The TOORAK real estate has enough overtones associated with it, but recently the new figures of the Real Estate Institute of Victoria are such that it has revealed a new one which is value for money.
The REIV figures showed that the Melbourne’s priciest postcode in which the median house price now sits at $4 million, was one and only the ranked the city’s tenth priciest patch per square metre.
At $7,255 per square metre the suburb, which was much more convenient and affordable than the South Melbourne, where a $1.6 million median house price was just amazing as it worked out to about $11,212 per square metre, or even Albert Park which had the $10,495 per square metre in the price tag.
The Carlton North, St Kilda East and Fitzroy just rounded out the Melbourne’s top five one, with the prices was per square metre and in between $9717 and $9966.
The only suburb other than Toorak to which was there to hit the list in Stonnington was the South Yarra, where a $1.78 million house indeed worked out to $7451 per square metre.
The REIV president Geoff White said that the demand for the suburbs is walking a distance to the CBD, and for those in the city’s inner south had just propelled the number of them up in the list.
“Greater demand for space within walking distance of the city has really pushed up the price of land in these areas, while many of Melbourne’s most exclusive suburbs were further down the list due to the size and scale of houses in these locations,” Mr White told.
“Many of the city’s most expensive suburbs by square metre were located in the city’s south east, including St Kilda East and South Yarra — with these areas benefiting from quality amenities and night-life.” he further added.
Now, what you all think about the price?