburb of Melbourne that is most known for its boulevards lined with trees that turn bright red in the autumn. It is especially prevalent in our fastest-growing cities, driven by demographic changes, economic pressure and large-scale infrastructure projects. 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. Canberras block sizes are significantly larger than Melbournes, keeping its price per sqm lower. 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 . However, per square metre, the land cost has not reduced buyers are just purchasing less of it. The Morning Edition newsletter is our guide to the days most important and interesting stories, analysis and insights. Canberra has had one of the largest house price increases since the pandemic began, soaring above Melbourne. Profit from the additional features of your individual account. For example, Guildford, Chester Hill and Sefton are 19 kilometres from the CBD and sit at $1800 per sqm. The highest sale of the past 12 months was for $7,350,000. 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. Pakenham, median house price $650,000, +9 per cent annual growth. 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. ). Darwin triumphs in affordability stakes having the lowest price per sqm at $737 (table 1). The decline in block sizes is reflected in all Australian capital cities. Plot sizes for houses in Melbourne's most expensive suburbs per square metre were between 130 and 300sqm, slightly larger than for Sydney. As a Premium user you get access to background information and details about the release of this statistic. There are a total of 807 houses and 24,380 units in the suburb. 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. Malvern, situated about 10km south-east of the city, has prices similar to those in Balwyn. Home buyers are spending more than $10,000 per square metre of land for property in Melbournes most sought-after, inner-city suburbs. A-grade land in Balwyn at Easter 2015 is now firmly at $3000 per square metre. REIV - Bayside suburbs will cost you more by the square metre Some Melbourne suburbs worth upwards of $6000 per square metre This site is protected by reCAPTCHA Enterprise and the Google Privacy Policy and Terms of Service apply. 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. 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 (. Over the past decade, Perth and Darwin have seen their relative affordability improve. 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. The highest sale over the past year was for $11,810,000. 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. A paid subscription is required for full access. McGrath targets Brisbane for growth with a focus on attracting new real estate talent, Toronto agency returns to First National Real Estate after 3 years as independent, How fear of failure is causing you to fail, Interconnected Agent Network Overcame State Border Closures, How I made $850,000 before getting out of bed, how you can too. Kew - $2.80m. The highest sale price during the last 12 months was for $11 million. Want to know more about the Melbourne property market? ^^ Note: As a result of COVID-19 where possible we have updated our agent selection algorithm to refer vendors to agents who have confirmed to us that they have social distancing measures in place to ensure our customers' health and safety. 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. 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. This is a paid advertisement. Lucky buyers with the funds to secure a median priced and sized property in that suburb would be paying a whopping $12,052 per square metre, according to realestate.com.au. Show publisher information Bargain backyards: Where Melbourne homebuyers can get the most land for Melbourne joined Sydney as part of the million-dollar house club. Moving 38 kilometres out in Mount Druitt, the price drops to under $1300. Located 66 kilometres from the Melbourne CBD, Merricks Beach has a median house price of $2,475,000. North Melbourne suburbs also provide greater value for money, as Broadmeadows, Gladstone Park and Campbellfield are all less than $1300. 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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%. Malvern - $2.85m. 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. Most expensive suburbs in Melbourne by square metre. 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. It seems Melburnians value ocean views, with the bayside dominating prices per square . This demand for housing needs to be countered with growth in dwellings to slow the growth in house prices and price per sqm. How much does a square metre of land cost in your suburb? The value for money Australians get on the property market varies widely between capital cities and has changed significantly over the years. Residents adore the historic cinema, lush gardens and cafe culture. 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. 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. Where can Australians find a house that balances their lifestyle choice and is close enough to career opportunities? Business Solutions including all features. Albert Park, South Melbourne, Middle Park and Carlton topped the list of suburbs where it was the most expensive to buy property per square metre. Over the past decade, Perth and Darwin have seen their relative affordability improve. This reflects a relatively high turnover of 4.19%. Suburbs 13 kilometres from the city, such as Brooklyn, Sunshine, and Sunshine North, are priced per sqm under the Melbourne average of $1811. At the start of 2012, Perth had the second highest price per sqm of the capital cities, at $897 (. Deepdene was previously part of Balwyn. 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. The best of the best: the portal for top lists & rankings: Strategy and business building for the data-driven economy: Industry-specific and extensively researched technical data (partially from exclusive partnerships). 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. If youre looking to rent, itll cost you about $850 a week for houses and $465 a week for units. Figure 4. The value gap between Sydney and other cities has widened (this is the percentage difference between prices per sqm). Buyers will also find greater value for money in Adelaide, Brisbane and Perth at around $1200, roughly half the price of Sydney. Fast forward a decade and modest house price growth has seen it fall back in the pack to the fifth most affordable per sqm. The Metro Brisbane boundary was determined by the following SA3 units: Bald Hills Everton Park, Brisbane Inner, Brisbane Inner East, Brisbane Inner North, Brisbane Inner West, Capalaba, Carindale, Centenary, Chermside, Cleveland Stradbroke, Holland Park Yeronga, Kenmore Brookfield Moggill, Mt Gravatt, Nathan, Nundah, Rocklea Acacia Ridge, Sandgate, Sherwood Indooroopilly, Sunnybank, The Gap Enoggera, Wynnum Manly. dwellings were recorded for the 2016 census required the 2011 census figures of this dwelling type to be backwards extrapolated. Buying in neighbouring suburbs that have vastly different prices per sqm now can also pay huge dividends in the future. This is clearly evident across all of our capital cities, although the differences are starker for some. As a Premium user you get access to the detailed source references and background information about this statistic. Despite attempts to fit in more houses, dwelling growth relative to population growth will have a major impact on house prices. It is a battle between boosting urban density and the not in my backyard mentality. However, reputations change, and as cities grow, location becomes king. 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. 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 . Of Melbourne's outer suburbs, Knoxfield in the east had the highest price per square metre, $2,440, and a median house price of $706,000. A 300-square metre house built at $3,500 + GST per square metre= $1,050,000 + GST. Domain, powered by APM. The top 5 most expensive land price per square metre suburbs in each city Sydney. 72 houses and 39 units were sold during this period, representing a 4.08% turnover. Frankston, median house price $768,000, +7 per cent annual growth. Please use the menu below to navigate to any article section: Melbourne is known for its rich culture, stunning architecture, and bustling lifestyle. This statistic is not included in your account. Indexed price per sqm, metro and regional areas (2020 Q1 = 100). Sydney came in at easily the highest price per square metre of its houses, terraces and townhouses, with Melbourne and Canberra next, then Brisbane at $1245 per square metre . Most discussions typically focus on dwelling values, which is logical as people . (2) As well as reflecting stronger population growth over the past decade, driving denser communities. The highest sale price during this time frame was for $7,580,000. It seems extravagant but remember that Albert Park is the most expensive suburb in Melbourne per square metre. However, there are many features factored into a propertys price, and they vary widely throughout Australia. The top ten highest prices per sqm suburbs in Australia are all located in Sydney (table 2). Middle Park is a bayside suburb thats located right outside of the CBD, about 3km away. Career opportunities, education, lifestyle, climate and proximity to beaches, attract domestic and overseas residents despite the high financial costs and often lengthy commutes. 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. Hobart was once the most affordable option by a large margin, it now rivals prices in Brisbane, Perth and Adelaide. Melbourne's outer northeast cheapest for average price per sq m Top 10 most expensive suburbs in Melbourne - Metropole Property Strategists ", BIS Shrapnel, Most expensive suburbs in Melbourne, Australia in 2013/2014, by price per square meter (in thousand Australian dollars) Statista, https://www.statista.com/statistics/648669/most-expensive-suburbs-in-melbourne-by-price-per-square-meter/ (last visited May 01, 2023), Most expensive suburbs in Melbourne, Australia in 2013/2014, by price per square meter (in thousand Australian dollars) [Graph], BIS Shrapnel, January 27, 2015. robust prices even while prices across the rest of the city are falling. 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. House prices currently stand at $3.7 million, with units just under $1 million at $910,000. Further from the city centre, bayside suburbs Brighton, Black Rock and Hampton commanded substantial prices persquaremetre- $4,412, $3502 and $3,251 respectively. However, per square metre, the land cost has not reduced buyers are just purchasing less of it. The Bedfords are now searching for a smaller house with less land, though they still want the country life. 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. (5) Income growth will also have a positive impact on house prices. tram, making it perfect for young families. A block of land in Sydney's outer suburb of Kellyville is more - Domain Accessed May 01, 2023. https://www.statista.com/statistics/648669/most-expensive-suburbs-in-melbourne-by-price-per-square-meter/, BIS Shrapnel. Similarly, around Melbourne, Gippsland, Surf Coast-Bellarine Peninsula and Ballarat increased significantly compared to Metro Melbourne. The highest sale price over the past 12 months was $3,352,000. Now, more than ever. Urban densification has occurred at different rates. The latest PIPA National Market Update has revealed some buyers are fatigued, and others no longer interested in renovation projects. 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). With a median house price of $2,120,000, Albert Park also recorded one of the city's . March 24, 2023. Middle Park - $2.80m. 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. You only have access to basic statistics. Canberra has one of the highest differences between population and supply growth, which has been reflected in a growing median house price. Chart. Sign up here. 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. 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. Table 4 shows the simple relationship between population (demand), total supply (of houses), household income and house price growth between 2011 and 2021. Residents here are predominantly couples, older families and empty nesters. [Online]. Just behind Albert Park are Middle Park . Although Sydney gets plenty of attention as the most expensive city in Australia, Melbourne is still nonetheless an expensive city. Toorak is located about 5km south-east of the CBD and has a range of This will mean those agents are likely to be referred first. The top ten highest prices per sqm suburbs in Australia are all located in Sydney. Apartments were not included in this analysis. South Melbourne property costsan impressive $11,212 per square metre. Melbourne: price per square meter of priciest suburbs 2014 - Statista These are the suburbs with the highest median house prices in Melbourne, using data from Domain and Realestate.com.au. Source: REIV. 19 houses were sold over the past year, representing a turnover of 4.2%. The most expensive Melbourne suburb for one square metre of land is in Albert Park, where it costs a median $13,915. The information on this website is intended to be of a general nature only and doesn't consider your objectives, financial situation or needs. Figure 1. Back to the Mornington Peninsula is Moorooduc, which has a median house price of $3,028,300. The suburb is nine kilometres from Rosebud and has a population of just 416, according to the 2021 Census. 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. to incorporate the statistic into your presentation at any time. The inner city suburb has a combination of luxury lifestyle properties that are within a 6km radius of the CBD. 13 houses were sold over the last 12 months, for a median price of $1,880,000, representing a sales turnover of 4.94%. 95 kilometres from Melbourne, it is the westernmost town on the Mornington Peninsula. Melbournes population and house growth has been relatively even, but strong growth in household income has pushed house prices higher. Main Ridge, 3928. As of September this year, the suburb has median house price of $1.6 million. Overview and forecasts on trending topics, Industry and market insights and forecasts, Key figures and rankings about companies and products, Consumer and brand insights and preferences in various industries, Detailed information about political and social topics, All key figures about countries and regions, Market forecast and expert KPIs for 600+ segments in 150+ countries, Insights on consumer attitudes and behavior worldwide, Business information on 70m+ public and private companies, Detailed information for 35,000+ online stores and marketplaces. Just six houses were sold over the past year, with the highest sale price during this time being $1,410,000. Rank nationally: Suburb: Price per sqm: Median block size (sqm) 1: Paddington: $25,755: 125: 2: Tamarama: $25,684: 306: 3: . The suburb is known for its hobby and produce farms. Show sources information Bellfield, with a . BIS Shrapnel. 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. The emergence of the pandemic saw an immediate shift in working arrangements, which have become permanent for many. Add articles to your saved list and come back to them any time. In this short time, Hobart house prices have overtaken Darwin and Perth, while the price per sqm is now higher than in Darwin. 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. Units, slightly more affordable, have a median price of $872,000 (up 9%) and an average rent of $495 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. Kooyong is a small suburb about 7km south-east of the CBD, filled with apartments, parklands, ovals and fields. 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. With all the negative media and decreased consumer confidence due to rising interest rates, there is currently a clear flight to quality properties in Melbourne, with A Grade homes and investment grade properties still in short supply for the prevailing demand, but B Grade properties are taking longer to sell and informed buyers are avoiding C Grade properties. This is despite having one of the fastest shrinking block sizes for new houses and existing sales. The area is known for its beaches and luxury real estate from the Victorian and Gregorian eras. ). Please do not hesitate to contact me. Darwin triumphs in affordability stakes having the lowest price per sqm, followed by Hobart. Renting a home in Kew for a week will cost you $750 on average for a house and $425 for a unit. Currently, you are using a shared account. Most expensive suburbs in Melbourne, Australia in 2013/2014, by price per square meter (in thousand Australian dollars) [Graph]. Hobart's most expensive street (proportionately the most expensive in CBD fringe suburb East Melbourne is the city's most expensive for price square metre, the data shows. Australia: land price per square meter Melbourne 2022 | Statista The most expensive Melbourne suburb for one square metre of land is in Albert Park, where it costs a median $13,915. an average of $980 a week for houses and $500 a week for units. 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%. In Kinglake West, land costs are the lowest at $260 per square metre, while Heathcote Junction costs $271. Fast forward a decade and modest house price growth has seen it fall back in the pack to the fifth most affordable per sqm. One of the riskiest suburbs to consider, price per square metre and otherwise. 8. 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. Brighton in the inner-south is Melbourne's most expensive suburb to rent at $1294 on average for a house. In next place is a nearby Mornington Peninsula suburb, Merricks North, with a median house price of $4,183,600. All the houses have a heritage overlay so theres not masses of apartments.. If you are an admin, please authenticate by logging in again. Rent prices average around $845 per week for houses and $450 per week for units. The top ten highest prices per sqm suburbs in Australia are all located in Sydney (, ). This field is for validation purposes and should be left unchanged. If you're looking to rent, you can expect to pay an average of $790 for houses and $385 for apartments each week. What happens in Balwyn has been driving Melbourne land prices. What we do gets right to the heart of who Australians are. No surprises that property here comes at a premium, with the median house price sitting at $2.74 million. Are you interested in testing our business solutions? 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). Some of Australia's most expensive real estate is in Brighton. Just eight houses were sold last year. You only have access to basic statistics. However, reputations change, and as cities grow, location becomes king. 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. Many of these are well known as being notoriously expensive, especially Toorak. Workplace flexibility has become a permanent shift that provides people with more choices in their housing. Every metre counts: South Melbourne is our most expensive suburb 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. Canberra joined later too. Stay up to date with our free emails containing the countrys most important stories with our free email newsletters. Its a country feel, but you have a cafe 10 minutes away you can travel for five minutes and still jump on a train to the city.. Suburbs around 20 kilometres west of the Sydney CBD provide lower house prices and bigger block sizes. 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 (. Albert Park follows . 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 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. It is more than three times lower than the most expensive city, Sydney, at $2466 per sqm. She has 15 years of investment experience in financial markets in two continents, is qualified in multiple disciplines and is also a chartered financial analyst (CFA). Cities with development lagging behind the. Middle Park was close with a price tag of $12,730.

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