Travancore most affordable Inner Melbourne apartment based on sqm size: Secret Agent
Travancore is the most affordable apartment in Inner Melbourne based on sqm size, according to Secret Agent’s latest report.
Table 8 provides an update to our price per square metre index for apartments, accounting for internal habitable space and excluding any outdoor area.
The full methodology is outlined in Secret Agent’s Apartments Price Per Square Metre Report from June 2016.
Tables 9 and 10 on the following page highlight the most and least affordable areas for apartments based on their average price per square metre and average sale price.
For apartments, the discrepancies between average prices and average price per square metre seem less pronounced.
Travancore, Kensington and Flemington (all neighbouring suburbs in the inner West) appear on the most affordable apartment list for both measurements.
All suburbs on the list are either located in the inner West or inner North, and many of these offer good alternatives to the more prestigious suburbs located in those regions.
For example, Kensington vs North Melbourne, which in 2016 was on average $1,400/m2 cheaper; or Brunswick East compared to Fitzroy North, where the difference was about $1,600/m2.
Although the inner South is one of the smaller regions in our sample (in terms of number of suburbs), it dominates the list of least affordable suburbs, with Albert Park, Middle Park and Port Melbourne ranking high based on both average sale price and price per square metre.
Albert Park was the most expensive on both metrics, more than double the price of Travancore apartments both on average and per square metre.
East Melbourne is also expensive no matter how you look at it, setting buyers back $12,000/m2 on average.
Docklands, while seemingly expensive by average prices is in fact right in the middle when factoring in apartment size, costing on average $8,550/m2.
Property Observer found this three bedroom apartment currently on the market in Travancore at 330/68 Mount Alexander Road (pictured above). It last traded for $740,000 in 2010.
A two bedroom apartment at 346/38 Mount Alexander Road is on the market for $395,000, having last sold for $402,500 in 2008 (below).
A two bedroom apartment at 18 Mt Alexander Road is on the market with expectations around $429,000 (pictured below).
A two bedroom unit at 17/190 Mount Alexander Road, Travancore (below) sold for $445,000, going back in price from its $460,000 sale in 2009.
Similarly a two bedroom unit at 2421/18 Mount Alexander Road (below) was sold for $412,800, also going backwards from its last sale price of $522,500 in 2010.
For more information from Secret Agent, click here.