Wondering which suburbs in Melbourne attract the highest property price tag in 2018? Here are some of the priciest spots, broken down by square metre, rental prices, and more.
Most expensive suburbs in Melbourne by square metre
Data by REIV reveals that buyers pay more per square metre for space in Albert Park ($12,947 per square metre) than any other suburb in metropolitan Melbourne. Just behind Albert Park are Middle Park and South Melbourne at $11,924 p/sqm and $10,946 p/sqm, respectively. Despite Toorak’s reputation as being Melbourne’s blue-ribbon suburb, it doesn’t make the top 10 thanks to larger blocks of land in the area offering better value to buyers, at a price of $7,130 per square metre. Other traditionally expensive areas like Brighton, Armadale, and Malvern also didn’t make the cut.
REIV President Joseph Walton said in a press release that said buyers were prepared to sacrifice size to be near shops, restaurants, and bars.
"Quality infrastructure, strong retail amenity and close proximity to the CBD are critical factors that drive growth in those areas," Walton said.
Here’s a look at the top 10 most expensive Melbourne suburbs by square metre:
| Suburb | Price per square metre |
|---|---|
| Albert Park | $12,947 |
| Middle Park | $11,924 |
| South Melbourne | $10,946 |
| Carlton North | $10,809 |
| Port Melbourne | $9,167 |
| Richmond | $8,682 |
| North Melbourne | $8,445 |
| Abbotsford | $8,410 |
| Fitzroy North | $7,744 |
| Fitzroy | $7,714 |
Source: REIV
Most expensive suburbs in Melbourne by number of bedrooms
Interested to know how some of Melbourne’s most expensive suburbs shape up in terms of number of bedrooms?
Here are Melbourne’s priciest ‘burbs broken down by median price of 3-bedroom houses, 2-bedroom houses, 2-bedroom units and 1-bedroom units.
| Suburb | Median Price | |||
|---|---|---|---|---|
| Property type | 3-bd house | 2-bd house | 2-bd unit | 1-bd unit |
| Toorak | $3.045m | $1.525m | $750k | $425k |
| Canterbury | $2.406m | $1.935m | $685k | No data |
| Brighton | $2.07m | $1.319m | $818k | $470k |
| Malvern | $2.068m | No data | $650k | $420k |
| Parkville | $2.025m | No data | $517k | $390k |
| Armadale | $1.99m | $1.61m | $740k | $427k |
| Kew | $1.98m | $1.341m | $663k | $455k |
| Camberwell | $1.863m | $1.2m | $720k | $411k |
| Balwyn | $1.76m | $1.6m | $627k | $433k |
| Black Rock | $1.75m | $880k | $821k | No data |
Source: domain.com.au
Melbourne’s most expensive rental suburbs
When it comes to rental prices in Melbourne, suburbs with the highest median property values tend to command the highest rents. Toorak’s median weekly rent for houses, for example, will set tenants back more than $1000, with six-bedroom mansions among the properties available in the area.
Houses in exclusive Brighton and East Melbourne also reach nearly four figures for median weekly rent, at $990 and $950 each, while Brighton East is the most expensive for units, at a median of $620.
But who would rent a house for $1000-plus per week rather than buying? Typically, affluent people relocating for a short space of time.
As RT Edgar property manager Jonathan Boon told the Herald Sun, “The people that are looking at these sorts of properties are international executives or corporate people that are knocking down their house to build a new one and are relocating for 12-18 months for that reason.” Take a look at Melbourne’s most expensive suburbs for renters:
| Suburb | Median weekly rent |
|---|---|
| Toorak | $1,100 |
| Brighton | $990 |
| East Melbourne | $950 |
| Canterbury | $880 |
| Parkville | $860 |
| Sandringham | $853 |
| Beaumaris | $850 |
| Armadale | $850 |
| Princes Hill | $850 |
| St Kilda West | $850 |
Source: realestate.com.au
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