Melbourne's median price apartments: How do they compare across the regions?

Melbourne's median price apartments: How do they compare across the regions?
Jessie RichardsonSeptember 7, 2014

The median price for a unit in Melbourne was $460,000 for the August quarter, according to RP Data.

Unit prices were up 5.2% for the quarter, with 6.2% growth over the 12 months to August.

Property Observer looks at recent unit sales in Melbourne's inner and middle suburbs to see what you can buy for $460,000 and how the regions compare.

Inner ring: 0-10 kilometres from Melbourne's CBD

201/9-13 O'Connell Street, North Melbourne



This two bedroom, one bathroom apartment in North Melbourne sold for $465,500 in August.

Located minutes from the Queen Victoria Market, the city fringe apartment has a balcony and open plan living space, with a galley kitchen. There are floorboards throughout the living space and the bedrooms are carpeted. The largest bedroom has an area of 8.96 square metres, and the apartment has a total internal floor size of about 48 square metres. The apartment's price sits below what is typical for North Melbourne: according to RP Data, North Melbourne's median unit price for July was $528,752.

  • Price: $465,500
  • Bedrooms: Two
  • Car spaces: One
  • Drive to CBD: Walking distance

603/673 LaTrobe Street, Docklands



A two bedroom apartment in Docklands sold for $465,000. The apartment has 52 square metres of internal space, with a 6.7 square metre balcony. Both bedrooms include built in robes, with carpeted bedrooms and floorboards in the living areas. The master bedroom has a floor size of 9.6 square metres, but the irregularly shaped second bedroom is slightly larger, with 10.2 square metres of floor space. The complex includes an outdoor pool and a gym. This apartment is more than $100,000 cheaper than the Dockland's July median of $575,000.

  • Price: $465,000
  • Bedrooms: Two
  • Car Spaces: One
  • Drive to CBD: Walking distance

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Middle ring: 10-20 kilometres from the CBD

5/77 Yarra Street, Heidelberg



This two bedroom apartment is located in Heidelberg, 11 kilometres from the Melbourne CBD. It sold for $462,500 early last month. Each of its bedrooms include built in robes, and the apartment includes a full sized kitchen and meals area, a living and dining area and a bathroom including bath. Its largest bedroom is 12 square metre. The apartment's balcony faces north, with views to the ranges. The apartment is more expensive than the suburb's median of $410,750.

  • Price: $462,500
  • Bedrooms: Two
  • Car spaces: One
  • Drive to CBD: 20 minutes

Donvale



Located in the eastern suburb of Donvale, 19 kilometres from the Melbourne CBD, this apartment sold for $459,000 in August. The two bedroom, one bathroom unit has a modern kitchen, a central bathroom, European laundry and an open plan living and dining area. This unit with about 65 square metres of internal space also has a balcony with parkland views. It is located with direct access to public transport and the Eastern Freeway. According to RP Data, Donvale's median unit price was $565,000 for July.

  • Price: $459,000
  • Bedrooms: Two
  • Car spaces: One
  • Drive to CBD: 23 minutes

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