The Real Estate Institute of Victoria has released data showing the value per square metre of real estate across Melbourne.

Toorak has Melbourne's most expensive median house price - at a hefty $4 million, but ten suburbs actually command more dollars per square metre, according to the latest data from the Real Estate Institute of Victoria.

South Melbourne, which has undergone a rebirth over the past decade, tops the list for land price per square metre. South Melbourne property costs an impressive $11,212 per square metre. As of September this year, the suburb has median house price of $1.6 million.

Homes in Albert Park attract $10,495 per square metre, and Carlton North gets $9,966 per square metre. 

REIV CEO Geoff White said inner Melbourne dominated the list of most expensive suburbs per square metre. 

“Greater demand for space within walking distance of the city has really pushed up the price of land in these areas, while many of Melbourne’s most exclusive suburbs were further down the list due to the size and scale of houses in these locations,” he said.

Top suburbs by square metre

Source: REIV. 

Melbourne's inner south-east fared particularly well in the data, said White.

“Many of the city’s most expensive suburbs by square metre were located in the city’s south east, including St Kilda East, Richmond, and South Yarra – with these areas benefiting from quality amenities and nightlife,” he said. 

Source: REIV. 

Further from the city centre, bayside suburbs Brighton, Black Rock and Hampton commanded substantial prices per square metre - $4,412, $3502 and $3,251 respectively. 

Of Melbourne’s outer suburbs, Knoxfield in the east had the highest price per square metre, $2,440, and a median house price of $706,000.

Source: REIV. 

See also:

Steady prices, rising listings present opportunities, says REIV

Bedroom price boom in Melbourne

High number of auctions creating opportunities for buyers