Is a more expensive house also a larger house? Usually yes, but does a 10% bigger property also cost 10% more? The answer, interestingly enough, is that it depends on the area.
The size of a property and the price do not always move up or down proportionately, but by different amounts depending on the suburb.
Travancore, Northcote and, surprisingly, Hawthorn offer the best value for money in the inner suburbs, while Albert Park, Middle Park and, unsurprisingly, East Melbourne, landed on the other end of the value spectrum.
To figure out what is a good deal on a house in any suburb, look at the percentage that price is greater or smaller than the average price, then compare this to how much bigger or smaller the land area is over the average. Finally, consider additional factors, including build quality, location and surroundings.
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