In this update, we present a more thorough look into the price per square metre rates of apartments by suburb, further categorising sales according to the number of bedrooms. These results are shown in Table 1.
The overall average price per square metre rate for apartments in inner Melbourne is $8,687/sqm.
Overall, the three most expensive suburbs to purchase an apartment are Albert Park ($13,276/sqm), East Melbourne ($11,914/sqm) and Middle Park ($10,720/sqm). These areas have consistently topped our index.
The least expensive apartments per square metre can be found in Travancore ($6,563/sqm), Kensington ($6,869/sqm) and Flemington ($7,079/sqm).
A few things can be observed when considering apartments with a larger accommodation. In some suburbs, the increase in number of bedrooms also leads to an increase in price per square metre, as seen in the CBD region, Carlton, Collingwood, Clifton Hill and South Yarra.
We can see that most of the inner North and inner West suburbs tend to have decreasing price per square metre rates as apartments grow in accommodation size. However, note that some of the data may be inaccurate due to the small number of sales available for that particular apartment type.