Average inner Melbourne apartments price sits at $8,687 per square metre
The buyers agency 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, its 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 per square metre.
The agency noted the figure is beginning to stabilise since its last two reports ($8,679 per square metre in Q2 and $8,767 per square metre in Q1), the report stated.
Overall, the three most expensive suburbs to purchase an apartment are Albert Park ($13,276 per square metre), East Melbourne ($11,914 per square metre) and Middle Park ($10,720 per square metre).
These areas have consistently topped the index, it advised.
The least expensive apartments per square metre can be found in Travancore ($6,563 per square metre), Kensington ($6,869 per square metre) and Flemington ($7,079 per square metre).
A few things can be observed when considering apartments with a larger accommodation. In some suburbs, the increase in number of bedrooms also leads to an increase in price per square metre, as seen in the CBD region, Carlton, Collingwood, Clifton Hill and South Yarra.
Secret Agent noted they 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.