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Domain Research’s report Housing Affordability: The price per square metre found that Sydney ranks as the country’s most expensive capital city per square metre followed by Melbourne.
According to the report, Sydney is 36 per cent more expensive than Melbourne at $2,466 per sqm compared to Melbourne, which sits at $1,811 per sqm.
Following in the rankings in terms of price per square metre are Canberra at $1,517, Brisbane at $1,254, Perth at $1,233, Adelaide at $1,194, Hobart at $1,087, and finally Darwin at $737 per sqm.
The report stated that Sydney’s costliness comes from its population and high cost of housing reflecting its desirability. Factors such as education, lifestyle, career opportunities, climate, and proximity to beaches have attracted both domestic and overseas residents.
The gap in value between Sydney and the other capitals has also widened over the last decade in terms of the percentage difference between prices per square metre.
The value gap between Sydney and Melbourne in 2012 was 19 per cent and Sydney was 110 per cent more expensive than Hobart, which was the most affordable city at the time.
As previously mentioned, the gap between Sydney and Melbourne as of 2022 rose to 36 per cent while the gap between Sydney and Darwin (the most affordable city currently) sits at 234 per cent.
In addition, the top 10 highest prices per square metre suburbs per capital city in Australia are all situated in Sydney, with Paddington ranking the highest in the country at $25,755 per sqm with Melbourne’s Albert Park taking second place at $13,915 despite being the 25th most expensive suburb in Australia overall.
The government’s ‘ambitious’ affordable housing drive
New housing legislation was introduced to Parliament on Thursday (9 February) to deliver the “single biggest investment” in affordable and social housing in over a decade.
As states and territories face their own battles with housing supply, the new federal bills are set to alleviate some of that struggle.
The federal government has delivered three new bills: the Housing Australia Fund Bill; the National Housing Supply and Affordability Council Bill; and Treasury Laws Amendment (Housing Measures No.1) Bill.
Minister for Housing and Minister for Homelessness, Julie Collins MP, said in her address to Parliament: “Without a stable home, people — no matter their age — struggle to live in good health, stay in training or education and to find or keep a job.
“It’s not good for them, for their families, for their communities or for our country.
“I know this because I have lived it. The prime minister knows this because he has lived it.
“It’s why this government is serious about making sure more Australians have a safe, affordable place to call home.
“This is about working together. It’s about partnerships.
“Yes, it’s ambitious because it has to be. It’s the only way we’ll tackle the challenges we face as a nation.”
[RELATED: New housing fund spearheads “ambitious” parliamentary bills]
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