Cities with development lagging behind the. 787 people live there, with many wealthy individuals owning property there such as Lindsay Fox, Eddie McGuire and the late Ron Walker. ^Note: When a property is sold, the successful real estate agent pays OpenAgent an 18-25% variable referral fee. The highest sale over the past year was for $11,810,000. Fairhaven is a popular holiday destination, similar to the suburbs along the Mornington Peninsula. (4) The 2011-2021 period reflects the census periods, when dwelling counts and median household incomes are recorded. Learn more about how Statista can support your business. Here are some of the priciest spots, broken down by square metre, rental prices, and more. 2023 Metropole Property Strategists. Suburbs 13 kilometres from the city, such as Brooklyn, Sunshine, and Sunshine North, are priced per sqm under the Melbourne average of $1,811. 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. Not so far from Camberwell, Balwyn is home to many refined mansions, lush gardens and cafes. What the data really showcases is the premium buyers are willing to pay to be in certain suburbs, even if theyre getting a much smaller block, Powell said. Cities that have had the largest house price increase have seen population growth outpace the supply of houses. Canterbury is an eastern suburb of Melbourne that is most known for its boulevards lined with trees that turn bright red in the autumn. This is evidenced by multiple sales, including the auction we . Middle Park, five kilometres south of the Melbourne CBD, has a median house price of $2,553,900. In Melbourne, the most expensive suburb was Albert Park, with a median block size of 153sqm priced at $13,915/sqm. Canterbury, located in between Balwyn and Camberwell, offers historic residences and Melbournes oldest schools. Rent prices average around $845 per week for houses and $450 per week for units. Table 4 shows the simple relationship between population (demand), total supply (of houses), household income and house price growth between 2011 and 2021. Affordability can generally be found on the urban fringe. In other words, Canberra buyers receive greater value for money. Domain, powered by APM. Shrinking block sizes help to slow the growth in house prices, as the cost of land is the major component in a house purchase. Jayne Bedford recently sold in Yarrambat. This tells us while house prices have rapidly escalated, Hobarts comparatively larger block sizes have helped to maintain value per sqm relative to other cities. Talk of property prices rising or falling, dominates conversations, whether it's backyard barbecues or boardrooms. With a median house price of $2,120,000, Albert Park also recorded one of the city's . Since COVID people are spending more time at home and want this lifestyle, Conboy said. With all the negative media and decreased consumer confidence due to rising interest rates, there is currently a clear flight to quality properties in Melbourne, with A Grade homes and investment grade properties still in short supply for the prevailing demand, but B Grade properties are taking longer to sell and informed buyers are avoiding C Grade properties. to incorporate the statistic into your presentation at any time. Keep the conversation going with LUXURY LIST WEEKEND our free newsletter covering Australian luxury real estate. (March 24, 2023). Renting doesnt come cheap either with The suburb is nine kilometres from Rosebud and has a population of just 416, according to the 2021 Census. For example, Guildford, Chester Hill and Sefton are 19 kilometres from the CBD and sit at $1800 per sqm. Units, on the other hand, are currently much more affordable at $420 per week. Camberwell, the tenth most expensive suburb in Melbourne, is located about 10km east of the CBD. Frankston, median house price $768,000, +7 per cent annual growth. 91 kilometres from the Melbourne CBD, and 12 kilometres from Hastings, it also has a relatively small population of 423. Marked by greenery, with excellent facilities, parks and good quality schools, no surprise Malvern is in-demand. The Metro Melbourne boundary was determined by the following SA3 units: Yarra, Keilor, Port Phillip, Darebin South, Hobsons Bay, Brimbank, Stonnington West, Essendon, Boroondara, Monash, Kingston, Knox, Maroondah, Bayside, Glen Eira, Whitehorse West, Maribyrnong, Tullamarine Broadmeadows, Brunswick Coburg, Manningham West, Banyule, Melbourne City, Dandenong, Moreland North, Manningham East, Whitehorse East, Wyndham, Darebin North, Stonnington East. Middle Park is a bayside suburb thats located right outside of the CBD, about 3km away. (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. 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. The suburb was established in the 1940s and is 97 kilometres from Melbourne. Currently, you are using a shared account. Get the latest data, insights, trends and forecasts for the Melbourne property market. 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. will see the greatest price increases long-term. 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. 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. Compared to the December quarter of 2022. The fourth most expensive suburb in Melbourne, Brighton, is situated 11km away from the CBD. However, the land cost has not reduced buyers are just purchasing less of it.. READ MORE: Australia's most expensive suburbs up by 55 per cent. The social centre of the suburbs is deemed to be the Fairhaven Surf Lifesaving Club. (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. 95 kilometres from Melbourne, it is the westernmost town on the Mornington Peninsula. Stay up to date with Australia's most important property news through our free email service. Get the latest real estate news delivered free to your inbox. Over the past decade, Perth and Darwin have seen their relative affordability improve. This place is 149 sqm and went for $20,268 per sqm. 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.. 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. This is clearly evident across all of our capital cities, although the differences are starker for some. 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. You only have access to basic statistics. Indexed price per sqm, metro and regional areas (2020 Q1 = 100). 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.. 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. The suburb has a median house price of $2,639,000, with the highest sale price during the past year being $2,300,000. Like any city, some areas are just a bit more livable and desirable than others. (1). CoreLogic also reported the rental yield for Melbourne rose 15 basis points to 3.4 per cent. Canberra has had one of the largest house price increases since the pandemic began, soaring above Melbourne. 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. 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 . ", 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. A change in methodology to the way townhouse/terrace/etc. Lucky buyers with the funds to secure a median priced and sized property in that suburb would be paying a whopping $12,052 per square metre, according to realestate.com.au. 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. Renting doesn't come cheap either, with the average house rent costing a cool $1,000 per week and $560 per week for units.. 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. Toorak is located about 5km south-east of the CBD and has a range of Then you can access your favorite statistics via the star in the header. The top 10 suburbs are all in Sydney. It is known for its large beachside mansions on large estates, along with its golf course and yacht club. Despite attempts to fit in more houses, dwelling growth relative to population growth will have a major impact on house prices. It is the only city commanding more than $2000 per sqm and is 36% more expensive than Melbourne in second place. 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. Malvern - $2.85m. For people looking to buy in the area, it's worth taking a look at Balwyn North as well, as its median house price is slightly lower at $2,087,000. 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. (2) Victoria Government Small Lot Housing Code, https://www.planning.vic.gov.au/resource-library/incorporated-documents/cardinia/card-C234card-Small-Lot-Housing-Code-Victorian-Planning-Authority,-November-2019.pdf, (3) https://data.worldbank.org/indicator/EN.POP.DNST. As soon as this statistic is updated, you will immediately be notified via e-mail. The markets are moving on, but not all properties are going to increase in value. In this short time, Hobart house prices have overtaken Darwin and Perth, while the price per sqm is now higher than in Darwin. Aside from all the usual accoutrements of an eight-figure mansion set by the water in Sydney, the sandstone residence offers a bespoke . Located 65 kilometres from Melbourne on the Mornington Peninsula is Balnarring Beach, home to just 471 residents. The most affordable is Melton South at $337 a week. The highest price recorded was for a staggering $22,000,000. Accessed May 01, 2023. https://www.statista.com/statistics/648669/most-expensive-suburbs-in-melbourne-by-price-per-square-meter/, BIS Shrapnel. Bellfield, with a . Currently, you are using a shared account. 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. At the same time, median block sizes had become much smaller dropping from 595 square metres in 2012, to 540 square metres last year. 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. (5) Income growth will also have a positive impact on house prices. One of the 82 infamous Brighton beach boxes, located on the Dendy Street foreshore, sold for over . The median house price currently stands at $2.87 million, while unit prices are also an eye watering $1,04 million. Everything you need to know about agent commissions. However, reputations change, and as cities grow, location becomes king. And in the past month a $12 million sale in St Vincent's Place in the suburb returned what is believed to have been $25,000 per square metre for the roughly 480sq m property. 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. Now, more than ever. 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). Canberras block sizes are significantly larger than Melbournes, keeping its price per sqm lower. 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. Kate Forbes is a National Director Property Strategy at Metropole. As of September this year, the suburb has median house price of $1.6 million. Fast forward to 2022, and the gap between Sydney and Melbourne has grown to 36% and is 234% higher than the lowest capital city, Darwin. 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 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). With a median house price of $4,788,300, Main Ridge is the most expensive suburb in Melbourne, despite being located 97 kilometres from the CBD. Whether it's a case of some exquisite Victorian architecture or fashionable seaside living, certain suburbs come at a premium. ). It is the only city commanding more than $2000 per sqm and is 36% more expensive than Melbourne in second place. Realestate.co.au data records 1737 visits per property for Canterbury vs 1709 for the state, making it a high demand postcode. Pakenham, median house price $650,000, +9 per cent annual growth. In Kinglake West, land costs are the lowest at $260 per square metre, while Heathcote Junction costs $271. Find and compare the top real estate agents in your area. Show publisher information Rank nationally: Suburb: Price per sqm: Median block size (sqm) 1: Paddington: $25,755: 125: 2: Tamarama: $25,684: 306: 3: . Throughout this report, we will refer to the price per square metre as price per sqm. Some of Australia's most expensive real estate is in Brighton. It seems Melburnians value ocean views, with the bayside dominating prices per square . To be eligible for our retainer product, they must satisfy certain benchmarks and then maintain the highest level of quality. Read on to find out Get a property value estimation, recent sales of similar properties, insight into suburb trends and average days on market. In 2012, the value gap between Sydney and Melbourne was 19% and Sydney was 110% more expensive than the most affordable city, Hobart. This demand for housing needs to be countered with growth in dwellings to slow the growth in house prices and price per sqm. Located nine kilometres from the Melbourne CBD is the leafy suburb of Deepdene. Perth and Melbourne have seen some of the largest decreases in block size based on properties sold, falling by 16.2% and 9.2% between 2012 and 2022 respectively. 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. 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 . Urban densification has occurred at different rates. Units, slightly more affordable, have a median price of $872,000 (up 9%) and an average rent of $495 a week.
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