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 |
