The Melbourne suburbs where buyers pay a premium for space

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The Melbourne suburbs where buyers pay a premium for space
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In 10 exclusive suburbs, buyers are willing to fork out more than $10,000 per square metre for some of the smallest blocks of land in the city.

Home buyers in 10 Melbourne suburbs are paying more than $10,000 per square metre of land, mostly due to the small block sizes and semi-detached houses in popular inner-city areas.

Domain head of research and economics Dr Nicola Powell said proximity to the city played a major role in determining the price per square metre. Melbourne’s overall median price per square metre was $1838. Toorak is dominated by free-standing houses on large blocks. Powell compared the suburb to Fitzroy, where the median price was $1,664,000 and the price per square metre was $12,000.Quantify Strategic Insights head of data and insights Angie Zigomanis agreed buyers would pay a premium for space in the inner city. “I think you’re paying for location and at the end of the day, the value of property, as people say, is embedded in the land,” he said.

Belle Property Albert Park principal David Wood agreed the area’s small blocks and proximity to the city fuelled its high price per square metre. The lowest price per square metre was in Gembrook, a large suburb in Melbourne’s outer east, just north of Pakenham Upper. There, buyers could expect to pay about $313 per square metre of land. The median house price in Gembrook was $1,248,000 over 2023.

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