The exclusive inner Sydney suburb of Paddington has topped the list of the most expensive suburbs in the country, based on the square metre rate and average block size.
Characterised by it’s medium density townhouses and the Oxford street retail strip, the leafy hotspot came in first, with an average square metre rate of $25,755 based on a block size of 125sqm.
No surprises – Sydney is home to by far the most expensive real estate in Australia, with Tamarama ($25,684), Darlinghurst ($22,623), Edgecliff ($20,551) and McMahons Point ($20,448) all coming in with rates above $20,000 per sqm.
Albert Park was Melbourne’s priciest piece of land at $13,915sqm while Petrie Terrace ($5,515) was Brisbane’s most expensive.
Kent Town ($8,937) in Adelaide, Crawley ($6,3140) in Perth and Battery Point ($6,599) in Hobart were others in the top 150 postcodes.
Domain’s Chief of Research and Economics, Dr Nicola Powell said “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.”
“However this isn’t always the case as key infrastructure, commercial hubs and proximity to parks and beaches all play a role” she said.
Dr Powell said knowing the square metre rate of a suburb is important for investors: “Buying in neighbouring suburbs that have vastly different prices per sqm now can also pay huge dividends in the future.
“As reputations change, areas gentrify and as cities grow, location becomes king.”
Dr Powell said suburbs around 20 kilometres west of the Sydney CBD provide lower house prices and bigger block sizes: “For example, Guildford, Chester Hill and Sefton are 19 kilometres from the CBD, and sit at $1800 per sqm.
Moving 38 kilometres out in Mount Druitt, the price drops to under $1300.
Dr Powell said suburbs like these are far from the city, but with more jobs moving to commercial hubs such as Parramatta and Macquarie Park, these outer areas will become more attractive due to the potential for lower workplace commute times.
She said: “Some of the most affordable options in Melbourne are also west. Suburbs 13 kilometres from the city, such as Brooklyn, Sunshine, and Sunshine North, are priced per sqm under the Melbourne average of $1,811.
“They are less than half the price per sqm of the neighbouring suburbs Maidstone, Yarraville and Braybrook.
“North Melbourne suburbs also provide greater value for money, as Broadmeadows, Gladstone Park and Campbellfield are all less than $1,300.”
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