Home owners will be jumping for joy as new data shows a dramatic rise in Melbourne’s inner northern suburbs. Using price per square metre as our comparison, we analysed sales data across Victoria to see where the most expensive land is. House prices in Kensington and North Melbourne are the standouts among their peers.
Compared to the second half of 2017, both have shown excellent growth in both price per metre and ranking amongst their peers. These new figures indicate the shift up to the north of the city as the potential new buyers’ hotspot.
It could mean even bigger news if prices in the other inner north suburbs follow the same meteoric trend as house prices in Kensington in North Melbourne.
Melbourne’s most expensive land in 2018
|Rank||Suburb||Price Square Metre||Rank Change|
|1||NORTH MELBOURNE||$16,486||+ 6|
|3||MIDDLE PARK||$12,544||+ 2|
|5||ALBERT PARK||$11,850||- 3|
|8||SOUTH YARRA||$8,807||+ 6|
|Source: REALas.com May 2018|
*Compared to June-December 2017 sales figures. amounts are calculated using price per square metre of land size not floor size.
Check out Melbourne’s most affordable suburbs if you’re like most of us and find these places are little too scary.
Other notable winners
On top of this, there are also many suburbs that performed magnificently but did not make the top 12:
- Malvern climbed 12 places (#20)
- Hawthorn East climbed 12 places (#28)
- Surrey Hills climbed 29 places and saw an $/m increase of 30% (#43)
Why is Price Per Square Metre (PSM) important?
Price per square metre is a great yardstick for comparing properties and suburbs against each other. Risk Wise Property sums it up perfectly:
[Price per square metre] reveals the ‘true’ value of the property. As a result, it is a very effective tool to identify opportunities and anomalies in the market, helping investors to better assess the risks associated with suburbs and individual properties.