Albert Park, East Melbourne and Middle Park offer priciest apartments per sqm

Albert Park, East Melbourne and Middle Park offer priciest apartments per sqm
Albert Park, East Melbourne and Middle Park offer priciest apartments per sqm

The Secret Agent has updated its price per square metre index for secondary apartments in inner Melbourne.

After adding 406 apartment sales from the last quarter, our index now consists of 1276 apartments sold between 1st January 2016 to 30th September 2016.

The updated average square metre rate for apartments in inner Melbourne is $8,687/sqm.

This figure is beginning to stabilise since our last two reports ($8,679/sqm in Q2 and $8,767/ sqm in Q1).

In this update, we present a more thorough look into the price per square metre rates of apartments by suburb, further categorising sales according to the number of bedrooms.

These results are shown in Table 1.

Click to enlarge

Albert Park, East Melbourne and Middle Park offer priciest apartments per sqm

Overall, the three most expensive suburbs to purchase an apartment are Albert Park ($13,276/sqm), East Melbourne ($11,914/sqm) and Middle Park ($10,720/sqm).

These areas have consistently topped our index. The least expensive apartments per square metre can be found in Travancore ($6,563/ sqm), Kensington ($6,869/sqm) and Flemington ($7,079/sqm).

A few things can be observed when considering apartments with a larger accommodation.

In some suburbs, the increase in number of bedrooms is directly proportional to the price per square metre, as seen in the CBD region, Carlton, Collingwood, Clifton Hill and South Yarra.

We can see that most of the inner North and inner West suburbs tend to have decreasing price per square metre rates as apartments grow in accommodation size.

However, note that some of the data may be inaccurate due to the small number of sales available for that particular apartment type.

Tags: 
Melbourne Apartment Sales

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