Located on Victorias Surf Coast, Bellbrae has a median house price of $2,494,500. Back to inner Melbourne, Southbank is just across the Yarra River from the Melbourne CBD. Housing affordability discussions typically focus on house prices. The suburb boasts great schools and greenery, while enjoying the benefits of being near the city centre. Figure 2. Melbourne joined Sydney as part of the million-dollar house club. The area is known for its beaches and luxury real estate from the Victorian and Gregorian eras. three-bedroom Victorian terrace on 176 square metres of land, five-bedroom house in Croydon on 1083 square metres, four-bedroom home in Yarrambat, which comes with 9686 square metres. 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 . Sydney ranks as Australias most expensive capital city, at $2466 per sqm. Fellow leafy eastern suburb Kooyong is next on the list, with a median house price of $2,973,300. 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. South Melbourne, which has grown in stature in the past decade, tops the list for land value city-wide - at an impressive $11,212 per square metre. Perth's lot size has dropped from a median of 600sqm to 375sqm in the past 15 years. Thats 3.7% higher over the past 12 months for houses but an 8.7% drop for units over the same period. Back to the eastern suburbs is Canterbury, located 10 kilometres from the Melbourne CBD. They are less than half the price per sqm of the neighbouring suburbs Maidstone, Yarraville and Braybrook. Middle Park is a bayside suburb thats located right outside of the CBD, about 3km away. Apartments aren't cheap either, with the median price sitting just shy of $1 million at $944,999. Statista. With a median house price of $2,120,000, Albert Park also recorded one of the city's . Please do not hesitate to contact me. Main Ridge, 3928. Many of the citys most expensive suburbs by squaremetrewere located in the citys south east, including StKildaEast, Richmond, and SouthYarra with these areasbenefitingfrom quality amenities and nightlife, he said. 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. You need at least a Starter Account to use this feature. Domain chief of research and economics Dr Nicola Powell said land price does not necessarily make buying a property in these areas cheaper, but it dictates how much land the money can buy. 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. 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 highest sale over the past year was for $11,810,000. 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. In this short time, Hobart house prices have overtaken Darwin and Perth, while the price per sqm is now higher than in Darwin. Suburb price per square metre, by capital city. 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. 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. Where can Australians find a house that balances their lifestyle choice and is close enough to career opportunities? Fast forward to 2022, and the gap between Sydney and Melbourne has grown to 36% and is 234% higher than the lowest capital city, Darwin. If youre looking to rent, itll cost you about $850 a week for houses and $465 a week for units. 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. 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. The information on this website is intended to be of a general nature only and doesn't consider your objectives, financial situation or needs. ). Houses come in at a median of $3.19 million and units come in at a median of $1.05 million. The Victorian capital is consistently voted amongst the most livable cities in the world, but which are the most expensive suburbs in Melbourne? On the other side of the coin, steady growth in Adelaide and Brisbane has kept affordability relatively level. Suburbs around 20 kilometres west of the Sydney CBD provide lower house prices and bigger block sizes. 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. In Melbourne, the most expensive suburb was Albert Park, with a median block size of 153sqm priced at $13,915/sqm. 41 houses were sold last year, as were 538 units. Shrinking block sizes should help to slow the growth in house prices. (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. These median prices represent a 4.9% increase over the past 12 months for houses and 6.1% increase for units. Of Melbournes outer suburbs,Knoxfieldin the east had the highest price per squaremetre,$2,440,and a median house price of $706,000. Fast forward a decade and modest house price growth has seen it fall back in the pack to the fifth most affordable per sqm. Renting doesn't come cheap either, with the average house rent costing a cool $1,000 per week and $560 per week for units.. Affordability and remote working have driven many Australians to opt for a tree change, but while dollars have gone comparatively further since the pandemic began, the value for money in regional Australia has deteriorated significantly. In this article, well be taking a look at the top 10 most expensive suburbs in Melbourne and what makes them so sought after. To use individual functions (e.g., mark statistics as favourites, set Suburbs 13 kilometres from the city, such as Brooklyn, Sunshine, and Sunshine North, are priced per sqm under the Melbourne average of $1811. Urban densification has occurred at different rates. Renting a home in Kew for a week will cost you $750 on average for a house and $425 for a unit. The decline in block sizes is reflected in all Australian capital cities. Canberra has one of the highest differences between population and supply growth, which has been reflected in a growing median house price. Residents here are predominantly couples, older families and empty nesters. Cities that have had the largest house price increase have seen population growth outpace the supply of houses. 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. 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. ", 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. Are you interested in testing our business solutions? to incorporate the statistic into your presentation at any time. Sign up here. Although long term residents are the main demographic of the suburb, there is still a rental market, but it isn't cheap. Like any city, some areas are just a bit more livable and desirable than others. ). Melbourne is known for its rich culture, stunning architecture, and bustling lifestyle. Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. Carlton North was the most expensive suburb north of the Yarra, coming in fourth at $10,809 per square metre. Want to know more about the Melbourne property market? Toorak is located about 5km south-east of the CBD and has a range of Were working to restore it. There have been just three houses sold over the past year. The suburb was established in the 1940s and is 97 kilometres from Melbourne. which dominate the most expensive suburbs list there, Property Council calls for green revamp of property policy, Mortgage stress to remain even if the cash rate stays at 3.6%, $15.85B earmarked for Australian build to rent sector, Commercial developments on the rise across Australia, Rental markets remain tight, but there are signs of pressure easing, Co-own your own tropical paradise with Kos first luxury holiday home in Fiji, Investing in a resilient future across the globe, Top 4 regions to buy a house in Queensland, Aussies love renovations, but not as much as Kiwis, Melbourne joined the million-dollar club last year, with Sydney, Melbourne asking house prices have remained steady, The Mornington Peninusla, inner and eastern suburbs dominate the list, Luxury Holiday Homes at a Fraction of the Cost. What the data really showcases is the premium buyers are willing to pay to be in certain suburbs, even if theyre getting a much smaller block, Powell said. The median house price of the suburb is $2,704,300. The most famous resident, however, was Prime Minister Harold Holt who had a holiday home there and presumably drowned at the notorious Cheviot Beach. As a Premium user you get access to background information and details about the release of this statistic. Please create an employee account to be able to mark statistics as favorites. You only have access to basic statistics. The ideal entry-level account for individual users. The top ten highest prices per sqm suburbs in Australia are all located in Sydney (, ). Compared to the December quarter of 2022. Please try again later. 26 kilometres northeast of the Melbourne CBD is Kangaroo Ground, home to 1,208 residents. The size of the home and the amount of land can change dramatically based on where buyers are looking. 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. They are less than half the price per sqm of the neighbouring suburbs Maidstone, Yarraville and Braybrook. Marked by greenery, with excellent facilities, parks and good quality schools, no surprise Malvern is in-demand. Indexed median block size of houses sold, by capital city (2012=100). Cities with development lagging behind the. The most expensive Melbourne suburb for one square metre of land is in Albert Park, where it costs a median $13,915. 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. Some of the most affordable options in Melbourne are also west. The median house price currently stands at $2.87 million, while unit prices are also an eye watering $1,04 million. Living here, the average rent for a house will set you back $740 a week, while a unit will set you back $410 a week. 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.. Deepdene was previously part of Balwyn. UDIA. Over the past decade, Perth and Darwin have seen their relative affordability improve. Australia is one of the worlds largest and least densely populated countries in the world. The average rent for houses is about $875 a week and $455 for units. What happens in Balwyn has been driving Melbourne land prices. 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). This is exacerbated in Sydney and Melbourne, where house cost pressures have caused people to look further afield for more affordable options. This is measured through user feedback, quantity of sales and other proprietary data. 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. 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. 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. 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. 448 houses were sold last year, along with 136 units, representing a 3.9% turnover. 10. The median house rent has increased by 79% over the past year to $1,302 weekly. Now, more than ever. Just ten properties were transacted over the last 12 months. To put this into perspective, asking prices were hovering around the $900,000s from around 2017 to the pandemic. The fourth most expensive suburb in Melbourne, Brighton, is situated 11km away from the CBD. The median unit price is about $1.25 million and rent will cost you an average of $595 per week. 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 . As soon as this statistic is updated, you will immediately be notified via e-mail. ", 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. "Most expensive suburbs in Melbourne, Australia in 2013/2014, by price per square meter (in thousand Australian dollars)." Most expensive suburbs in Melbourne, Australia in 2013/2014, by price per square meter (in thousand Australian dollars) [Graph], BIS Shrapnel, January 27, 2015. 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. #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. 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. It offers its own long shopping strip and easy access to the city via For example, Guildford, Chester Hill and Sefton are 19 kilometres from the CBD and sit at $1800 per sqm. Please do not hesitate to contact me. March 24, 2023. Just nine houses and 10 units were sold during the same period too. The top 5 most expensive land price per square metre suburbs in each city Sydney. 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. 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. Urban densification has occurred at different rates. Located nine kilometres from the Melbourne CBD is the leafy suburb of Deepdene. The Victorian and Edwardian homes are highly regarded and sell for 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. Some landmarks include the Middle Park Hotel and the picturesque Middle Park Beach, which both bring lifestyle and entertainment to this seaside suburb. (5) Income growth will also have a positive impact on house prices. 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. 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. Home buyers are spending more than $10,000 per square metre of land for property in Melbournes most sought-after, inner-city suburbs. 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. Don't let its short name fool you, Kew is big in character. The suburb is nine kilometres from Rosebud and has a population of just 416, according to the 2021 Census. 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. The suburb boasts a semi-rural lifestyle. 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. Housing affordability: The price per square metre. Canberra joined later too. 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. Named after the seaside town in England, Brighton is known for its beaches, including Dendy Street Beach and it's 82 colourful 'bathing boxes' - the subject of many postcards. Buyers are potentially shelling out over 40% of their before-tax income on mortgage repayments. Chart. Darwin triumphs in affordability stakes having the lowest price per sqm, followed by Hobart. The cheapest suburbs per square metre of land are more than 30 kilometres from . Business Solutions including all features. Renting costs a substantial $845 a week for a house and a more affordable $495 for units. Sydney ranks as Australias most expensive capital city, followed by Melbourne. It is known for its large beachside mansions on large estates, along with its golf course and yacht club. However, per square metre, the land cost has not reduced buyers are just purchasing less of it. Talk of property prices rising or falling, dominates conversations, whether it's backyard barbecues or boardrooms. Middle Park, five kilometres south of the Melbourne CBD, has a median house price of $2,553,900. Why is Toorak so expensive? [Online]. However, there are many features factored into a propertys price, and they vary widely throughout Australia. There have been development restrictions in the area, driving up the cost of the property. 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 (. This is clearly evident across all of our capital cities, although the differences are starker for some. CBD fringe suburb East Melbourne is the city's most expensive for price square metre, the data shows. 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. Suburbs had to include a minimum of 10 sales to be included in the analysis. A block is defined as the square metre of land that the home sits on. Melbournes population and house growth has been relatively even, but strong growth in household income has pushed house prices higher. 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. 1. READ MORE: Australia's most expensive suburbs up by 55 per cent. Kate Forbes is a National Director Property Strategy at Metropole. Toorak has long been king of the hill, home to Melbourne's priciest, exclusive properties - and this is still true today. Home to 1,130 residents, it is located 104 kilometres from Melbourne. Over the past decade, Perth and Darwin have seen their relative affordability improve. The highest sale in the suburb over the past 12 months was $12,100,000. "Most Expensive Suburbs in Melbourne, Australia in 2013/2014, by Price per Square Meter (in Thousand Australian Dollars). 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.