The median house price of the suburb is $2,475,100, with 140 houses and seven units sold over the past year. VIC Most expensive suburbs by per sqm land - PropertyChat It is known for its large beachside mansions on large estates, along with its golf course and yacht club. The value for money Australians get on the property market varies widely between capital cities and has changed significantly over the years. There have been development restrictions in the area, driving up the cost of the property. Units, on the other hand, are currently much more affordable at $420 per week. 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As of September this year, the suburb has median house price of $1.6 million. Deepdene was previously part of Balwyn. It is the only city commanding more than $2000 per sqm and is 36% more expensive than Melbourne in second place. Most discussions typically focus on dwelling values, which is logical as people . 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. 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 suburb that is most influential on Melbourne's land v 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. Homes here were typically a minute 528 square metres, with living area a little more generous at 316 square metres. Canberra has one of the highest differences between population and supply growth, which has been reflected in a growing median house price. Canterbury is an eastern suburb of Melbourne that is most known for its boulevards lined with trees that turn bright red in the autumn. Keep the conversation going with LUXURY LIST WEEKEND our free newsletter covering Australian luxury real estate. 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 (. The most inner-city suburb on this list is Albert Park, which is just three kilometres south of the Melbourne CBD. It enables us to offer our services at completely no cost to the homeowner. Show publisher information Join the Australian Commercial real estate conversation with COMMO our free newsletter. UDIA. If you are an admin, please authenticate by logging in again. Suburbs around 20 kilometres west of the Sydney CBD provide lower house prices and bigger block sizes. House prices currently stand at $3.7 million, with units just under $1 million at $910,000. It is popular with well know reasons such as the Myers family, Eddie McGuire, Dame Elisabeth Murdoch (mother of Rupert) Lindsay Fox among many others. Melbourne Housing Market Insights: March 2023 - The Urban Developer Sydney ranks as Australias most expensive capital city, at $2466 per sqm. Explore our stunning collection today. You need at least a Starter Account to use this feature. Are you interested in testing our business solutions? Home to 1,130 residents, it is located 104 kilometres from Melbourne. The average rent for houses is about $875 a week and $455 for units. The larger capital cities have begun to see early signs of recovery in house prices, but there is still a divergence between cities. East Melbourne is a prestigious and up and coming suburb just 2km from the CBD. In the early 2010s, they were in the $600,000s. Despite attempts to fit in more houses, dwelling growth relative to population growth will have a major impact on house prices. South Melbourne property costsan impressive $11,212 per square metre. Now, more than ever. Thats 3.7% higher over the past 12 months for houses but an 8.7% drop for units over the same period. For example, Guildford, Chester Hill and Sefton are 19 kilometres from the CBD and sit at $1800 per sqm. 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 (. Typically urban density increases the closer one moves towards a city centre due to population pressure and affordability driving smaller blocks. 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. Please try again later. 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 Victorian and Edwardian homes are highly regarded and sell for Darwin triumphs in affordability stakes having the lowest price per sqm, followed by Hobart. Learn more about how Statista can support your business. Albert park garage sold for $645,500 - PropertyChat 10 shocking facts about suburbs in Melbourne | Upside Realty The most expensive Melbourne suburb for one square metre of land is in Albert Park, where it costs a median $13,915. A-grade land in Balwyn at Easter 2015 is now firmly at $3000 per square metre. Kooyong is a small suburb about 7km south-east of the CBD, filled with apartments, parklands, ovals and fields. The Melbourne suburbs where buyers pay a premium for space. Carlton North was the most expensive suburb north of the Yarra, coming in fourth at $10,809 per square metre. 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. This is because Canberras block sizes are 38% larger than Melbournes. Further from the city centre, bayside suburbs Brighton, Black Rock and Hampton commanded substantial prices persquaremetre- $4,412, $3502 and $3,251 respectively. House prices currently stand at $3.7 million, with units just under $1 million at $910,000. North Melbourne suburbs also provide greater value for money, as Broadmeadows, Gladstone Park and Campbellfield are all less than $1300. At the start of 2012, Perth had the second highest price per sqm of the capital cities, at $897 (figure 3). Brighton has a median house price of $2,680,200, which is high given the suburb has a relatively large population of 23,000. Get the latest real estate news delivered free to your inbox. The most expensive Melbourne suburb for one square metre of land is in Albert Park, where it costs a median $13,915. Melbourne's most expensive suburbs per square metre The information on this website is intended to be of a general nature only and doesn't consider your objectives, financial situation or needs. In other words, Canberra buyers receive greater value for money. The most and least expensive land price per sqm suburbs an average of $980 a week for houses and $500 a week for units. 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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. This is clearly evident across all of our capital cities, although the differences are starker for some. The markets are moving on, but not all properties are going to increase in value. Many of these are well known as being notoriously expensive, especially Toorak. However, reputations change, and as cities grow, location becomes king. Located 65 kilometres from Melbourne on the Mornington Peninsula is Balnarring Beach, home to just 471 residents. Middle Park is a bayside suburb thats located right outside of the CBD, about 3km away. 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. The turnover of properties in the suburb is just 0.95%. A premium price per square metre 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), commented Domains Chief of Research and Economics, Dr Nicola Powell. 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. 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. This will mean those agents are likely to be referred first. 13 houses were sold over the last 12 months, for a median price of $1,880,000, representing a sales turnover of 4.94%. Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. All the houses have a heritage overlay so theres not masses of apartments.. The best value suburbs within a 10km Uber ride of the city 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. Plot sizes for houses in Melbourne's most expensive suburbs per square metre were between 130 and 300sqm, slightly larger than for Sydney. Renting doesn't come cheap either, with the average house rent costing a cool $1,000 per week and $560 per week for units.. Those buying further away can get better bang for their buck, and pay less than $300 per square metre in far-flung neighbourhoods, Domain research shows. The impact of population, dwelling and income growth. One of the 82 infamous Brighton beach boxes, located on the Dendy Street foreshore, sold for over . Figure 1. Bellfield, with a . Most expensive suburbs in Melbourne 2023 - OpenAgent The cheapest suburbs per square metre of land are more than 30 kilometres from the CBD. Sydneys nearby regional areas of Gosford/Wyong, Shoalhaven and Wollongong have all seen above-average increases in price per sqm between 30-40% over the almost three-year period compared to 25% in Sydney. Were sorry, this feature is currently unavailable. Throughout this report, we will refer to the price per square metre as price per sqm. Melbourne property: Most expensive suburbs per square metre to buy a house [Online]. With a median price of $2,671,200, Albert Park has a population of over 6,000. "Development restrictions have driven up the prices of Middle Park real estate", Find how much your property is worth in today's market. Canterbury has a median house price of $2,980,000, with the highest price in the last 12 months being an eye-watering $15,200,000. Rent prices average around $845 per week for houses and $450 per week for units. Then you can access your favorite statistics via the star in the header. A block is defined as the square metre of land that the home sits on. As soon as this statistic is updated, you will immediately be notified via e-mail. The most expensive suburb per square metre in Canberra is Crace, where properties cost $3392 a square metre. Situated 10km southeast of the CBD, it's also home to the upmarket Malvern Central shopping centre, Central Park and many Victorian mansions perched on wide leafy streets. 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. Canberras block sizes are significantly larger than Melbournes, keeping its price per sqm lower. Read on to find out Get a property value estimation, recent sales of similar properties, insight into suburb trends and average days on market. 91 kilometres from the Melbourne CBD, and 12 kilometres from Hastings, it also has a relatively small population of 423. READ MORE: Australia's most expensive suburbs up by 55 per cent. Suburbs 13 kilometres from the city, such as Brooklyn, Sunshine, and Sunshine North, are priced per sqm under the Melbourne average of $1811. Table 4 shows the simple relationship between population (demand), total supply (of houses), household income and house price growth between 2011 and 2021. Currently, you are using a shared account. The median house price is currently $3.24 million with an average weekly rent of $1,200 per week. Apartments are an excellent resource for high-density housing, where many dwellings can be constructed on a plot of land. In Melbourne, the most expensive suburb was Albert Park, with a median block size of 153sqm priced at $13,915/sqm. Fast forward a decade and modest house price growth has seen it fall back in the pack to the fifth most affordable per sqm. At the same time, median block sizes had become much smaller dropping from 595 square metres in 2012, to 540 square metres last year. Which are the wealthiest suburbs in Melbourne? 41 houses were sold last year, as were 538 units. (5) Income growth will also have a positive impact on house prices. Price per square metre a crucial tool for any investor Back to the eastern suburbs is Canterbury, located 10 kilometres from the Melbourne CBD. Despite median house and unit prices falling over the past year, they still sit at a hefty $2.65 million for houses and $908,000 for units thats a 4% and 5.6% increase over the year respectively. 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. tram, making it perfect for young families. Back to inner Melbourne, Southbank is just across the Yarra River from the Melbourne CBD. Toorak is located about 5km south-east of the CBD and has a range of