Growth corridors and regional towns lead per-square-metre price gains
Units in Sydney's Barangaroo carry the highest asking price per square metre in Australia, at $45,534, according to PropTrack data published by realestate.com.au. The fastest growth, however, came from outer-suburban and regional markets, where subdivision and higher-density development are reshaping supply.
The data divides each listing's asking price by land area for houses or floor area for units, comparing August 2026 with August 2025. Nationally, the median asking price per square metre for a house was $1,535, up 10.1% over the year.
Smaller blocks lift outer-ring figures
The biggest mover was Nar Nar Goon in Melbourne's southeast growth corridor, where the asking price per square metre rose 228.7% to $1,111. Over the same period, its median home price, according to realestate.com.au data, fell 7.3% to $949,500. Realestate.com.au's analysis suggests that gap reflects block sizes shrinking as land is subdivided.
Derrick Brown, director at Gerard Collins Real Estate Pakenham, said the area has drawn first home buyers. He put it simply: "It's affordability. You're getting a bit more land for your dollar".
In Nimbin, in the Northern Rivers region of New South Wales, the figure rose 107.5% to $668.
John Wilcox, principal of Nimbin Hills Real Estate, linked the change to the rental shortage pushing buyers towards smaller blocks closer to town.
"There has been a rise in the smaller blocks", he said.
For brokers, movements in price per square metre can diverge sharply from median prices, often reflecting the type of stock coming to market rather than changes in value. That distinction matters more after the Reserve Bank (RBA) lifted the cash rate to 4.6% on 29 September, noting that new housing loans had declined noticeably.
Sydney holds the top end
Every suburb in the national top 10 for both houses and units was in Sydney. Paddington led for houses at $28,091 per square metre, while Point Piper ranked second for units at $39,379. Noosa Heads on Queensland's Sunshine Coast was the standout outside Sydney, with units at $20,944 a square metre.
Realestate.com.au economist Luc Redman (pictured) said the national downturn had been led by the higher end of the market, particularly in Melbourne and Sydney.
"The more affordable end of the market has stayed relatively buoyant", Redman said.
PropTrack's latest Home Price Index shows how that has played out, with Sydney and Melbourne prices 5.5% and 5.7% below their peaks respectively in September, while regional prices remain 5.1% higher over the year.
Western Australia's run continues
Western Australia also featured heavily, with six suburbs, including Toodyay, Mundaring, and Chittering, recording rises above 50%. Units in Dunsborough stood out at $11,332 a square metre, up 38.6%.
Joe Jordanoff, consultant at JMW Real Estate, linked this to the town centre being rezoned for higher density about five or six years ago.
