This article is from the Australian Property Journal archive
ALTHOUGH Toorak has the highest median house price of $4 million, South Melbourne and nine other suburbs are more expensive than the ritzy suburb when measured by the sqm.
According to the REIV, South Melbourne leads the way with a value of $11,212 per sqm and a median house price of $1.6 million as of September this year.
It was followed by Albert Park and Carlton North at $10,495 and $9,966 per sqm respectively.
St Kilda East and Fitzroy closed the top five list with $9,966 and 9,869 per sqm respectively.
REIV CEO Geoff White said inner Melbourne dominated the list of most expensive suburbs by sqm.
“Greater demand for space within walking distance of the city has really pushed up the price of land in these areas, while many of Melbourne’s most exclusive suburbs werefurther down the list due to the size and scale of houses in these locations.
“Many of the city’s most expensive suburbs by sqm were located in the city’s south east, including St Kilda East, Richmond and South Yarra – with these areas benefitting from quality amenities and nightlife,” White said.
Outside of the city and fringe, it was no surprise that Melbourne’s bayside suburbs of Brighton, Black Rock and Hampton were most expensive by sqm with $4,412, $3502 and $3,251 respectively.
Of Melbourne’s outer suburbs, Knoxfield in the east had the highest price per sqm – $2,440 – and a median house price of $706,000.
| Suburb | Sep-16 Median | Price Per Sqm |
| SOUTH MELBOURNE | $1,600,000 | $11,212 |
| ALBERT PARK | $1,650,000 | $10,495 |
| CARLTON NORTH | $1,400,000 | $9,966 |
| ST KILDA EAST | $1,635,000 | $9,869 |
| FITZROY | $1,300,000 | $9,717 |
| NORTH MELBOURNE | $1,292,500 | $8,549 |
| PORT MELBOURNE | $1,427,500 | $8,206 |
| RICHMOND | $1,152,500 | $7,917 |
| SOUTH YARRA | $1,780,000 | $7,451 |
| ABBOTSFORD | $1,153,750 | $7,437 |
| TOORAK | $4,000,000 | $7,255 |
TOP INNER MELBOURNE SUBURBS BY SQM
| Suburb | Sep-16 Median | Price Per Sqm |
| SOUTH MELBOURNE | $1,600,000 | $11,212 |
| ALBERT PARK | $1,650,000 | $10,495 |
| CARLTON NORTH | $1,400,000 | $9,966 |
| ST KILDA EAST | $1,635,000 | $9,869 |
| FITZROY | $1,300,000 | $9,717 |
| NORTH MELBOURNE | $1,292,500 | $8,549 |
| PORT MELBOURNE | $1,427,500 | $8,206 |
| RICHMOND | $1,152,500 | $7,917 |
| SOUTH YARRA | $1,780,000 | $7,451 |
| ABBOTSFORD | $1,153,750 | $7,437 |
| TOORAK | $4,000,000 | $7,255 |
| CLIFTON HILL | $1,270,000 | $7,197 |
| FITZROY NORTH | $1,325,000 | $6,922 |
| PRAHRAN | $1,358,000 | $6,850 |
| ST KILDA | $1,365,000 | $6,200 |
| ELWOOD | $2,275,000 | $6,167 |
| ARMADALE | $2,020,000 | $6,148 |
| MALVERN | $2,691,000 | $5,449 |
| HAWTHORN | $2,000,000 | $5,096 |
| KENSINGTON | $1,165,000 | $5,026 |
TOP MIDDLE MELBOURNE SUBURBS BYSQM
TOP OUTER MELBOURNE SUBURBS BY SQM
| Suburb | Sep-16 Median | Price Per Sqm |
| KNOXFIELD | $706,000 | $2,440 |
| BONBEACH | $770,000 | $1,823 |
| PARKDALE | $1,150,000 | $1,773 |
| WHEELERS HILL | $1,069,400 | $1,661 |
| KEYSBOROUGH | $690,000 | $1,546 |
| ASPENDALE | $860,000 | $1,533 |
| SORRENTO | $1,243,500 | $1,530 |
| CHELSEA | $855,000 | $1,519 |
| ASPENDALE GARDENS | $792,500 | $1,510 |
| MULGRAVE | $776,500 | $1,470 |
Australian Property Journal
