Home buyers are spending more than $10,000 per square metre of land for property in Melbourne’s most sought-after, inner-city suburbs.
The most expensive Melbourne suburb for one square metre of land is in Albert Park, where it costs a median $13,915.A smaller price for land per square metre may not make the purchase price cheaper, but the home will come with a bigger backyard.
They were more expensive on this measure than traditional ultra-prestige neighbourhoods, such as South Yarra where the price per square metre is $10,082 and Toorak’s $7944. Agents say lifestyle is the main reason some buyers will choose to forgo a big backyard to live close to the city, while others would rather live further away and have a larger home on hectares of land.The size of the home and the amount of land can change dramatically based on where buyers are looking.
The Bedfords are now searching for a smaller house with less land, though they still want the country life. Suburbs like Albert Park and Middle Park are “wedged between the city and the beach,” he said, offering space outside the home to enjoy a quiet walk, time at a nearby park or a short trip to the CBD.
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