The Morning Edition newsletter is our guide to the days most important and interesting stories, analysis and insights. All rights reserved. The decline in block sizes is reflected in all Australian capital cities. Melbournes population and house growth has been relatively even, but strong growth in household income has pushed house prices higher. The highest sale price over the past 12 months was $3,352,000. ). It seems extravagant but remember that Albert Park is the most expensive suburb in Melbourne per square metre. A block is defined as the square metre of land that the home sits on. Renting a home in Kew for a week will cost you $750 on average for a house and $425 for a unit. 26 kilometres northeast of the Melbourne CBD is Kangaroo Ground, home to 1,208 residents. You need at least a Starter Account to use this feature. 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. The suburb has a median house price of $2,825,000, with the highest sale price over the past year being $1,810,000. Suburbs around 20 kilometres west of the Sydney CBD provide lower house prices and bigger block sizes. 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. With its growing economy, the city has also become home to some of the most luxurious and expensive suburbs in the country. Middle Park was close with a price tag of $12,730. The most affordable is Melton South at $337 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. There are a total of 807 houses and 24,380 units in the suburb. Where can Australians find a house that balances their lifestyle choice and is close enough to career opportunities? Notable residents include the Minogue family and former Liberal Party leader the late Andrew Peacock. The average rent for houses is about $875 a week and $455 for units. This has been reflected in the growth in the supply of houses being below population growth, in addition to lower-than-average growth in incomes. 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. That is not to say that Canberra is affordable or not seeing high growth in housing costs. Business Solutions including all features. Brighton, located 11 kilometres southeast of the Melbourne CBD, is a popular beachside suburb, named after Brighton in the UK. Housing affordability Australia: Where property costs $25,000 per Hobart was once the most affordable option by a large margin, it now rivals prices in Brisbane, Perth and Adelaide. 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. ). They are less than half the price per sqm of the neighbouring suburbs Maidstone, Yarraville and Braybrook. 91 kilometres from the Melbourne CBD, and 12 kilometres from Hastings, it also has a relatively small population of 423. ^Note: When a property is sold, the successful real estate agent pays OpenAgent an 18-25% variable referral fee. The top ten highest prices per sqm suburbs in Australia are all located in Sydney (, ). Bargain backyards: Where Melbourne homebuyers can get the most land for ). Affordability has driven many Australians to opt for a tree change, but while dollars have gone comparatively further since the pandemic began, the value for money has deteriorated significantly (table 5). Like any city, some areas are just a bit more livable and desirable than others. Frankston, median house price $768,000, +7 per cent annual growth. This is clearly evident across all of our capital cities, although the differences are starker for some. Suburb price per square metre, by capital city. (March 24, 2023). What we do gets right to the heart of who Australians are. A large amount of this growth occurred in the last five years. Latest data from the Real Estate Institute of Victoria (REIV) has shown Melbourne's most expensive suburbs, according to price per square metre rates. Over the past decade, Perth and Darwin have seen their relative affordability improve. As a Premium user you get access to the detailed source references and background information about this statistic. The value gap between Sydney and other cities has widened (this is the percentage difference between prices per sqm). Whether it's a case of some exquisite Victorian architecture or fashionable seaside living, certain suburbs come at a premium. 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. Located on Victorias Surf Coast, Bellbrae has a median house price of $2,494,500. Property is all about location, location, locationand Melbourne is no exception. Price per sqm accounts for this, as a smaller block size will increase it, all other things being equal. The markets are moving on, but not all properties are going to increase in value. Price per square meter of land in Melbourne, Australia from 2009 to 2022 (in Australian dollars) [Graph]. Indexed price per sqm, metro and regional areas (2020 Q1 = 100). 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. Want to know more about the Melbourne property market? The fourth most expensive suburb in Melbourne, Brighton, is situated 11km away from the CBD. Source: REIV. Most discussions typically focus on dwelling values, which is logical as people . These shifts have meant people are flocking to regional townships and house prices have followed them. The most famous resident, however, was Prime Minister Harold Holt who had a holiday home there and presumably drowned at the notorious Cheviot Beach. According to the REIV Toorak has a hefty median house price of $5 million - so that means some houses sell for a lot more than that! Affordability has driven many Australians to opt for a tree change, but while dollars have gone comparatively further since the pandemic began, the value for money has deteriorated significantly (. The area has many lavish historic residences and is home to some of Melbourne's oldest schools. Located on the Mornington Peninsula, 90 kilometres from Melbourne, Sorrento is a popular coastal suburb that is home to over 2,000 residents. However, per square metre, the land cost has not reduced buyers are just purchasing less of it. Statista. 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. Australia is one of the worlds largest and least densely populated countries in the world. The suburbs where a square metre of land is worth over $25,000 Price per square metre considers both the house price and property size to standardise the cost of housing, making it easier to compare different sizes geographically. 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. The most and least expensive land price per sqm suburbs Despite attempts to fit in more houses, dwelling growth relative to population growth will have a major impact on house prices. With a median house price of $2,120,000, Albert Park also recorded one of the city's . It is especially prevalent in our fastest-growing cities, driven by demographic changes, economic pressure and large-scale infrastructure projects. Darwin triumphs in affordability stakes having the lowest price per sqm at $737 (. The suburb has a median house price of $2,639,000, with the highest sale price during the past year being $2,300,000. At the start of 2012, Perth had the second highest price per sqm of the capital cities, at $897 (. 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. That lifestyle is what attracted Jayne and Andrew Bedford to buy in the suburb in 2004, with the couple recently selling up to downsize. REIV CEO Geoff White said inner Melbourne dominated the list of most expensive suburbs per squaremetre. 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. However, the land cost has not reduced buyers are just purchasing less of it.. Canterbury, located in between Balwyn and Camberwell, offers historic residences and Melbournes oldest schools. The top 5 most expensive land price per square metre . Renting doesn't come cheap either, with the average house rent costing a cool $1,000 per week and $560 per week for units.. 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. Sydney ranks as Australia's most expensive capital city, at $2466 per sqm. ", 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. Show sources information This demand for housing needs to be countered with growth in dwellings to slow the growth in house prices and price per sqm. Sydneys population and high cost of housing reflect its desirability. 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. 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. South Melbourne is Victoria'smost expensive suburb per square metre, according toThe Real Estate Institute of Victoria. Typically urban density increases the closer one moves towards a city centre due to population pressure and affordability driving smaller blocks. Affordability can generally be found on the urban fringe. Some of Australia's most expensive real estate is in Brighton. Figure 4. Top 20 Most Expensive Suburbs in Melbourne. In Kinglake West, land costs are the lowest at $260 per square metre, while Heathcote Junction costs $271. 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. Average price of housing per square foot Manhattan, NY 2022 - Statista The value for money Australians get on the property market varies widely between capital cities and has changed significantly over the years. Melbourne house prices: real estate data reveals most expensive - ABC statistic alerts) please log in with your personal account. 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 (. BIS Shrapnel. However, reputations change, and as cities grow, location becomes king. The population of the suburb is 12,817, with 245 houses and 204 units transacted over the past 12 months, equating to a turnover rate of 4.46%. Some agents also pay us an ongoing retainer or fixed fee for the services we provide. One of the 82 infamous Brighton beach boxes, located on the Dendy Street foreshore, sold for over . This is measured through user feedback, quantity of sales and other proprietary data. The land size gave the family, including their three children, space for a bigger home and somewhere to ride their motorbikes. Accessed May 01, 2023. https://www.statista.com/statistics/648669/most-expensive-suburbs-in-melbourne-by-price-per-square-meter/, BIS Shrapnel. 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. Shrinking block sizes should help to slow the growth in house prices, as the cost of land is the major component in a purchase, Powell said. With its growing economy, the city has also become home to some of the most luxurious and expensive suburbs in the country. 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. A change in methodology to the way townhouse/terrace/etc. Buyers are potentially shelling out over 40% of their before-tax income on mortgage repayments. Get the latest real estate news delivered free to your inbox. 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. Price per square metre a crucial tool for any investor 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. 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. The median house price of the suburb is $2,704,300. Thats 3.7% higher over the past 12 months for houses but an 8.7% drop for units over the same period. Located nine kilometres from the Melbourne CBD is the leafy suburb of Deepdene. The top 10 suburbs are all in Sydney. However, when looking at the median house price, it may be a surprise to find Toorak ranks just seventh. Comparing house prices is good, but what size of land does a buyer get for that price? Please do not hesitate to contact me. 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. Canberras block sizes are significantly larger than Melbournes, keeping its price per sqm lower. Middle Park - $2.80m. 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. 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. If youre looking to rent, itll cost you about $850 a week for houses and $465 a week for units. 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). 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. Find and compare the top real estate agents in your area. "Most Expensive Suburbs in Melbourne, Australia in 2013/2014, by Price per Square Meter (in Thousand Australian Dollars). Currently, you are using a shared account. In 2012, Sydney was 19% more expensive than Melbourne, and 110% higher than the most affordable city, Hobart. As reputations change, areas gentrify and as cities grow, location becomes king, Powell said. Carlton North was the most expensive suburb north of the Yarra, coming in fourth at $10,809 per square metre. 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. 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. Residential houses sold nationally between 2012 and 2022. Just eight houses were sold last year. In, UDIA. Melbournes clearance rates started the year on a high, at around 71% versus the high 60s just 3 months ago that means 7 out of 10 buyers and sellers are agreeing on a price. Although Sydney gets plenty of attention as the most expensive city in Australia, Melbourne is still nonetheless an expensive city. 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. 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. Average weekly rent costs are $1,165 for houses and $450 for units.. Flinders, a seaside town on the Mornington Peninsula, is next on the list with a median house price of $3,926,500. 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.. 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. terraces. Moving 38 kilometres out in Mount Druitt, the price drops to under $1300. 8. Data by REIV reveals that buyers pay more per square metre for space in Albert Park ($12,947 per square metre) than any other suburb in metropolitan Melbourne. However, there are many features factored into a propertys price, and they vary widely throughout Australia. Top 20 Most Expensive Suburbs in Melbourne | The Property Tribune (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. 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. It seems Melburnians value ocean views, with the bayside dominating prices per square . Renting doesnt come cheap either with Read on to find out Get a property value estimation, recent sales of similar properties, insight into suburb trends and average days on market. Dwelling value vs land value - what's the difference? - Issuu dwellings were recorded for the 2016 census required the 2011 census figures of this dwelling type to be backwards extrapolated. Canterbury is an eastern suburb of Melbourne that is most known for its boulevards lined with trees that turn bright red in the autumn. Career opportunities, education, lifestyle, climate and proximity to beaches, attract domestic and overseas residents despite the high financial costs and often lengthy commutes. Moving even further out from the inner city, block sizes get even larger. Home buyers are spending more than $10,000 per square metre of land for property in Melbournes most sought-after, inner-city suburbs. Renting will cost you around $922 a week for houses and $430 a week for units. However, per square metre, the land cost has not reduced buyers are just purchasing less of it.