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). (5) Income growth will also have a positive impact on house prices. The cost of space as Aussie buyers crave bigger homes post-COVID Finding a property in these more affordable areas now can pay huge dividends in the future the bridesmaid suburbs and those that are, Price per sqm is a function of both house price and block size, which have changed over the past decade. 8. The latest PIPA National Market Update has revealed some buyers are fatigued, and others no longer interested in renovation projects. "Development restrictions have driven up the prices of Middle Park real estate", Find how much your property is worth in today's market. Units, slightly more affordable, have a median price of $872,000 (up 9%) and an average rent of $495 a week. To use individual functions (e.g., mark statistics as favourites, set Just six houses were sold over the past year, with the highest sale price during this time being $1,410,000. However, Canberra still has a lower price per sqm than Melbourne. The median house price of the suburb is $2,704,300. At the same time, median block sizes had become much smaller dropping from 595 square metres in 2012, to 540 square metres last year. 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. A block of land in Sydney's outer suburb of Kellyville is more - Domain Why is Toorak so expensive? 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 (. Suburbs had to include a minimum of 10 sales to be included in the analysis. Some of the most affordable options in Melbourne are also west. 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. The Property Tribune, Ko's latest luxury holiday home available for co-ownership will have you relaxed and rejuvenated quicker than you can say Bula Vinaka!. Based on five years of sales, houses have grown +5.3 per cent in East Melbourne, while units in this suburb have fallen -11.0% over this timeframe. Back to inner Melbourne, Southbank is just across the Yarra River from the Melbourne CBD. Learn more about how Statista can support your business. Please use the menu below to navigate to any article section: Melbourne is known for its rich culture, stunning architecture, and bustling lifestyle. The highest sale price during the last 12 months was for $11 million. As of September this year, the suburb has median house price of $1.6 million. Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. 787 people live there, with many wealthy individuals owning property there such as Lindsay Fox, Eddie McGuire and the late Ron Walker. Located seven kilometres from the Melbourne CBD, Kooyongs highest house sale over the last 12 months was for $5,250,000. In, UDIA. 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. 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. Stay up to date with Australia's most important property news through our free email service. Urban densification has occurred at different rates. It is more than three times lower than the most expensive city, Sydney, at $2466 per sqm. The median unit price is about $1.25 million and rent will cost you an average of $595 per week. Embed this chart. Melbourne: price per square meter of priciest suburbs 2014 - Statista The suburbs where a square metre of land is worth over $25,000 Domain, powered by APM. A block is defined as the square metre of land that the home sits on. Urban densification has occurred at different rates. Dwelling value vs land value - what's the difference? - Issuu Greater demand for space within walking distance of the city has really pushed up the price of land in these areas, while many of Melbournes most exclusive suburbs were further down the list due to the size and scale of houses in these locations, he said. Melbourne's inner south-east fared particularly well in the data, said White. Every metre counts: South Melbourne is our most expensive suburb Middle Park, five kilometres south of the Melbourne CBD, has a median house price of $2,553,900. Rank nationally: Suburb: Price per sqm: Median block size (sqm) 1: Paddington: $25,755: 125: 2: Tamarama: $25,684: 306: 3: . 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. 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. It seems Melburnians value ocean views, with the bayside dominating prices per square . (2) As well as reflecting stronger population growth over the past decade, driving denser communities. luxury properties on offer. The top ten highest prices per sqm suburbs in Australia are all located in Sydney (, ). Renting a house in the area is costly, with the average rent sitting at $800 each week. 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 (figure 1). Learn more about how Statista can support your business. 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. 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. 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. Residents adore the historic cinema, lush gardens and cafe culture. Units are currently at a median of $808,7500, making them a more affordable option. 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.