South Melbourne leads price per square metre land pricing: REIV

South Melbourne leads price per square metre land pricing: REIV
South Melbourne leads price per square metre land pricing: REIV

At $4 million Toorak has Melbourne’s highest median house price but South Melbourne and nine other suburbs command more by the square metre, new Real Estate Institute of Victoria data shows.

South Melbourne tops the list for land value city-wide – at an impressive $11,212 per square metre.

The suburb also has an impressive median house price of $1.6 million.

Homes in Albert Park and Carlton North also attracted top dollar by square metre, at $10,495 and $9,966 respectively. 

REIV chief executive officer Geoff White said many of the city’s most expensive suburbs by square metre were located in the city’s south east, including St Kilda East, Richmond and South Yarra

Further from the city, bayside suburbs Brighton, Black Rock and Hampton commanded the most by square metre - $4,412, $3502 and $3,251 respectively.  

Of Melbourne’s outer suburbs, Knoxfield in the east had the highest price per square metre - $2,440 – and a median house price of $706,000.

Suburb Sep-16 Median Price Per m2
South Melbourne $1,600,000 $11,212
ALBERT PARK $1,650,000 $10,495
Carlton North $1,400,000 $9,966
St Kilda East $1,635,000 $9,869
FITZROY $1,300,000 $9,717
NORTH MELBOURNE $1,292,500 $8,549
PORT MELBOURNE $1,427,500 $8,206
RICHMOND $1,152,500 $7,917
South Yarra $1,780,000 $7,451
ABBOTSFORD $1,153,750 $7,437
TOORAK $4,000,000 $7,255

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

Tags: 
South Melbourne House Price

Community Discussion

Be the first one to comment on this article
What would you like to say about this project?