Building your dream home in Victoria can be an exciting venture, but it's essential to be aware of the costs involved. To help prospective homeowners and investors, OpenLot.com.au has compiled a list of the Top 50 Victorian suburbs with the highest median building costs. This data, sourced from building approvals and construction projects, provides valuable insights into the areas where building expenses tend to be on the higher side.
| Suburb | Median Building Cost | Median Building Size (m2) | Single Storey Percentage | Double Storey Percentage | Triple Storey Percentage | Total Permits |
| TOORAK | $2,350,766 | 571 | 9% | 17% | 19% | 47 |
| HAWTHORN | $2,229,949 | 363.5 | 12% | 56% | 15% | 34 |
| BRIGHTON | $2,122,533 | 525 | 11% | 54% | 16% | 61 |
| KEW | $1,413,132 | 413 | 8% | 44% | 33% | 36 |
| SORRENTO | $1,357,389 | 394 | 16% | 71% | 6% | 31 |
| CAMBERWELL | $1,280,000 | 500 | 19% | 49% | 14% | 37 |
| BALWYN | $1,200,000 | 546 | 5% | 79% | 10% | 42 |
| MALVERN EAST | $1,199,982 | 335.5 | 19% | 69% | 4% | 52 |
| MORNINGTON | $1,175,050 | 509 | 21% | 59% | 12% | 34 |
| BENTLEIGH EAST | $1,119,100 | 507 | 9% | 83% | 5% | 87 |
| HAMPTON | $1,118,326 | 434.5 | 21% | 68% | 5% | 38 |
| GLEN IRIS | $1,022,872 | 361 | 21% | 56% | 12% | 52 |
| GLEN WAVERLEY | $1,021,869 | 520 | 4% | 91% | 3% | 117 |
| BALWYN NORTH | $1,006,602 | 527 | 6% | 83% | 6% | 47 |
| DONCASTER | $993,025 | 523.5 | 4% | 67% | 21% | 52 |
| DONCASTER EAST | $985,000 | 552.5 | 7% | 83% | 9% | 54 |
| WHEELERS HILL | $916,279 | 509 | 0% | 87% | 3% | 38 |
| ESSENDON | $903,174 | 446 | 9% | 72% | 7% | 43 |
| BEAUMARIS | $895,866 | 394 | 18% | 72% | 5% | 39 |
| BOX HILL NORTH | $867,149 | 487 | 9% | 88% | 3% | 33 |
| MOUNT WAVERLEY | $816,638 | 509.5 | 8% | 88% | 1% | 78 |
| ALTONA NORTH | $775,000 | 430 | 25% | 75% | 0% | 36 |
| ALTONA | $754,160 | 407.5 | 13% | 78% | 6% | 32 |
| RESERVOIR | $722,000 | 381 | 33% | 56% | 9% | 57 |
| COBURG | $702,025 | 317 | 34% | 47% | 9% | 47 |
| MOUNT ELIZA | $700,000 | 320 | 58% | 33% | 0% | 43 |
| KEILOR EAST | $700,000 | 441 | 17% | 81% | 0% | 42 |
| PASCOE VALE | $700,000 | 442 | 17% | 81% | 2% | 42 |
| MOUNT MARTHA | $696,900 | 289 | 30% | 62% | 3% | 37 |
| ST ALBANS | $690,000 | 414 | 19% | 62% | 3% | 37 |
| HIGHTON | $686,477 | 343 | 31% | 46% | 6% | 35 |
| BENTLEIGH | $660,000 | 338 | 21% | 64% | 0% | 33 |
| BRIGHTON EAST | $658,654 | 284 | 15% | 70% | 6% | 33 |
| MULGRAVE | $656,276 | 349.5 | 10% | 90% | 0% | 42 |
| GLENROY | $650,000 | 358 | 36% | 64% | 0% | 39 |
| THORNBURY | $641,544 | 241 | 31% | 63% | 0% | 32 |
| NEWTOWN | $600,000 | 272 | 46% | 41% | 0% | 37 |
| PRESTON | $586,684 | 304.5 | 35% | 58% | 4% | 52 |
| FRANKSTON | $559,825 | 283 | 29% | 45% | 8% | 38 |
| CHELTENHAM | $559,658 | 296 | 28% | 59% | 0% | 46 |
| ROWVILLE | $548,377 | 321.5 | 26% | 65% | 0% | 34 |
| CROYDON | $539,059 | 284 | 33% | 64% | 0% | 42 |
| FAWKNER | $536,262 | 347 | 44% | 53% | 0% | 32 |
| DROMANA | $536,121 | 290 | 13% | 82% | 0% | 38 |
| SAN REMO | $534,928 | 312 | 29% | 63% | 0% | 35 |
| CARDIGAN | $530,626 | 339 | 90% | 3% | 0% | 31 |
| OCEAN GROVE | $519,214 | 283 | 65% | 29% | 2% | 85 |
| TORQUAY | $505,352 | 254 | 44% | 56% | 0% | 52 |
| POINT LONSDALE | $503,004 | 268 | 47% | 41% | 0% | 51 |
| RYE | $500,000 | 274 | 55% | 33% | 2% | 51 |
Toorak: Topping the list is Toorak, known for its leafy streets and affluent residences. The demand for opulent homes drives up construction expenses in this area.
Hawthorn: Ranked as the 2nd highest on the list, Hawthorn stands as a symbol of timeless elegance. This prestigious suburb combines heritage charm with modern luxury, driving up median building costs.
Brighton: Brighton, a prestigious beachside suburb renowned for its upscale living and exquisite properties, closely follows Hawthorn in terms of building costs. The median building costs here reflect the desire for luxury and high-quality construction.
Kew: Kew's reputation for spacious properties and tree-lined streets attracts those looking for upscale living. Building costs here reflect the desire to create expansive, well-designed homes.
Sorrento: Sorrento, nestled on the stunning Mornington Peninsula, secures its spot as the 5th highest on the list. Its seaside charm and exclusive lifestyle make it a sought-after location, where the allure of coastal living comes with premium construction expenses.
These top five suburbs set the tone for the rest of the list, where quality, location, and demand play significant roles in determining building costs. As you explore the full list on OpenLot.com.au, you'll notice patterns emerging, such as a concentration of high-cost suburbs in Melbourne's affluent eastern and southeastern regions.
Several factors contribute to the higher building costs in these suburbs:
Land Prices: The cost of land in these areas is often substantial, especially in well-established suburbs close to the city.
Architectural Styles: Many of these suburbs have strict architectural guidelines and heritage considerations, which can drive up design and construction expenses.
Materials and Finishes: Residents in these suburbs often demand premium materials and finishes, adding to overall construction costs.
Customisation: Buyers in these areas tend to opt for custom-built homes, which can be more expensive than off-the-shelf designs.
Competition: The desirability of these suburbs increases demand, resulting in competitive bidding for construction services, which can lead to higher prices.
If you're considering building a home in Victoria and are concerned about building costs, understanding the factors that influence expenses in different suburbs is crucial. While the suburbs listed here are among the most expensive in terms of building costs, it's essential to remember that quality, location, and personal preferences ultimately determine the value of your investment.
To delve deeper into the Top 50 Victorian suburbs with the highest median building costs and explore the full list, visit OpenLot.com.au. Armed with this knowledge, you can make informed decisions about where to embark on your construction journey in Victoria.
