Melbourne’s best value suburbs are a long way from the CBD, whereas those closest to the capital tend to come with a premium in prices by the metre.
Melbourne’s best value suburbs are a core of Dandenong Ranges hubs where big blocks have been shielded from development.
While home prices in Narre Warren North routinely tip into multimillion-dollar ranges, the sprawling size of those houses means the median cost for a square metre of land is just under $400.
The Real Estate Institute of Victoria figures show nearby Upwey is the next cheapest pocket at $810.5 a square metre, giving the area serious bang for buck contrasted with the wider Melbourne median at about $1550.
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The city’s most affordably suburbs were next, including Melton and Melton West.
But the suburbs giving buyers the least amount of property for their purchase price are headed by inner-city hubs, with Richmond’s typical house costing $6,569 a square metre.
Toorak, home to the city’s multimillion-dollar highest overall median house price, didn’t even make the top 10 — thanks to its typically larger than average blocks of land.
REIV president Jacob Caine said the huge variation in prices per square metre around the city reflected areas that best delivered for those seeking a cosmopolitan lifestyle.
In Richmond, he said it was often less about what was under the roof and what was around the corner — with the hefty price for each metre a part of the premium needed to access these areas.
46 Abinger St, Richmond, is listed for sale with a $2.5m-$2.7m asking price in a suburb that is worth every cent of its price per square metre, according to local agents.
Jellis Craig Richmond’s Luke Schickerling said Richmond’s position as Melbourne’s highest price per square metre would have been influenced by a large number of its smallest homes being sold in the past year as investors stepped away from Victoria.
But there were still plenty of people who saw value in the area for its easy access to the CBD and Melbourne’s sporting precincts.
Most recently he said most of those purchasing were usually familiar with the area and often empty nesters, though there had been rising demand from those relocating from overseas recently.
Bell Real Estate director Elliot Bell said areas like Narre Warren North and Upwey were appealing more to families seeking value for money.
106 Alexander Ave, Upwey, listed for sale with a $900,000-$990,000 asking price in one of Melbourne’s best bang for buck suburbs.
“A lot of the area is nearly impossible to subdivide as it’s a green wedge zone,” Mr Bell said.
“A lot of the foothill suburbs, they are from Melbourne’s inner north, Fitzroy, Brunswick and Northcote, and it’s usually a younger crowd. And it’s a lot of young families and professional couples.”
The agent added that with very limited numbers of homes coming to the market in the area most of the time, the area often achieved solid growth — and rarely reflected the lows set by wider Melbourne housing markets.
“We’ve been telling people for years how good the value is in the area,” Mr Bell said.
Property Home Base buyer’s advocate Julie DeBondt-Barker said Narre Warren North was already showing up in a lot of the metrics investors look at, suggesting it was not only good value today — but could be primed for future growth.
MELBOURNE’S BEST BANG FOR BUCK SUBURBS
Narre Warren North — $399.8
Upwey — $810.5
Melton — $826.2
Melton West — $826.4
Montrose — $876.7
20 Brennan St, Melton South, is listed for sale with a $500,000-$550,000 asking price — about $826-$909 a square metre.
Melton South — $929.2
Broadmeadows — $972.8
Laverton — $991.8
St Albans — $1,000.0
Doveton — $1,036.3
All prices are median cost for a square metre
MELBOURNE’S PRICIEST SUBURBS BY THE METRE
Richmond — $6,569.1
Elwood — $6,337.2
Armadale — $6,168.4
Prahran — $5,449.7
Hawthorn — $5,247.3
With a $2.6m-$2.86m asking price, 17 Barton St, Hawthorn, would be worth $3748 a square metre at the top end of its range — exceptional value by local standards.
Malvern — $5,183.6
Brunswick — $5,095.4
Canterbury — $5,000.0
Footscray — $4,806.8
Brighton — $4,777.3
All prices are median cost for a square metre
SOURCE: REIV
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