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Toorakhas Melbourne's most expensive median house price - at a hefty$4 million, but ten suburbs actually command more dollars per square metre, accordingto the latest data from theReal Estate Institute of Victoria. According to the REIV Toorak has a hefty median house price of $5 million - so that means some houses sell for a lot more than that! As a Premium user you get access to background information and details about the release of this statistic. East Melbourne was the most expensive with a median estimated price of $14,513 per square metre, based on a median plot size of 241sqm. Most expensive suburbs in Melbourne by square metre. Australia: land price per square meter Melbourne 2022 | Statista Click here to learn more about we can help you. Cities that have had the largest house price increase have seen population growth outpace the supply of houses. 787 people live there, with many wealthy individuals owning property there such as Lindsay Fox, Eddie McGuire and the late Ron Walker. With a median unit price of $1.15 million (up an impressive 34.7% year-on-year) and average rent of $450 a week, Balwyn units are one of the more affordable on the list. "Zetland has a very large number of units in the pipeline, and moreover, the price per square metre is $11,658 - very expensive, especially when you consider it is around 10 per cent more expensive than the affluent suburb of Double Bay," warns Mr Peleg. As of January 2023, the median house price in Victorias capital is up 10.8% year-on-year, to $900,107 while Melbournes unit price is down 5.5% to a median of $584,038. Price per sqm is a function of both house price and block size, which have changed over the past decade. Melbourne property: Most expensive suburbs per square metre to buy a house This is clearly evident across all of our capital cities, although the differences are starker for some. It seems Melburnians value ocean views, with the bayside dominating prices per square .