Some agents also pay us an ongoing retainer or fixed fee for the services we provide. Perth's lot size has dropped from a median of 600sqm to 375sqm in the past 15 years. Figure 1. House prices currently stand at $3.7 million, with units just under $1 million at $910,000. Thats 3.7% higher over the past 12 months for houses but an 8.7% drop for units over the same period. 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. Suburbs around 20 kilometres west of the Sydney CBD provide lower house prices and bigger block sizes. To be eligible for our retainer product, they must satisfy certain benchmarks and then maintain the highest level of quality. "Price per square meter of land in Melbourne, Australia from 2009 to 2022 (in Australian dollars)." At the same time, median block sizes had become much smaller dropping from 595 square metres in 2012, to 540 square metres last year. The value gap between Sydney and other cities has widened (this is the percentage difference between prices per sqm). House prices in Perth and Darwin recorded the weakest growth. Accessed May 01, 2023. https://www.statista.com/statistics/648669/most-expensive-suburbs-in-melbourne-by-price-per-square-meter/, BIS Shrapnel. At the start of 2012, Perth had the second highest price per sqm of the capital cities, at $897 (figure 3). Table 4 shows the simple relationship between population (demand), total supply (of houses), household income and house price growth between 2011 and 2021. Residents adore the historic cinema, lush gardens and cafe culture. Find and compare the top real estate agents in your area. 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. January 27, 2015. Some landmarks include the Middle Park Hotel and the picturesque Middle Park Beach, which both bring lifestyle and entertainment to this seaside suburb. Units, slightly more affordable, have a median price of $872,000 (up 9%) and an average rent of $495 a week. 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. The Real Estate Institute of Victoria has released data showing the value per square metre of real estate across Melbourne. Hobart was once the most affordable city in Australia, offering the lowest house price and price per sqm in 2017. Are you interested in testing our business solutions? Point Leo, a rural surfing locality on the Mornington Peninsula, has a median house price of $3,218,300. (March 24, 2023). It offers its own long shopping strip and easy access to the city via Aside from all the usual accoutrements of an eight-figure mansion set by the water in Sydney, the sandstone residence offers a bespoke . 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. Use Ask Statista Research Service, House-price-to-income ratio in selected countries worldwide 2022, Quarterly house price to income ratio Australia 2018-2021, Quarterly house price to rent ratio Australia 2018-2021, Price-to-rent ratio in selected countries globally Q4 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. 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. Price per sqm accounts for this, as a smaller block size will increase it, all other things being equal. Rent prices average around $845 per week for houses and $450 per week for units. In this short time, Hobart house prices have overtaken Darwin and Perth, while the price per sqm is now higher than in Darwin. Figure 4. Profit from the additional features of your individual account. With its growing economy, the city has also become home to some of the most luxurious and expensive suburbs in the country. This demand for housing needs to be countered with growth in dwellings to slow the growth in house prices and price per sqm. 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. The Melbourne suburbs where buyers pay a premium for space. Back to the eastern suburbs is Canterbury, located 10 kilometres from the Melbourne CBD. Units are more affordable, on the other hand, with a median price of $707,000. One of the 82 infamous Brighton beach boxes, located on the Dendy Street foreshore, sold for over . Just nine houses and 10 units were sold during the same period too. Rank nationally: Suburb: Price per sqm: Median block size (sqm) 1: Paddington: $25,755: 125: 2: Tamarama: $25,684: 306: 3: . You need at least a Starter Account to use this feature. The fourth most expensive suburb in Melbourne, Brighton, is situated 11km away from the CBD. The top 10 suburbs are all in Sydney. The highest sale of the past 12 months was for $7,350,000. Apartments are an excellent resource for high-density housing, where many dwellings can be constructed on a plot of land. This is because Canberras block sizes are 38% larger than Melbournes. In 2012, Sydney was 19% more expensive than Melbourne, and 110% higher than the most affordable city, Hobart. Figure 1. Of the top 66 most expensive, only Albert Park in Melbourne (26th overall, $13,915 per sqm) and Kent Town in Adelaide (65th overall, $8,937 per sqm . You can trust the team at Metropole to provide you with direction, guidance, and results. The size of the home and the amount of land can change dramatically based on where buyers are looking. Accessed May 01, 2023. https://www.statista.com/statistics/648642/price-per-square-meter-of-land-in-melbourne/, UDIA. As soon as this statistic is updated, you will immediately be notified via e-mail. 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. 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. A block is defined as the square metre of land that the home sits on. The most famous resident, however, was Prime Minister Harold Holt who had a holiday home there and presumably drowned at the notorious Cheviot Beach. 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. will see the greatest price increases long-term. These are the suburbs with the highest median house prices in Melbourne, using data from Domain and Realestate.com.au. The Morning Edition newsletter is our guide to the days most important and interesting stories, analysis and insights. robust prices even while prices across the rest of the city are falling. On the other side of the coin, steady growth in Adelaide and Brisbane has kept affordability relatively level. 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. Deepdene was previously part of Balwyn. This site is protected by reCAPTCHA Enterprise and the Google Privacy Policy and Terms of Service apply. The suburb does have an extremely low turnover, with just two houses sold over the past year, with the highest sale price achieving $2,350,000. It is the only city commanding more than $2000 per sqm and is 36% more expensive than Melbourne in second place. Buyers will also find greater value for money in Adelaide, Brisbane and Perth at around $1200, roughly half the price of Sydney. 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. Similarly, around Melbourne, Gippsland, Surf Coast-Bellarine Peninsula and Ballarat increased significantly compared to Metro Melbourne. Bellfield, with a . While the pandemic has distributed wealth across a larger area and diminished the value per sqm in regional Australia. Experts Corner by Homes here were typically a minute 528 square metres, with living area a little more generous at 316 square metres. The top 5 most expensive land price per square metre suburbs in each city Sydney. We just love the rural lifestyle, Jayne Bedford said. Luxury items: for a heated swimming pool with cover and self-cleaning capability, allow and extra $110,000 + GST. Fast forward a decade and modest house price growth has seen it fall back in the pack to the fifth most affordable per sqm. Show publisher information Business Solutions including all features. 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. Southbank has a population of over 22,600 and a median house price of $2,621,500. 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. Houses come in at a median of $3.19 million and units come in at a median of $1.05 million. (1). 8. 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. Adelaide and Brisbane have had relatively stable growth, at close to 6.5% per year, due to steadily increasing median house prices and decreasing land area sizes throughout this time. At $1051 per square metre, residential land in Sydney remains the most expensive in the nation while Perth comes in second, followed by Melbourne at $677 a square metre. The most affordable is Melton South at $337 a week. Fellow leafy eastern suburb Kooyong is next on the list, with a median house price of $2,973,300. 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. Whether youre interested in investing in property, or just curious about the citys high-end neighbourhoods, well provide you with an inside look at the most opulent areas in Melbourne. Apartments were not included in this analysis. 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. 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. 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. Perth and Melbourne have seen some of the largest decreases in block size based on properties sold, falling by 16.2% and 9.2% between 2012 and 2022 respectively. Cities with development lagging behind the. 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. 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). However, per square metre, the land cost has not reduced buyers are just purchasing less of it. Pakenham, median house price $650,000, +9 per cent annual growth. 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. Join the Australian Commercial real estate conversation with COMMO our free newsletter. 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 . All the houses have a heritage overlay so theres not masses of apartments.. It seems Melburnians value ocean views, with the bayside dominating prices per square . 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). All rights reserved. As of September this year, the suburb has median house price of $1.6 million. 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. It is more than three times lower than the most expensive city, Sydney, at $2466 per sqm. Canberras block sizes are significantly larger than Melbournes, keeping its price per sqm lower. Residents here are predominantly couples, older families and empty nesters. Arguably one of the best-known suburbs on this list is Portsea, with a median house price of $4,800,500. 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 highest sale price during the past year was $1,250,000. With its growing economy, the city has also become home to some of the most luxurious and expensive suburbs in the country. South Melbourne, which has undergone a rebirth overthe past decade, tops the list for land price per square metre. The price to buy a home is about the same as in Camberwell, $2.8 million for a house and $805,999 for a unit. This demand for housing needs to be countered with growth in dwellings to slow the growth in house prices and price per sqm. The average rent for houses is about $875 a week and $455 for units. There have been development restrictions in the area, driving up the cost of the property. Please try again later. "Most Expensive Suburbs in Melbourne, Australia in 2013/2014, by Price per Square Meter (in Thousand Australian Dollars). 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. Learn more about how Statista can support your business. Middle Park was close with a price tag of $12,730. The median house rent has increased by 79% over the past year to $1,302 weekly. North Melbourne suburbs also provide greater value for money, as Broadmeadows, Gladstone Park and Campbellfield are all less than $1,300. The highest sale in the suburb over the past 12 months was $12,100,000. In fact, the most expensive suburbs in Melbourne arent even eastern suburbs, The top is Main Ridge, which is located on the Mornington Peninsula. Further from the city centre, bayside suburbs Brighton, Black Rock and Hampton commanded substantial prices per square metre - $4,412, $3502 and $3,251 respectively. Read on to find out Get a property value estimation, recent sales of similar properties, insight into suburb trends and average days on market. Middle Park - $2.80m. 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. Please use the menu below to navigate to any article section: Melbourne is known for its rich culture, stunning architecture, and bustling lifestyle. Inner city bayside areas are more expensive by the square metre than homes in the opulent suburb of Toorak, new REIV data shows. Darwin triumphs in affordability stakes having the lowest price per sqm at $737 (table 1). Renting will cost you around $922 a week for houses and $430 a week for units. Set on an expansive 822-square-metre block and boasting views of Sydney Harbor Bridge and the CBD, 9 Viret Street promises to send off the booming Hunters Hill property market with a bang. Kate Forbes is a National Director Property Strategy at Metropole. ). This is a paid advertisement. This place is 149 sqm and went for $20,268 per sqm. ). The area has many lavish historic residences and is home to some of Melbourne's oldest schools. 43 houses have been sold over the past year along with six units. The top ten highest prices per sqm suburbs in Australia are all located in Sydney (table 2). Units are currently at a median of $808,7500, making them a more affordable option. "Zetland has a very large number of units in the pipeline, and moreover, the price per square metre is $11,658 - very expensive, especially when you consider it is around 10 per cent more expensive than the affluent suburb of Double Bay," warns Mr Peleg. Please visit our advertising page to learn more and enquire about advertising with us. . However, Canberra still has a lower price per sqm than Melbourne. That is not to say that Canberra is affordable or not seeing high growth in housing costs. Situated 10km southeast of the CBD, it's also home to the upmarket Malvern Central shopping centre, Central Park and many Victorian mansions perched on wide leafy streets. Suburb price per square metre, by capital city. 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. 787 people live there, with many wealthy individuals owning property there such as Lindsay Fox, Eddie McGuire and the late Ron Walker. Around Kew, the median house price currently sits at $2.79 million, while units are currently at a median of $878,500. To use individual functions (e.g., mark statistics as favourites, set 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. Indexed price per sqm, metro and regional areas (2020 Q1 = 100). [Online]. 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. Houses come in at a median of $2.80 million whereas units would cost significantly less at a median of $755,000 million. However, reputations change, and as cities grow, location becomes king. Toorak has long been king of the hill, home to Melbourne's priciest, exclusive properties - and this is still true today. 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. Late last year, Melbourne joined Sydney as part of the million-dollar house club. Most expensive suburbs in Melbourne, Australia in 2013/2014, by price per square meter (in thousand Australian dollars) [Graph], BIS Shrapnel, January 27, 2015. There are a total of 807 houses and 24,380 units in the suburb. 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. This tells us while house prices have rapidly escalated, Hobarts comparatively larger block sizes have helped to maintain value per sqm relative to other cities. Renting a house in the area is costly, with the average rent sitting at $800 each week. The suburb boasts great schools and greenery, while enjoying the benefits of being near the city centre. 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. As a Premium user you get access to background information and details about the release of this statistic. Don't let its short name fool you, Kew is big in character. 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. In this article, well be taking a look at the top 10 most expensive suburbs in Melbourne and what makes them so sought after. Property is all about location, location, locationand Melbourne is no exception. The top ten highest prices per sqm suburbs in Australia are all located in Sydney. 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. Located seven kilometres from the Melbourne CBD, Kooyongs highest house sale over the last 12 months was for $5,250,000. 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.
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