The area has many lavish historic residences and is home to some of Melbourne's oldest schools. 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 highest sale price over the past 12 months was $7,500,000, with 120 houses transacted during the time and 22 units, representing a 3.19% turnover. 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. Toorak is located about 5km south-east of the CBD and has a range of Accessed May 01, 2023. https://www.statista.com/statistics/648642/price-per-square-meter-of-land-in-melbourne/, UDIA. Join the Australian Commercial real estate conversation with COMMO our free newsletter. 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. Rent prices average around $845 per week for houses and $450 per week for units. Romsey in the far north of the city's metropolitan region was slightly more expensive at $419 per square metre, followed by North Warrandyte at $423. Moving 38 kilometres out in Mount Druitt, the price drops to under $1300. Melbourne's most expensive suburbs per square metre Back to the Mornington Peninsula is Moorooduc, which has a median house price of $3,028,300. That is not to say that Canberra is affordable or not seeing high growth in housing costs. 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. The best value suburbs within a 10km Uber ride of the city robust prices even while prices across the rest of the city are falling. In the early 2010s, they were in the $600,000s. In 2012, Sydney was 19% more expensive than Melbourne, and 110% higher than the most affordable city, Hobart. In this short time, Hobart house prices have overtaken Darwin and Perth, while the price per sqm is now higher than in Darwin. 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. You only have access to basic statistics. statistic alerts) please log in with your personal account. Housing affordability: The price per square metre. The suburb is known for its hobby and produce farms. 2023 Metropole Property Strategists. Now, more than ever. 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. 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 . Canterbury, located in between Balwyn and Camberwell, offers historic residences and Melbournes oldest schools. This is measured through user feedback, quantity of sales and other proprietary data. The inner city suburb has a combination of luxury lifestyle properties that are within a 6km radius of the CBD. Career opportunities, education, lifestyle, climate and proximity to beaches, attract domestic and overseas residents despite the high financial costs and often lengthy commutes. Units are more affordable, on the other hand, with a median price of $707,000. Some landmarks include the Middle Park Hotel and the picturesque Middle Park Beach, which both bring lifestyle and entertainment to this seaside suburb. 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. Chart. 3126. Canterbury is an eastern suburb of Melbourne that is most known for its boulevards lined with trees that turn bright red in the autumn. Suburbs 13 kilometres from the city, such as Brooklyn, Sunshine, and Sunshine North, are priced per sqm under the Melbourne average of $1,811. Explore our stunning collection today. One of the 82 infamous Brighton beach boxes, located on the Dendy Street foreshore, sold for over . The value for money Australians get on the property market varies widely between capital cities and has changed significantly over the years. 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. 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. The highest price recorded was for a staggering $22,000,000. 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). 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. 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. Table 4 shows the simple relationship between population (demand), total supply (of houses), household income and house price growth between 2011 and 2021. 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. 41 houses were sold last year, as were 538 units. [Online]. This place is 149 sqm and went for $20,268 per sqm. You need at least a Starter Account to use this feature. 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. Accessed May 01, 2023. https://www.statista.com/statistics/648669/most-expensive-suburbs-in-melbourne-by-price-per-square-meter/, BIS Shrapnel. There have been just three houses sold over the past year. Are you interested in testing our business solutions? Learn more about how Statista can support your business. Average weekly rent costs are $1,165 for houses and $450 for units.. Point Leo, a rural surfing locality on the Mornington Peninsula, has a median house price of $3,218,300. ). Compared to the December quarter of 2022. Italy: average price for properties for sale by region 2022 - Statista to incorporate the statistic into your presentation at any time. 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 . If you are an admin, please authenticate by logging in again. Apartments were not included in this analysis. Renting a house in the area is costly, with the average rent sitting at $800 each week. 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. The decline in block sizes is reflected in all Australian capital cities. This statistic is not included in your account. . The median house rent has increased by 79% over the past year to $1,302 weekly. Shrinking block sizes help to slow the growth in house prices, as the cost of land is the major component in a house purchase. Located 65 kilometres from Melbourne on the Mornington Peninsula is Balnarring Beach, home to just 471 residents. 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. These shifts have meant people are flocking to regional townships and house prices have followed them. The most affordable is Melton South at $337 a week. 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. Average price of housing per square foot Manhattan, NY 2022 - Statista In Perth and Darwin, their relative affordability has improved. The highest sale price during the last 12 months was for $11 million. The size of the home and the amount of land can change dramatically based on where buyers are looking. Throughout this report, we will refer to the price per square metre as price per sqm. The suburb is nine kilometres from Rosebud and has a population of just 416, according to the 2021 Census. 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. Suburbs around 20 kilometres west of the Sydney CBD provide lower house prices and bigger block sizes. 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. Statista. Just nine houses and 10 units were sold during the same period too. 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. Source: REIV. Darwin triumphs in affordability stakes having the lowest price per sqm at $737 (table 1). Jayne Bedford recently sold in Yarrambat. Homes here were typically a minute 528 square metres, with living area a little more generous at 316 square metres. 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. 91 kilometres from the Melbourne CBD, and 12 kilometres from Hastings, it also has a relatively small population of 423. 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. Profit from the additional features of your individual account. Want to know more about the Melbourne property market? To use individual functions (e.g., mark statistics as favourites, set ). Read on to find out Get a property value estimation, recent sales of similar properties, insight into suburb trends and average days on market. Main Ridge, 3928. 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. You need at least a Starter Account to use this feature. For example, Guildford, Chester Hill and Sefton are 19 kilometres from the CBD and sit at $1800 per sqm. Notable residents include the Minogue family and former Liberal Party leader the late Andrew Peacock. South Melbourne is Victoria'smost expensive suburb per square metre, according toThe Real Estate Institute of Victoria. One of these features is block size, which changes significantly depending on location. 10 shocking facts about suburbs in Melbourne | Upside Realty Melbourne is known for its rich culture, stunning architecture, and bustling lifestyle. 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. At the start of 2012, Perth had the second highest price per sqm of the capital cities, at $897 (. ^^ 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. Currently, you are using a shared account. Don't let its short name fool you, Kew is big in character. However, per square metre, the land cost has not reduced buyers are just purchasing less of it. While the pandemic has distributed wealth across a larger area and diminished the value per sqm in regional Australia. The fourth most expensive suburb in Melbourne, Brighton, is situated 11km away from the CBD. Despite attempts to fit in more houses, dwelling growth relative to population growth will have a major impact on house prices. 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. Units are about $959,000 (up 4.1% year-on-year) with an average weekly rent of $495. Located seven kilometres from the Melbourne CBD, Kooyongs highest house sale over the last 12 months was for $5,250,000. Toorak has long been king of the hill, home to Melbourne's priciest, exclusive properties - and this is still true today. It is especially prevalent in our fastest-growing cities, driven by demographic changes, economic pressure and large-scale infrastructure projects. The median house price of the suburb is $2,475,100, with 140 houses and seven units sold over the past year. luxury properties on offer. Apartments aren't cheap either, with the median price sitting just shy of $1 million at $944,999. A vendor will be advised when one of these agents has been recommended, and will still be able to see the full list of recommendations at any time. Jayne Bedford recently sold in Yarrambat.Credit: Justin McManus. 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. Fairhaven is a popular holiday destination, similar to the suburbs along the Mornington Peninsula. The median house price is currently $3.24 million with an average weekly rent of $1,200 per week. The suburb boasts a semi-rural lifestyle. 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. Business Solutions including all features. The impact of population, dwelling and income growth. Melbourne Housing Market Insights: March 2023 - The Urban Developer 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. The price for land per square metre has skyrocketed across Melbourne over the past 10 years, jumping from a median $861 in 2012, to $1811 in 2022. 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. The suburbs where a square metre of land is worth over $25,000 Thats 3.7% higher over the past 12 months for houses but an 8.7% drop for units over the same period. Find and compare the top real estate agents in your area. These are the suburbs with the highest median house prices in Melbourne, using data from Domain and Realestate.com.au. Fast forward a decade and modest house price growth has seen it fall back in the pack to the fifth most affordable per sqm. 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. 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. The suburb has a median house price of $2,825,000, with the highest sale price over the past year being $1,810,000. At just under $13,000, buyers in Albert Park paid more by the square metre than any other Melbourne suburb in the June quarter. As a Premium user you get access to the detailed source references and background information about this statistic. statistic alerts) please log in with your personal account. It is known for its large beachside mansions on large estates, along with its golf course and yacht club. However, reputations change, and as cities grow, location becomes king. Albert Park follows . "Most expensive suburbs in Melbourne, Australia in 2013/2014, by price per square meter (in thousand Australian dollars)." However, per square metre, the land cost has not reduced buyers are just purchasing less of it. Albert park garage sold for $645,500 - PropertyChat As reputations change, areas gentrify and as cities grow, location becomes king, Powell said. Canberra has had one of the largest house price increases since the pandemic began, soaring above Melbourne. 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. 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. Know all the market signals you should keep an eye on. ^Note: When a property is sold, the successful real estate agent pays OpenAgent an 18-25% variable referral fee. Not so far from Camberwell, Balwyn is home to many refined mansions, lush gardens and cafes. 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). VIC Most expensive suburbs by per sqm land - PropertyChat 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. Closer to the city, Jellis Craig Port Phillip director Warwick Gardiner said buyers in inner bayside were willing to spend up, and forgo a large block of land. Residents adore the historic cinema, lush gardens and cafe culture. The Victorian capital is consistently voted amongst the most livable cities in the world, but which are the most expensive suburbs in Melbourne? Suburb price per square metre, by capital city. Here are some of the priciest spots, broken down by square metre, rental prices, and more. Shrinking block sizes should help to slow the growth in house prices. Figure 2. Although long term residents are the main demographic of the suburb, there is still a rental market, but it isn't cheap. 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 (. Most expensive suburbs in Melbourne 2023 - OpenAgent 9. The larger capital cities have begun to see early signs of recovery in house prices, but there is still a divergence between cities. In Melbourne, the most expensive suburb was Albert Park, with a median block size of 153sqm priced at $13,915/sqm. Neighbouring suburbs that have vastly different prices per sqm suggest liveability aspects, and the housing landscape is having an impact and suppressing their price. (5) Income growth will also have a positive impact on house prices. (5) Other factors will influence house price, such as the changing block size, availability of other forms of housing, and local incomes. Plot sizes for houses in Melbourne's most expensive suburbs per square metre were between 130 and 300sqm, slightly larger than for Sydney. Suburbs had to include a minimum of 10 sales to be included in the analysis. Late last year, Melbourne joined Sydney as part of the million-dollar house club. This is exacerbated in Sydney and Melbourne, where house cost pressures have caused people to look further afield for more affordable options. Price per square meter of land in Melbourne, Australia from 2009 to 2022 (in Australian dollars) [Graph]. Melbourne: price per square meter of priciest suburbs 2014 - Statista Australia: land price per square meter Melbourne 2022 | Statista Just six houses were sold over the past year, with the highest sale price during this time being $1,410,000. Australia is one of the worlds largest and least densely populated countries in the world. The top ten highest prices per sqm suburbs in Australia are all located in Sydney (table 2). Then you can access your favorite statistics via the star in the header. The median house price currently stands at $2.87 million, while unit prices are also an eye watering $1,04 million. All the houses have a heritage overlay so theres not masses of apartments.. There have been development restrictions in the area, driving up the cost of the property. Please create an employee account to be able to mark statistics as favorites. You can trust the team at Metropole to provide you with direction, guidance, and results. However this isnt always the case as key infrastructure, commercial hubs and proximity to parks and beaches all play a role. Talk of property prices rising or falling, dominates conversations, whether it's backyard barbecues or boardrooms. The suburb has a median house price of $2,639,000, with the highest sale price during the past year being $2,300,000. 448 houses were sold last year, along with 136 units, representing a 3.9% turnover. However, Canberra still has a lower price per sqm than Melbourne. 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. The land size gave the family, including their three children, space for a bigger home and somewhere to ride their motorbikes. Canterbury is an eastern suburb of Melbourne that is most known for its boulevards lined with trees that turn bright red in the autumn. The top 10 suburbs are all in Sydney. The most expensive suburb close to the Melbourne CBD is the leafy suburb of Toorak. Table 4 shows the simple relationship between population (demand), total supply (of houses), household income and house price growth between 2011 and 2021. The most famous resident, however, was Prime Minister Harold Holt who had a holiday home there and presumably drowned at the notorious Cheviot Beach. Why is Toorak so expensive? Most expensive suburbs in Melbourne by square metre. (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. Best suburbs to invest in Melbourne 2023 - OpenAgent Canberra joined later too. Frankston, median house price $768,000, +7 per cent annual growth. Please do not hesitate to contact me. 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. 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. It seems Melburnians value ocean views, with the bayside dominating prices per square . 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 kids have all left, and its a big house its five bedrooms but with a lot of maintenance, so its time to move on.. Kew - $2.80m. Most expensive suburbs in Melbourne, Australia in 2013/2014, by price per square meter (in thousand Australian dollars) [Graph]. The most inner-city suburb on this list is Albert Park, which is just three kilometres south of the Melbourne CBD. 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. 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. Maybe youre selling a Melbourne property soon and want to know where it stacks up against the most exclusive, or youre just curious to know where the most affluent neighbourhoods are. The smaller cities (Canberra, Hobart and Darwin), where population and land pressures arent as significant, have seen little change to block size of properties sold in the last decade less than 1%. Which are the wealthiest suburbs in Melbourne? Buying in neighbouring suburbs that have vastly different prices per sqm now can also pay huge dividends in the future. Residential houses sold nationally between 2012 and 2022. South Melbourne, which has undergone a rebirth overthe past decade, tops the list for land price per square metre. Malvern, situated about 10km south-east of the city, has prices similar to those in Balwyn. Melbourne property: Most expensive suburbs per square metre to buy a house "Living in East Melbourne has all the perks of living in the city - just with more parks and greenery". Melbourne's inner south-east fared particularly well in the data, said White. 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.. Available: https://www.statista.com/statistics/648669/most-expensive-suburbs-in-melbourne-by-price-per-square-meter/, Most expensive suburbs in Melbourne, Australia in 2013/2014, by price per square meter, Immediate access to statistics, forecasts & reports, Quarterly real house price index Australia 2018-2021, Average home ownership length Australia 2022, by state, Household lending value Australia 2013-2022, Quarterly residential housing number Australia 2011-2022, Mean residential property price Australia 2011-2022, Growth in residential house prices Australia 2006-2021, Median residential property value Australia 2022, by city, Annual change in home value Australia 2022, by city, Share of mortgage-free homeowners Australia FY 2001-2020, Share of households with mortgage Australia FY 2001-2020, Share of household occupancy Australia FY 2020, by tenure type, Largest mortgage providers Australia 2021, by value of gross lending, Monthly growth in housing finance Australia 2020-2022, Average housing loan interest rate in Australia 2019-2022, by type of mortgage, Household lending for owner occupied homes Australia 2013-2022, Number of loans issued to first-time home buyers Australia Q1 2022, by state, Total home loan lending of the Commonwealth Bank of Australia FY 2018-2022, Total home loan lending of Westpac Australia FY 2018-2022, Share of owner occupied mortgage holders at risk Australia 2020-2022, Quarterly rent price index Australia 2018-2022, Average rental yield of houses Australia Q4 2021-2022, by capital city, Selected cities weekly average rent in Australia 2022, Share of weekly income spent on rent in Australia 2022, Share of household income spent on rent across Australia 2022, by metropolitan area, Share of household income spent on rent across Australia 2022, by regional area, Vacancy rates in rental properties Australia 2023, by city, Share of people feeling anxious about their financial security APAC 2021, by country, Attitudes towards personal finances in Australia 2022, Top financial concerns among consumers in Australia 2021, Concern about current and future family financial wellbeing Australia 2021, Opinion of consumers on house prices in the next two years Australia 2022, Consumers view on switching mortgage lender for a better deal Australia 2022, Prioritization of issues to voting choices in Australia 2022, by generation, Average price per square meter of an apartment in Montreal 2016, Average price per square meter of an apartment in Toronto 2016, Average price per square meter of an apartment in Vancouver 2016, Price per square meter of land Adelaide, Australia 2009-2022, Price per square meter of land Sydney, Australia 2009-2022, Price per square meter of land in selected cities Australia 2022, Price per square meter of land South East Queensland, Australia 2009-2022, Price per square meter of land Melbourne, Australia 2009-2022, Price per square meter of land Perth, Australia 2009-2022, Change in price for residential properties for sale in Italy H1 2019, by region, Italy: annual change of new residential dwellings' price Q1 2016-Q3 2018, Opinion on future prices of real estate market Vancouver 2016, Italy: annual change of used residential dwellings' price Q1 2016-Q3 2018, Opinion on potential vacancy tax in Vancouver 2016, Russian regions by reduction of secondary housing price 2019, Annual change of average transaction prices of a new dwelling Poland 2019-2021, Average transaction price of a new dwelling in the CEE region 2021, by city, Rates of increase in housing sales prices South Korea 2022, Annual house price change in Sweden 2001-2020, per quarter, Most expensive suburbs in Melbourne, Australia in 2013/2014, by price per square meter (in thousand Australian dollars), Find your information in our database containing over 20,000 reports.