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Well, look what we have here – another juicy property market story to make your eyes bulge. New PropTrack data has revealed just how much Aussies are paying per square metre of real estate across the nation, and (as usual) it’s not looking good for Sydneysiders.
While homebuyers typically look at median prices to gauge a property’s value, breaking down the cost per square metre is a smarter way to work out just how much space you can actually afford.
Unsurprisingly, Australia’s ten priciest postcodes for houses are all in Sydney – with blue-chip, harbour-view enclaves demanding the highest asking prices per square metre. Sitting just east of the city, fashion-favourite Paddington took out the top spot for houses at an eye-watering $29,091 per square metre. That’s nearly 20 times the national median asking price for houses of $1,535 – a figure that has jumped 10.1 per cent over the past year.
Other Sydney locales where your money won’t stretch far include harbourfront heavyweights Double Bay ($24,556), Bondi Beach ($22,012) and Bronte ($20,675), along with cool inner-city ‘hoods Darlinghurst ($21,516) and Surry Hills ($21,313).
No other state or territory even came close to Sydney’s top ten figures. The highest-priced non-Sydney suburbs were Melbourne’s Albert Park ($15,093), Middle Park ($13,181) and East Melbourne ($13,167), followed by Mermaid Beach on the Gold Coast ($10,992), New Farm in Brisbane ($9,376) and Cottesloe in Perth ($8,913).
These figures are a stark contrast to houses in the Northern Territory and the Australian Capital Territory. The most expensive suburb in Darwin (Zuccoli) sits at just $1,564 per square metre, while Canberra’s priciest postcode (Red Hill) leads at $3,654.
Interested in seeing how much homes cost per square metre in your suburb? You can use realestate.com.au's interactive tool here.