The highest sale price during the last 12 months was $7,100,000, with 48 houses sold during this time, and one unit. Middle Park - $2.80m. 91 kilometres from the Melbourne CBD, and 12 kilometres from Hastings, it also has a relatively small population of 423. You only have access to basic statistics. Melbourne Housing Market Insights: March 2023 - The Urban Developer Career opportunities, education, lifestyle, climate and proximity to beaches, attract domestic and overseas residents despite the high financial costs and often lengthy commutes. (4) Cities that have had the largest house price increase have seen population growth outpace the supply of houses. Despite the housing downturn, asking prices in Melbourne have remained above the $1 million mark, having been at a steady level since April, according to SQM Research. BIS Shrapnel. Multi-city regions also create a demographic that is less heavily centred towards our CBDs, spreading wealth and providing equal access to education, healthcare and employment opportunities. Looking at our more expensive cities Sydney and Melbourne we can see that moving further out from the inner city, generally block sizes get larger and come with a cheaper per square metre price tag. For example, Guildford, Chester Hill and Sefton are 19 kilometres from the CBD and sit at $1800 per sqm. Workplace flexibility has become a permanent shift that provides people with more choices in their housing. Similarly, around Melbourne, Gippsland, Surf Coast-Bellarine Peninsula and Ballarat increased significantly compared to Metro Melbourne. The median house price is about $3.65 million (up 13.3% over the past 12 months) and renting a house comes in at an impressive average of $997 a week. However, the land cost has not reduced buyers are just purchasing less of it.. Tier 4 (2.5k-5k/sqm): Brighton/East, Elsternwick, Black Rock, Hampton/East, Surrey Hills, Ormond, Ashburton, McKinnon, Camberwell, Canterbury, Balwyn/Nth, Kew/East, Caulfield/Nth, Keep in mind that the median per sqm in Melb is around $800, so if you own in any of these above suburbs you are doing very well. The suburb was established in the 1940s and is 97 kilometres from Melbourne. Further from the city, buyers could find bigger blocks for a much cheaper per square rate. The suburb is nine kilometres from Rosebud and has a population of just 416, according to the 2021 Census. Even though median house prices in Melbourne are still falling, the rate of decline is decreasing, and Dr Andrew Wilson reported that asking prices for established houses listed for sale in Melbourne commenced rising at the end of 2022 -a sign that the market is looking for a bottom. The median price per square metre will not equal the median house price divided by the median block size, as these will be mismatched figures. Currently, you are using a shared account. This is exacerbated in Sydney and Melbourne, where house cost pressures have caused people to look further afield for more affordable options.