Latest data from the Real Estate Institute of Victoria (REIV) has shown Melbourne’s most expensive suburbs, according to price per square metre rates.
Atop the list is South Melbourne with a price per square metre rate of $11,212, attributed to a ‘rebirth’ over the past decade which has seen its price rise steadily.
Albert Park follows closely behind with a price per m2 of $10,495 whilst Carlton North fills out third place with $9,966.
Geoff White, CEO of REIV noted that inner Melbourne dominated the list of most expensive suburbs per square metre.
“Greater demand for space within walking distance of the city has really pushed up the price of land in these areas,” he said.
Top suburbs on the list include:
In terms of median house prices, Toorak still ranks number 1 with a price of $4 million, however sits a-bottom the list in terms of square metre rates “due to the size and scale of houses in these locations” Mr. White noted.
If we look at the wider list, it’s clear that Melbourne’s inner south-east led the way.
“Many of the city’s most expensive suburbs by square metre were located in the city’s south east, including St Kilda East, Richmond, and South Yarra – with these areas benefiting from quality amenities and nightlife.”
Not to be forgotten, the bayside suburbs of Brighton, Black Rock and Hampton also faired well with prices of $4,412, $3,502 and $3,251 per square metre respectively.
Source: REIV, realestateconversation.com.au
