The highest sale price during the last 12 months was $7,100,000, with 48 houses sold during this time, and one unit. This reflects a relatively high turnover of 4.19%. 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 . Compared to the December quarter of 2022. Toorakhas Melbourne's most expensive median house price - at a hefty$4 million, but ten suburbs actually command more dollars per square metre, accordingto the latest data from theReal Estate Institute of Victoria. This site is protected by reCAPTCHA Enterprise and the Google Privacy Policy and Terms of Service apply. The inner city suburb has a combination of luxury lifestyle properties that are within a 6km radius of the CBD. 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). 13 houses were sold over the last 12 months, for a median price of $1,880,000, representing a sales turnover of 4.94%. In 2012, the value gap between Sydney and Melbourne was 19% and Sydney was 110% more expensive than the most affordable city, Hobart. (1) Demographia world urban areas, 17th edition, http://www.demographia.com/db-worldua.pdf. As soon as this statistic is updated, you will immediately be notified via e-mail. The median unit price is about $1.25 million and rent will cost you an average of $595 per week. If you are an admin, please authenticate by logging in again. Don't let its short name fool you, Kew is big in character. Residential houses sold nationally between 2012 and 2022. Source: REIV. "Price per square meter of land in Melbourne, Australia from 2009 to 2022 (in Australian dollars)." [Online]. 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. Figure 4. There have been development restrictions in the area, driving up the cost of the property. 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. 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. 8. In next place is a nearby Mornington Peninsula suburb, Merricks North, with a median house price of $4,183,600. The ideal entry-level account for individual users. Australia is one of the worlds largest and least densely populated countries in the world. 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. A block is defined as the square metre of land that the home sits on. Steady prices, rising listings present opportunities, says REIV, High number of auctions creating opportunities for buyers, Keep the conversation going with Recon Daily. #The claim of #1 Agent comparison site is made based on data from Similar Web which shows more visits to OpenAgent than other agent comparison websites for the period of 1/2/2022 to 31/1/2023. As a Premium user you get access to background information and details about the release of this statistic. Further from the city, buyers could find bigger blocks for a much cheaper per square rate. 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. Kate Forbes is a National Director Property Strategy at Metropole. Residents adore the historic cinema, lush gardens and cafe culture. Add articles to your saved list and come back to them any time. 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. Profit from the additional features of your individual account. 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. 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. Most expensive suburbs in Melbourne, Australia in 2013/2014, by price per square meter (in thousand Australian dollars) [Graph], BIS Shrapnel, January 27, 2015. 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 (. 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. Experts Corner by It is especially prevalent in our fastest-growing cities, driven by demographic changes, economic pressure and large-scale infrastructure projects. Where can Australians find a house that balances their lifestyle choice and is close enough to career opportunities? Accessed May 01, 2023. https://www.statista.com/statistics/648669/most-expensive-suburbs-in-melbourne-by-price-per-square-meter/, BIS Shrapnel. Despite this, Australia is still home to some of the largest and least densely populated cities in the world. Melbournes population and house growth has been relatively even, but strong growth in household income has pushed house prices higher. South Melbourne is Victoria'smost expensive suburb per square metre, according toThe Real Estate Institute of Victoria. You can trust the team at Metropole to provide you with direction, guidance, and results. 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. Rank nationally: Suburb: Price per sqm: Median block size (sqm) 1: Paddington: $25,755: 125: 2: Tamarama: $25,684: 306: 3: . Get the latest data, insights, trends and forecasts for the Melbourne property market. It is known for its large beachside mansions on large estates, along with its golf course and yacht club. On the other side of the coin, steady growth in Adelaide and Brisbane has kept affordability relatively level. With a median price of $2,671,200, Albert Park has a population of over 6,000. In, BIS Shrapnel. Just nine houses and 10 units were sold during the same period too. For houses, thats a 2.9% decrease over the past year or a 36.3% drop for units. With its growing economy, the city has also become home to some of the most luxurious and expensive suburbs in the country. 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. Shrinking block sizes help to slow the growth in house prices, as the cost of land is the major component in a house purchase. tram, making it perfect for young families. That lifestyle is what attracted Jayne and Andrew Bedford to buy in the suburb in 2004, with the couple recently selling up to downsize. These are the suburbs with the highest median house prices in Melbourne, using data from Domain and Realestate.com.au. Brighton in the inner-south is Melbourne's most expensive suburb to rent at $1294 on average for a house. Figure 1. Australia is one of the worlds largest and least densely populated countries in the world. Thats 3.7% higher over the past 12 months for houses but an 8.7% drop for units over the same period. However, reputations change, and as cities grow, location becomes king. Please do not hesitate to contact me. Canterbury is an eastern suburb of Melbourne that is most known for its boulevards lined with trees that turn bright red in the autumn. Average weekly rent costs are $1,165 for houses and $450 for units.. Please visit our advertising page to learn more and enquire about advertising with us. 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 . Although, buyers in Hobart are still receiving greater value for money offering the second lowest price per sqm. The larger capital cities have begun to see early signs of recovery in house prices, but there is still a divergence between cities. Canberras block sizes are significantly larger than Melbournes, keeping its price per sqm lower. Fairhaven is a popular holiday destination, similar to the suburbs along the Mornington Peninsula. BIS Shrapnel. Melbourne joined Sydney as part of the million-dollar house club. 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 (figure 4). The median price per square metre will not equal the median house price divided by the median block size, as these will be mismatched figures. This is clearly evident across all of our capital cities, although the differences are starker for some. It seems extravagant but remember that Albert Park is the most expensive suburb in Melbourne per square metre. 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. 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 . Plot sizes for houses in Melbourne's most expensive suburbs per square metre were between 130 and 300sqm, slightly larger than for Sydney. Suburbs 13 kilometres from the city, such as Brooklyn, Sunshine, and Sunshine North, are priced per sqm under the Melbourne average of $1811. 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. Sign up here. Toorak is located about 5km south-east of the CBD and has a range of Embed this chart. 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. We help our clients grow, protect and pass on their wealth through a range of services including: Level 2, 181 Bay Street, Brighton, VIC, 3186, Suite 4, 742 Sandgate Road, Clayfield 4011, Level 4, Edgecliff Centre 203 - 233 New South Head Road, Edgecliff, NSW, 2027. Just behind Albert Park are Middle Park . Stay up to date with our free emails containing the countrys most important stories with our free email newsletters. The suburb boasts a semi-rural lifestyle. Like any city, some areas are just a bit more livable and desirable than others. In Perth and Darwin, their relative affordability has improved. Aside from all the usual accoutrements of an eight-figure mansion set by the water in Sydney, the sandstone residence offers a bespoke . This increased flexibility brings greater housing choice, as a commute from a nearby regional centre of a capital city is more palatable when it is required only a few times a week. [Online]. Located seven kilometres from the Melbourne CBD, Kooyongs highest house sale over the last 12 months was for $5,250,000. Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. Show sources information Statista. The land size gave the family, including their three children, space for a bigger home and somewhere to ride their motorbikes. It is the only city commanding more than $2000 per sqm and is 36% more expensive than Melbourne in second place. Homes here were typically a minute 528 square metres, with living area a little more generous at 316 square metres. 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. Canberra joined later too. This statistic is not included in your account. (March 24, 2023). Pressures naturally seen in Sydney and Melbourne now apply to cities such as Hobart and Canberra. The markets are moving on, but not all properties are going to increase in value. 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%. This is despite having one of the fastest shrinking block sizes for new houses and existing sales. In this short time, Hobart house prices have overtaken Darwin and Perth, while the price per sqm is now higher than in Darwin. ", UDIA, Price per square meter of land in Melbourne, Australia from 2009 to 2022 (in Australian dollars) Statista, https://www.statista.com/statistics/648642/price-per-square-meter-of-land-in-melbourne/ (last visited May 01, 2023), Price per square meter of land in Melbourne, Australia from 2009 to 2022 (in Australian dollars) [Graph], UDIA, March 24, 2023. Career opportunities, education, lifestyle, climate and proximity to beaches, attract domestic and overseas residents despite the high financial costs and often lengthy commutes. Throughout this report, we will refer to the price per square metre as price per sqm. Similarly, around Melbourne, Gippsland, Surf Coast-Bellarine Peninsula and Ballarat increased significantly compared to Metro Melbourne. As a Premium user you get access to background information and details about the release of this statistic. Sydney is typically known as the nation's priciest city for real estate, but some of Australia's most expensive properties per square metre can be found on Brighton beach. House sales include individual stand-alone houses, townhouses, terraces and semi-attached properties. The median house price of the suburb is $2,475,100, with 140 houses and seven units sold over the past year. Are you interested in testing our business solutions? See below for the top 5 most and least expensive land price per square metre suburbs in each city. The suburb has a median house price of $2,639,000, with the highest sale price during the past year being $2,300,000. Apartments are an excellent resource for high-density housing, where many dwellings can be constructed on a plot of land. Canterbury, located in between Balwyn and Camberwell, offers historic residences and Melbournes oldest schools. The fourth most expensive suburb in Melbourne, Brighton, is situated 11km away from the CBD. 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). 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. Kew, only 5 to 6km east of the city is another suburb that has easy access to the CBD with its tramline. 41 houses were sold last year, as were 538 units. 787 people live there, with many wealthy individuals owning property there such as Lindsay Fox, Eddie McGuire and the late Ron Walker. This is exacerbated in Sydney and Melbourne, where house cost pressures have caused people to look further afield for more affordable options. It is a popular tourist spot with views of not just the bay, but also of Melbourne. 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. 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. 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.. Statista. an average of $980 a week for houses and $500 a week for units. The highest sale price during this time frame was for $7,580,000. 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. You need at least a Starter Account to use this feature. 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