luxury properties on offer. (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. To use individual functions (e.g., mark statistics as favourites, set The ideal entry-level account for individual users. 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.. Residential houses sold nationally between 2012 and 2022. This site is protected by reCAPTCHA Enterprise and the Google Privacy Policy and Terms of Service apply. The most and least expensive land price per sqm suburbs The highest sale price during the last 12 months was for $11 million. Italy: average price for properties for sale by region 2022 - Statista 91 kilometres from the Melbourne CBD, and 12 kilometres from Hastings, it also has a relatively small population of 423. Most expensive suburbs in Melbourne, Australia in 2013/2014, by price per square meter (in thousand Australian dollars) [Graph]. 448 houses were sold last year, along with 136 units, representing a 3.9% turnover. Career opportunities, education, lifestyle, climate and proximity to beaches, attract domestic and overseas residents despite the high financial costs and often lengthy commutes. "Most Expensive Suburbs in Melbourne, Australia in 2013/2014, by Price per Square Meter (in Thousand Australian Dollars). Enquiries on rental properties are starting to decline across the country, which could be a welcome relief for renters. Toorakhas Melbourne's most expensive median house price - at a hefty$4 million, but ten suburbs actually command more dollars per square metre, accordingto the latest data from theReal Estate Institute of Victoria. Darwin triumphs in affordability stakes having the lowest price per sqm at $737 (table 1). 3126. Price per sqm accounts for this, as a smaller block size will increase it, all other things being equal. Now you can live your dream, and purchase your very own luxury holiday home, for a fraction of the cost. Sitting just 3km outside of Melbourne CBD, Middle Park is a bayside suburb, home to heritage listed Victorian architecture and many stunningly refurbished terraces. 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. 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. This is clearly evident across all of our capital cities, although the differences are starker for some. ). 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. Hobart was once the most affordable city in Australia, offering the lowest house price and price per sqm in 2017. What does it cost to build a new house in Melbourne? Which are the wealthiest suburbs in Melbourne? (January 27, 2015). ). No surprises that property here comes at a premium, with the median house price sitting at $2.74 million. Over the medium term - 5 years - property has experienced consistent growth with a compound growth rate of +6.5 per cent for houses and +4.9 per cent for units. South Melbourne is Victoria'smost expensive suburb per square metre, according toThe Real Estate Institute of Victoria. Aside from all the usual accoutrements of an eight-figure mansion set by the water in Sydney, the sandstone residence offers a bespoke . East Melbourne, only 2km from the CBD, is an affluent suburb that gives you the convenience of city living with the added bonus of parks and greenery. With its growing economy, the city has also become home to some of the most luxurious and expensive suburbs in the country. 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. Domain, powered by APM. 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. As a result, areas with the largest decreases in block size have had growth in price per sqm outpace house price growth at a faster rate, meaning that the true cost to buyers is growing faster than the median house price alone suggests. Throughout this report, we will refer to the price per square metre as price per sqm. Statista. Despite attempts to fit in more houses, dwelling growth relative to population growth will have a major impact on house prices. If you are an admin, please authenticate by logging in again. See below for the top 5 most and least expensive land price per square metre suburbs in each city. 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. 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 (figure 4). Show publisher information 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. 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. Kew - $2.80m. Over the past decade, Perth and Darwin have seen their relative affordability improve. Suburbs 13 kilometres from the city, such as Brooklyn, Sunshine, and Sunshine North, are priced per sqm under the Melbourne average of $1,811. At just under $13,000, buyers in Albert Park paid more by the square metre than any other Melbourne suburb in the June quarter. Most expensive suburbs in Melbourne 2013/2014, by price per square meter Change in price for residential properties for sale in Italy H1 2019, by region Italy: annual change of new residential . Many of these are well known as being notoriously expensive, especially Toorak. The suburbs where a square metre of land is worth over $25,000 Just eight houses were sold last year. tram, making it perfect for young families. Suburbs like these are far from the city, but with more jobs moving to commercial hubs such as Parramatta and Macquarie Park, these outer areas will become more attractive due to the potential for lower workplace commute times. 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. 1. 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 (. 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. 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. "Price per square meter of land in Melbourne, Australia from 2009 to 2022 (in Australian dollars)." The area has many lavish historic residences and is home to some of Melbourne's oldest schools. "Zetland has a very large number of units in the pipeline, and moreover, the price per square metre is $11,658 - very expensive, especially when you consider it is around 10 per cent more expensive than the affluent suburb of Double Bay," warns Mr Peleg. Price per square metre a crucial tool for any investor Suburb price per square metre, by capital city. The highest price recorded was for a staggering $22,000,000. The median house price currently stands at $2.87 million, while unit prices are also an eye watering $1,04 million. Thats a 6.1% increase for houses but a 14.3% drop for units over the year. 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. These shifts have meant people are flocking to regional townships and house prices have followed them. Plot sizes for houses in Melbourne's most expensive suburbs per square metre were between 130 and 300sqm, slightly larger than for Sydney. 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. However, per square metre, the land cost has not reduced buyers are just purchasing less of it. Inner city bayside areas are more expensive by the square metre than homes in the opulent suburb of Toorak, new REIV data shows. If you're looking to rent, you can expect to pay an average of $790 for houses and $385 for apartments each week. Toorak, one of Melbournes most exclusive and affluent suburbs, is a long-standing front-runner for property prices so its no surprise to see this suburb at the top of the list yet again. While the pandemic has distributed wealth across a larger area and diminished the value per sqm in regional Australia. READ MORE: Australia's most expensive suburbs up by 55 per cent. This will mean those agents are likely to be referred first. 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. To be eligible for our retainer product, they must satisfy certain benchmarks and then maintain the highest level of quality. UDIA. You need at least a Starter Account to use this feature. 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. Fairhaven is a popular holiday destination, similar to the suburbs along the Mornington Peninsula. Adelaide and Brisbane have had relatively stable growth, at close to 6.5% per year, due to steadily increasing median house prices and decreasing land area sizes throughout this time. Like any city, some areas are just a bit more livable and desirable than others. This is a paid advertisement. North Melbourne suburbs also provide greater value for money, as Broadmeadows, Gladstone Park and Campbellfield are all less than $1,300. Fast forward to 2022, and the gap between Sydney and Melbourne has grown to 36% and against the current lowest capital city, Darwin, the gap is 234%. (1). The social centre of the suburbs is deemed to be the Fairhaven Surf Lifesaving Club. 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. Figure 4. Most expensive suburbs in Melbourne 2013/2014, by price per square meter Residential units supply in Metro Manila Philippines 2021, by location Opinion of respondents in Benelux on affordable .