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, which has grown in stature in the past decade, 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, as of September this year.
REIV CEO Geoff White said inner Melbourne dominated the list of most expensive suburbs by square metre.
“Greater demand for space within walking distance of the city has really pushed up the price of land in these areas, while many of Melbourne’s most exclusive suburbs were further down the list due to the size and scale of houses in these locations,” he 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 – with these areas benefiting from quality amenities and nightlife.”
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.
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