REIV research and analysis of Melbourne’s unit and apartment market reveals that with the exception of Mount Waverly the list of most expensive suburbs for units and apartments in Melbourne is similar to that for houses.

Brighton East and Brighton top the apartment list with median prices of $792,000 and $667,500 respectively. They are closely followed by Toorak, which has a median price of $650,000. This highlights that the suburbs that have a high demand for houses also have a high demand for medium density dwellings. This emphasises the fact that location is the prime driver in determining demand for a property in particular suburb, regardless of whether it is a detached house or an apartment.

Neighbouring South Melbourne and Port Melbourne follow with medians of $577,500 and $550,000 showing once again that property by the sea and close to the city is in strong demand. The same applies in Docklands where high rise apartments are the only form of housing. In Docklands the median price of a unit is just over half a million dollars.

The list of the most expensive units and apartments is rounded out by the perennially popular leafy eastern suburbs, Kew, Camberwell and Balwyn where the median price is between $545,000 and $516,000.

If you are investing in medium or high rise dwellings the fundamentals that drive price in the house market are the same, however buying a unit or apartment is a good way of buying into suburbs which you may not otherwise be affordable.

The list of most affordable suburbs for units and apartments also contains few surprises, including Reservoir, Frankston, Dandenong and Glenroy. The suburb with the most affordable units and apartments is Footscray which has a median of $205,000, a value which is less than half that for a house in Footscray which has a median of $450,000.

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This entry was posted on Tuesday, September 9th, 2008 at 11:24 pm and is filed under Buying Property, Property General, Selling Property. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.