According to reports, property located in the inner bayside suburbs of Melbourne is costlier per square meter in comparison to several iconic suburbs like Armadale and Toorak. Homebuyers are paying more for real estate in locations like Albert Park in comparison to other metropolitan locations. The prices in Albert Park stand at $12, 947 per square meter.
This is followed by South Melbourne and Middle Park. Albert Park is where the Australian Grand Prix and is located in close proximity to popular areas like South Yarra, St. Kilda and Prahran. In spite of possessing the highest median house price in Melbourne which is around $4.75 million, Toorak is not present in the top 10 list on a per square meter basis. Other expensive locations such as Armadale, Brighton and Malvern did not make it to the list.
Carlton North was the highest expensive suburb located to the north of the Yarra and is on the 4th spot at $10,809 per square meter. Melbourne residents place high value on ocean views and the bayside has the highest prices on a per square meter for outer and middle suburbs. Toorak is particularly known for having huge and palatial homes on big blocks of land. The areas like Middle Park, Albert Park and South Melbourne are locations where there are smaller land size allotments.
Some of these areas were originally setup for the working classes and this led to the quality and dwelling sizes which were a lot smaller. In recent times, working class zones like Fitzroy and South Melbourne have evolved into cosmopolitan hubs in the city, witnessing a rise in property prices.
Homebuyers are prepared to let go of housing unit sizes in order to be located in close proximity to premium bars and restaurants. Reports have also stated that top-class retail amenities, premium infrastructure and proximity to the Central Business District are major factors spurring growth in these zones.
Reports also reveal that homes prices have gone up by around 20% over the last 12 months in the inner ring in Melbourne. The overall house prices in Melbourne have been pushed to record figures and the multi-million dollar suburb count has also gone up hugely over the last five years. These trends have led to a decline in home ownership in the Victoria locality and also an increase in overall rental stress. Downsizing has been a major turned in bayside areas which are regarded as family locations such as Black Rock, Hampton and Brighton where families are choosing smaller-sized units at present.
