One of the most surprising things about Melbourne’s real estate market is that the inner suburbs of Bayside are worth more per square metre than Toorak with its elegant boutiques and shops, and Armadale, one of the top neighbourhoods in Melbourne. The data was compiled by the Real Estate Institute of Victoria.
If you’re purchasing an investment property in Melbourne, one of the most important factors to consider is the property management fees. If you’re in the market for a home in one of the Inner Bayside neighbourhoods, you should know that the price of property per square metre is $12,947. Surprisingly enough, Toorak, Armadale, Brighton, and Malvern were not on the list of the most expensive areas.
One of the biggest turnarounds in the real estate market in Melbourne is the trend to rent rather than buy a home. Median prices of homes in some Melbourne areas have risen by more than 20 percent in a year. The result is that more Melbourne residents are renting in those regions rather than buying and are looking for rentals that have excellent property managers.
Here are the most expensive real estate areas in Melbourne.
Toorak remains the most expensive of Melbourne’s neighbourhoods. Toorak is known for its stately, newer homes and historic mansions on large lots. The neighbourhood is tranquil with good cafes and restaurants, and a few private schools. The median price of homes in Toorak is $4,450,000. Two bedroom homes average $1,437,500.
The architecture of the elaborate homes in Albert Park is what draws many homebuyers to the region. The streets are lined with two-story, terraced houses, lovely flats, Edwardian and Victorian-era homes, and contemporary complexes. Albert Park is popular with residents who work in the Central Business District of Melbourne. The Australian Grand Prix has made Albert Park famous. Several Albert Park homes start at approximately $1,875,000.
Middle Park of the most popular nightspots including Prahran, South Yarra, and St. Kilda are nearby. The median price of homes in Middle Park is $2,290,000. The area has strict guidelines about renovations to properties in the region. However, many of the homes have made improvements that include decks for outdoor entertaining and infinity pools. The lovely, quiet neighbourhood features a number of shops and cafes, and is conveniently located 4 kilometres from Melbourne’s Central Business District.
To the north of the Yarra, is Carlton North, the most expensive neighbourhood in that area. Carlton North has a distinctive, Old-World atmosphere with it’s heritage of Italian immigrants. The homes are one and two-storey, with charming terraces, wrought-iron fences, and small, colorful gardens. $1,325,537 is the average cost of a home in Carlton North.
In recent times, the more working-class regions like Fitzroy and South Melbourne are becoming more upscale which has caused the upsurge in real estate prices. Homes in Fitzroy are Victorian-era, with many that started out as warehouses that have been converted into stunning units. The average home price is $1,440,000.
One of the reasons that Melbourne residents are buying homes in the neighbourhoods in Inner Bayside rather than the traditionally more expensive neighbourhoods is that they love the ocean views and sea air, and are willing to pay the price to live in the region.