Darwin triumphs in affordability stakes having the lowest price per sqm, followed by Hobart. This is exacerbated in Sydney and Melbourne, where house cost pressures have caused people to look further afield for more affordable options. With a median price of $2,671,200, Albert Park has a population of over 6,000. (1). ). A 300-square metre house built at $3,500 + GST per square metre= $1,050,000 + GST. 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. This demand for housing needs to be countered with growth in dwellings to slow the growth in house prices and price per sqm. You need at least a Starter Account to use this feature. 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. 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. 787 people live there, with many wealthy individuals owning property there such as Lindsay Fox, Eddie McGuire and the late Ron Walker. Melbournes population and house growth has been relatively even, but strong growth in household income has pushed house prices higher. Show sources information It is the only city commanding more than $2000 per sqm and is 36% more expensive than Melbourne in second place. Please use the menu below to navigate to any article section: Melbourne is known for its rich culture, stunning architecture, and bustling lifestyle. The latest PIPA National Market Update has revealed some buyers are fatigued, and others no longer interested in renovation projects. ", 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. 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. Canterbury is an eastern suburb of Melbourne that is most known for its boulevards lined with trees that turn bright red in the autumn. Plot sizes for houses in Melbourne's most expensive suburbs per square metre were between 130 and 300sqm, slightly larger than for Sydney. Apartments aren't cheap either, with the median price sitting just shy of $1 million at $944,999. Houses come in at a median of $2.80 million whereas units would cost significantly less at a median of $755,000 million. At the same time, median block sizes had become much smaller dropping from 595 square metres in 2012, to 540 square metres last year. Accessed May 01, 2023. https://www.statista.com/statistics/648642/price-per-square-meter-of-land-in-melbourne/, UDIA. The Melbourne suburbs where buyers pay a premium for space. In next place is a nearby Mornington Peninsula suburb, Merricks North, with a median house price of $4,183,600. Keep the conversation going with LUXURY LIST WEEKEND our free newsletter covering Australian luxury real estate. 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. January 27, 2015. Middle Park was close with a price tag of $12,730. Adelaide, Brisbane and Sydney have all seen reductions of between 2% and 5% over the past decade. Kew, only 5 to 6km east of the city is another suburb that has easy access to the CBD with its tramline. As a Premium user you get access to background information and details about the release of this statistic. Located 65 kilometres from Melbourne on the Mornington Peninsula is Balnarring Beach, home to just 471 residents. Profit from the additional features of your individual account. Located on Victorias Surf Coast, Bellbrae has a median house price of $2,494,500. Canberra has one of the highest differences between population and supply growth, which has been reflected in a growing median house price. 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 . It is a battle between boosting urban density and the not in my backyard mentality. These shifts have meant people are flocking to regional townships and house prices have followed them. Its not overdeveloped. Get the latest data, insights, trends and forecasts for the Melbourne property market. Figure 2. This is because Canberras block sizes are 38% larger than Melbournes. Enquiries on rental properties are starting to decline across the country, which could be a welcome relief for renters. There have been just three houses sold over the past year. Buyers are potentially shelling out over 40% of their before-tax income on mortgage repayments. Late last year, Melbourne joined Sydney as part of the million-dollar house club. Then you can access your favorite statistics via the star in the header. 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. This is clearly evident across all of our capital cities, although the differences are starker for some. robust prices even while prices across the rest of the city are falling. Source: REIV. Australia is one of the worlds largest and least densely populated countries in the world. Whether youre a beginner or an experienced investor, at times like we are currently experiencing you need an advisor who takes a holistic approach to your wealth creation and thats exactly what you get from the multi-award-winning team at Metropole. The suburb has a median house price of $2,825,000, with the highest sale price over the past year being $1,810,000. Want to know more about the Melbourne property market? In this article, well be taking a look at the top 10 most expensive suburbs in Melbourne and what makes them so sought after. Similarly, around Melbourne, Gippsland, Surf Coast-Bellarine Peninsula and Ballarat increased significantly compared to Metro Melbourne. Toorak is located about 5km south-east of the CBD and has a range of Some agents also pay us an ongoing retainer or fixed fee for the services we provide. 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. Chart. 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. 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. 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. Further from the city centre, bayside suburbs Brighton, Black Rock and Hampton commanded substantial prices persquaremetre- $4,412, $3502 and $3,251 respectively. (2) As well as reflecting stronger population growth over the past decade, driving denser communities. 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. Units, on the other hand, are currently much more affordable at $420 per week. This is despite having one of the fastest shrinking block sizes for new houses and existing sales. The median house price is $2.85 million whereas the median unit price is $670,500 this is a 4.4% increase for houses but a 12.1% drop in prices for units. That is not to say that Canberra is affordable or not seeing high growth in housing costs. A paid subscription is required for full access. Canberras block sizes are significantly larger than Melbournes, keeping its price per sqm lower. 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). 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