Fast forward a decade and modest house price growth has seen it fall back in the pack to the fifth most affordable per sqm. House prices currently stand at $3.7 million, with units just under $1 million at $910,000. Perth and Melbourne have seen some of the largest decreases in block size based on properties sold, falling by 16.2% and 9.2% between 2012 and 2022 respectively. Apartments were not included in this analysis. In, BIS Shrapnel. statistic alerts) please log in with your personal account. However, reputations change, and as cities grow, location becomes king. Career opportunities, education, lifestyle, climate and proximity to beaches, attract domestic and overseas residents despite the high financial costs and often lengthy commutes. Arguably one of the best-known suburbs on this list is Portsea, with a median house price of $4,800,500. 91 kilometres from the Melbourne CBD, and 12 kilometres from Hastings, it also has a relatively small population of 423. Located 54 kilometres from Melbourne CBD and 13 kilometres from Frankston, Moorooduc has a population of just over 1,000. Similarly, around Melbourne, Gippsland, Surf Coast-Bellarine Peninsula and Ballarat increased significantly compared to Metro Melbourne. (2) Victoria Government Small Lot Housing Code, https://www.planning.vic.gov.au/resource-library/incorporated-documents/cardinia/card-C234card-Small-Lot-Housing-Code-Victorian-Planning-Authority,-November-2019.pdf, (3) https://data.worldbank.org/indicator/EN.POP.DNST. This could be due to changes in planning codes, such as the Victorian governments small lot housing code, first introduced in 2012 and amended over time. It is known for its large beachside mansions on large estates, along with its golf course and yacht club. It enables us to offer our services at completely no cost to the homeowner. The price to buy a home is about the same as in Camberwell, $2.8 million for a house and $805,999 for a unit. The Metro Melbourne boundary was determined by the following SA3 units: Yarra, Keilor, Port Phillip, Darebin South, Hobsons Bay, Brimbank, Stonnington West, Essendon, Boroondara, Monash, Kingston, Knox, Maroondah, Bayside, Glen Eira, Whitehorse West, Maribyrnong, Tullamarine Broadmeadows, Brunswick Coburg, Manningham West, Banyule, Melbourne City, Dandenong, Moreland North, Manningham East, Whitehorse East, Wyndham, Darebin North, Stonnington East. In other words, Canberra buyers receive greater value for money. Top 20 Most Expensive Suburbs in Melbourne. Back to the eastern suburbs is Canterbury, located 10 kilometres from the Melbourne CBD. 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.