Homebuyers are allocating over $10,000 per square metre for land in Melbourne's most sought-after inner-city suburbs. Meanwhile, those choosing locations farther away can secure better value, with costs dipping below $300 per square metre in more distant neighbourhoods, as indicated by Domain research.

Albert Park claimed the top spot as Melbourne's priciest suburb per square metre, with buyers shelling out a substantial $13,915 for each square metre of land. Following closely was Middle Park, boasting a price tag of $12,730.

Whereas further from the city, buyers could find bigger blocks for a much cheaper per square rate. In Kinglake West, land costs are the lowest at $260 per square metre, while Heathcote Junction costs $271.

Suburbs in the Dandenong Ranges came in at the better value for money price bracket. Slightly above the cost of the lowest price per square metre, however much closer to the Melbourne CBD being just a 50-minute drive (approximately) and still significantly lower pricing than inner-city suburbs.

Below are a list of local hills suburbs and the average price per square metre.

Emerald - $465 per square metre

Cockatoo - $421 per square metre

Gembrook - $446 per square metre

Selby - $404 per square metre

Belgrave - $721 per square metre

Upwey - $762 per square metre

Monbulk - $593 per square metre

Olinda - $477 per square metre

If you are in the race for space, head to our website Click Here where you will find amazing properties with great value for money, alternatively contact our office on 9754 6111 to speak to one of our agents!

To view the interactive map with all suburb prices per square metre across Victoria, please click the below link.

Melbourne property: Most expensive suburbs per square metre to buy a house (theage.com.au)