Bayside suburbs will cost you more by the square metre
Date: 10 Aug 17
Inner city bayside areas are more expensive by the square metre than homes in the opulent suburb of Toorak, 
new REIV data shows.
At just under $13,000, buyers in Albert Park paid more by the square metre than any other Melbourne suburb in the June quarter. With a median house price of $2,120,000, Albert Park also recorded one of the city’s highest (ninth) price tags.
Neighbouring Middle Park and South Melbourne also command top dollar by the square metre, at $11,924 and $10,946 respectively.
Despite a median house price of $4.75 million, Toorak doesn’t feature in the top 10 list with palatial homes and large land blocks offering better value to buyers, at a price of $7,130 per square metre.
REIV President Joseph Walton said Melbourne’s top suburbs by the square metre are predominantly located in areas where there are a high proportion of apartments and two-bedroom houses.
“Space remains at a premium across the city with smaller homes and apartments in inner Melbourne experiencing solid price growth in the June quarter – and over the year.”
“Proximity to the city remains a key factor for buyers with the most expensive suburbs by the square metre located within five km of the CBD.”
“When many of these suburbs were originally established, the dwelling quality and size were typically smaller because they were designed to cater for the working classes.”
“These suburbs have since grown in stature and are highly desirable, with strong competition really boosting the price at both the top and bottom ends of the market in these areas.
“Quality infrastructure and amenities are also driving growth in these areas with motivated buyers often willing to consider a smaller home rather than move to a suburb further out.
“Given strong price growth in the north, south and east, Melbourne’s west continues to offer value for money.”
In Melbourne’s middle ring, bayside suburbs also attracted top price per square metre, led by Brighton, Sandringham and Hampton at $4,851, $3,746 and $3,560 respectively.
Patterson Lakes in the outer south east topped the list further from the city – at $2,850 per square metre.
| SUBURB |
LOCATION |
JUNE Q MEDIAN |
PRICE PER M2 |
| ALBERT PARK |
inner |
$2,120,000 |
$12,947 |
| MIDDLE PARK |
inner |
$2,125,000 |
$11,924 |
| SOUTH MELBOURNE |
inner |
$1,732,000 |
$10,946 |
| CARLTON NORTH |
inner |
$1,717,500 |
$10,809 |
| PORT MELBOURNE |
inner |
$1,650,000 |
$9,167 |
| RICHMOND |
inner |
$1,277,500 |
$8,682 |
| NORTH MELBOURNE |
inner |
$1,723,000 |
$8,445 |
| ABBOTSFORD |
inner |
$1,271,000 |
$8,140 |
| FITZROY NORTH |
inner |
$1,520,000 |
$7,744 |
| FITZROY |
inner |
$1,667,500 |
$7,714 |