When it comes to buying a property or investing in real estate, one of the key factors to consider is the location. In Victoria, Australia, the choice of suburb can greatly impact your investment's success. That's why at OpenLot, we are dedicated to providing valuable insights into the Victorian property market to help you make informed decisions. In this report of our VIC Suburb Rankings, we delve into the intriguing intersection of median building costs and building data approval rates.
Understanding the Significance of Building Data Approval
Before we dive into the rankings, let's clarify the importance of building data approval. Building data approval refers to the process through which construction plans are reviewed and approved by local authorities. This crucial step ensures that a construction project complies with all relevant building codes, regulations, and safety standards.
For property buyers and investors, the rate of building data approval can serve as an indicator of the ease and efficiency of construction processes within a particular suburb. High approval rates may suggest a business-friendly environment, while lower rates could signal potential challenges.
The Intersection of Median Building Costs
Median building costs, on the other hand, provide insights into the financial aspects of property development within a suburb. These costs encompass various expenses, including materials, labour, permits, and more. Understanding the median building costs is essential for assessing the financial feasibility of a construction project or property purchase.
Top Victorian Suburbs: High Median Building Costs and Building Data Approval
In our latest report, we have identified the top Victorian suburbs where median building costs are highest, alongside their corresponding building data approval rates. This information is invaluable for property developers, investors, and homebuyers looking to make data-driven decisions.
Based on VBA data covering the same period from January 2023 to July 2023, this report ranks suburbs based on their approval rates, providing valuable information for property developers and investors.
| Suburb | Median Building Cost | Median Building Size (m2) | Single Storey Percentage | Double Storey Percentage | Triple Storey Percentage | Total Permits |
| TARNEIT | $300,211 | 206 | 75% | 24% | 0% | 932 |
| CLYDE NORTH | $338,799 | 213 | 53% | 45% | 0% | 879 |
| FRASER RISE | $326,750 | 210 | 70% | 29% | 0% | 483 |
| WOLLERT | $330,000 | 210 | 66% | 33% | 0% | 446 |
| TRUGANINA | $327,865 | 210 | 62% | 37% | 0% | 445 |
| BEVERIDGE | $305,089 | 206 | 83% | 15% | 0% | 416 |
| DEANSIDE | $320,000 | 212 | 68% | 32% | 0% | 381 |
| DONNYBROOK | $299,590 | 197 | 74% | 26% | 0% | 379 |
| SUNBURY | $330,686 | 233.5 | 60% | 32% | 0% | 330 |
| WYNDHAM VALE | $297,710 | 193 | 74% | 25% | 0% | 327 |
| CLYDE | $308,156 | 209 | 63% | 36% | 0% | 303 |
| ARMSTRONG CREEK | $308,878 | 204 | 78% | 21% | 0% | 294 |
| WERRIBEE | $332,495 | 221 | 54% | 43% | 1% | 285 |
| OFFICER | $297,900 | 210 | 53% | 46% | 0% | 279 |
| STRATHTULLOH | $300,000 | 208 | 76% | 23% | 0% | 251 |
| MOUNT DUNEED | $311,416 | 205 | 77% | 22% | 0% | 244 |
| BERWICK | $403,713 | 228 | 25% | 72% | 1% | 235 |
| KALKALLO | $290,000 | 190 | 65% | 33% | 0% | 227 |
| GREENVALE | $375,000 | 246 | 47% | 50% | 0% | 219 |
| MICKLEHAM | $315,262 | 210 | 70% | 30% | 0% | 217 |
| LARA | $320,413 | 236 | 79% | 19% | 0% | 211 |
| LUCAS | $352,234 | 238 | 91% | 9% | 0% | 207 |
| BONNIE BROOK | $375,592 | 229 | 53% | 45% | 0% | 205 |
| CHARLEMONT | $290,644 | 197 | 88% | 10% | 0% | 197 |
| ROCKBANK | $306,875 | 188 | 66% | 34% | 0% | 194 |
| WEIR VIEWS | $294,813 | 203 | 91% | 9% | 0% | 173 |
| PAKENHAM | $290,899 | 217 | 85% | 13% | 0% | 169 |
| WINTER VALLEY | $322,342 | 213.5 | 96% | 2% | 0% | 166 |
| THORNHILL PARK | $289,556 | 172 | 71% | 29% | 0% | 156 |
| MANOR LAKES | $341,380 | 239 | 56% | 42% | 0% | 151 |
| MAMBOURIN | $324,721 | 217.5 | 77% | 23% | 0% | 144 |
| JUNCTION VILLAGE | $334,885 | 214 | 72% | 28% | 0% | 137 |
| GISBORNE | $395,132 | 280 | 73% | 13% | 0% | 135 |
| HUNTLY | $321,146 | 210.5 | 95% | 1% | 0% | 134 |
| CRANBOURNE EAST | $266,523 | 184 | 83% | 15% | 0% | 132 |
| EYNESBURY | $324,000 | 204 | 91% | 9% | 0% | 127 |
| DROUIN | $319,907 | 247.5 | 95% | 5% | 0% | 118 |
| CRAIGIEBURN | $350,000 | 205 | 46% | 50% | 2% | 117 |
| GLEN WAVERLEY | $1,021,869 | 520 | 4% | 91% | 3% | 117 |
| WARRNAMBOOL | $397,371 | 239 | 86% | 11% | 2% | 108 |
| KILMORE | $280,969 | 238.5 | 81% | 12% | 0% | 90 |
| YARRAWONGA | $410,438 | 269 | 90% | 6% | 0% | 90 |
| WALLAN | $290,000 | 205 | 89% | 9% | 0% | 89 |
| BENTLEIGH EAST | $1,119,100 | 507 | 9% | 83% | 5% | 87 |
| OCEAN GROVE | $519,214 | 283 | 65% | 29% | 2% | 85 |
| MERNDA | $337,918 | 214 | 77% | 22% | 0% | 78 |
| MOUNT WAVERLEY | $816,638 | 509.5 | 8% | 88% | 1% | 78 |
| DIGGERS REST | $299,237 | 203 | 86% | 12% | 0% | 74 |
| MADDINGLEY | $355,925 | 240 | 69% | 27% | 0% | 74 |
| MELTON SOUTH | $287,372 | 208 | 91% | 8% | 0% | 74 |
| BROOKFIELD | $281,372 | 200 | 95% | 5% | 0% | 73 |
| CRANBOURNE SOUTH | $316,755 | 175 | 39% | 61% | 0% | 72 |
| WARRAGUL | $314,821 | 238.5 | 89% | 8% | 0% | 72 |
| DARLEY | $333,833 | 210 | 74% | 12% | 0% | 66 |
| MILDURA | $358,935 | 230.5 | 92% | 8% | 0% | 64 |
| BARANDUDA | $366,611 | 244 | 94% | 2% | 0% | 63 |
| BROADMEADOWS | $270,030 | 224 | 14% | 46% | 40% | 63 |
| LILYDALE | $402,584 | 274 | 54% | 40% | 3% | 63 |
| STRATHFIELDSAYE | $332,878 | 280 | 79% | 3% | 0% | 62 |
| BRIGHTON | $2,122,533 | 525 | 11% | 54% | 16% | 61 |
| KIALLA | $457,490 | 312 | 95% | 3% | 0% | 61 |
| ST LEONARDS | $418,019 | 254.5 | 65% | 30% | 2% | 60 |
| RESERVOIR | $722,000 | 381 | 33% | 56% | 9% | 57 |
| AINTREE | $378,700 | 195 | 9% | 91% | 0% | 54 |
| BOTANIC RIDGE | $434,189 | 276.5 | 72% | 26% | 0% | 54 |
| DONCASTER EAST | $985,000 | 552.5 | 7% | 83% | 9% | 54 |
| CARRUM DOWNS | $302,104 | 174 | 13% | 47% | 38% | 53 |
| DONCASTER | $993,025 | 523.5 | 4% | 67% | 21% | 52 |
| GLEN IRIS | $1,022,872 | 361 | 21% | 56% | 12% | 52 |
| MALVERN EAST | $1,199,982 | 335.5 | 19% | 69% | 4% | 52 |
| PRESTON | $586,684 | 304.5 | 35% | 58% | 4% | 52 |
| TORQUAY | $505,352 | 254 | 44% | 56% | 0% | 52 |
| TRARALGON | $299,694 | 231.5 | 81% | 6% | 0% | 52 |
| CRANBOURNE | $321,035 | 204 | 45% | 53% | 0% | 51 |
| POINT LONSDALE | $503,004 | 268 | 47% | 41% | 0% | 51 |
| RYE | $500,000 | 274 | 55% | 33% | 2% | 51 |
| SALE | $360,000 | 247 | 76% | 8% | 0% | 51 |
| SEYMOUR | $307,950 | 224 | 82% | 10% | 0% | 51 |
| THOMASTOWN | $346,100 | 163 | 6% | 92% | 2% | 51 |
| SHEPPARTON | $352,749 | 246 | 96% | 2% | 0% | 49 |
| NARRE WARREN SOUTH | $264,044 | 169 | 27% | 73% | 0% | 48 |
| WANGARATTA | $375,085 | 245.5 | 75% | 13% | 0% | 48 |
| BALWYN NORTH | $1,006,602 | 527 | 6% | 83% | 6% | 47 |
| COBURG | $702,025 | 317 | 34% | 47% | 9% | 47 |
| FYANSFORD | $428,000 | 288 | 43% | 55% | 0% | 47 |
| LEOPOLD | $359,878 | 256 | 85% | 13% | 0% | 47 |
| TOORAK | $2,350,766 | 571 | 9% | 17% | 19% | 47 |
| ALFREDTON | $349,112 | 233 | 89% | 9% | 0% | 46 |
| CHELTENHAM | $559,658 | 296 | 28% | 59% | 0% | 46 |
| MOOROOPNA | $301,019 | 205 | 98% | 0% | 0% | 46 |
| BURNSIDE | $500,000 | 261 | 31% | 69% | 0% | 45 |
| INVERLOCH | $496,566 | 288 | 56% | 42% | 0% | 45 |
| KYNETON | $405,467 | 274 | 60% | 9% | 0% | 45 |
| ARARAT | $326,160 | 222.5 | 98% | 0% | 0% | 44 |
| BANNOCKBURN | $132,133 | 261 | 93% | 2% | 0% | 44 |
| COBBLEBANK | $335,700 | 201 | 95% | 5% | 0% | 44 |
| BENALLA | $308,562 | 232 | 95% | 2% | 0% | 43 |
| ESSENDON | $903,174 | 446 | 9% | 72% | 7% | 43 |
| MOUNT ELIZA | $700,000 | 320 | 58% | 33% | 0% | 43 |
| ROSEBUD | $446,492 | 250 | 30% | 58% | 0% | 43 |
| BALWYN | $1,200,000 | 546 | 5% | 79% | 10% | 42 |
| CROYDON | $539,059 | 284 | 33% | 64% | 0% | 42 |
| KEILOR EAST | $700,000 | 441 | 17% | 81% | 0% | 42 |
| MULGRAVE | $656,276 | 349.5 | 10% | 90% | 0% | 42 |
| NEW GISBORNE | $358,950 | 225 | 79% | 10% | 0% | 42 |
| PASCOE VALE | $700,000 | 442 | 17% | 81% | 2% | 42 |
| ST HELENA | $333,651 | 214 | 0% | 100% | 0% | 41 |
| FERNTREE GULLY | $475,518 | 279 | 35% | 55% | 0% | 40 |
| BEAUMARIS | $895,866 | 394 | 18% | 72% | 5% | 39 |
| GLENROY | $650,000 | 358 | 36% | 64% | 0% | 39 |
| DROMANA | $536,121 | 290 | 13% | 82% | 0% | 38 |
| FRANKSTON | $559,825 | 283 | 29% | 45% | 8% | 38 |
| HAMPTON | $1,118,326 | 434.5 | 21% | 68% | 5% | 38 |
| WHEELERS HILL | $916,279 | 509 | 0% | 87% | 3% | 38 |
| CAMBERWELL | $1,280,000 | 500 | 19% | 49% | 14% | 37 |
| MOUNT MARTHA | $696,900 | 289 | 30% | 62% | 3% | 37 |
| NEWPORT | $400,000 | 293 | 32% | 57% | 0% | 37 |
| NEWTOWN | $600,000 | 272 | 46% | 41% | 0% | 37 |
| ST ALBANS | $690,000 | 414 | 19% | 62% | 3% | 37 |
| ALTONA NORTH | $775,000 | 430 | 25% | 75% | 0% | 36 |
| BACCHUS MARSH | $370,013 | 291 | 67% | 25% | 0% | 36 |
| CHURCHILL | $277,506 | 209.5 | 86% | 6% | 0% | 36 |
| ECHUCA | $389,347 | 293.5 | 67% | 3% | 0% | 36 |
| KEW | $1,413,132 | 413 | 8% | 44% | 33% | 36 |
| POINT COOK | $459,777 | 274.5 | 31% | 58% | 0% | 36 |
| WEST WODONGA | $311,508 | 180 | 86% | 3% | 0% | 36 |
| HIGHTON | $686,477 | 343 | 31% | 46% | 6% | 35 |
| SAN REMO | $534,928 | 312 | 29% | 63% | 0% | 35 |
| HAWTHORN | $2,229,949 | 363.5 | 12% | 56% | 15% | 34 |
| MORNINGTON | $1,175,050 | 509 | 21% | 59% | 12% | 34 |
| ROWVILLE | $548,377 | 321.5 | 26% | 65% | 0% | 34 |
| SEAFORD | $451,622 | 322.5 | 29% | 59% | 6% | 34 |
| BENTLEIGH | $660,000 | 338 | 21% | 64% | 0% | 33 |
| BOX HILL NORTH | $867,149 | 487 | 9% | 88% | 3% | 33 |
| BRIGHTON EAST | $658,654 | 284 | 15% | 70% | 6% | 33 |
| ALTONA | $754,160 | 407.5 | 13% | 78% | 6% | 32 |
| CASTLEMAINE | $309,940 | 206 | 81% | 6% | 0% | 32 |
| COWES | $423,423 | 260.5 | 59% | 41% | 0% | 32 |
| FAWKNER | $536,262 | 347 | 44% | 53% | 0% | 32 |
| HAMILTON | $281,378 | 216 | 88% | 3% | 0% | 32 |
| INVERLEIGH | $293,376 | 288 | 97% | 3% | 0% | 32 |
| THORNBURY | $641,544 | 241 | 31% | 63% | 0% | 32 |
| CARDIGAN | $530,626 | 339 | 90% | 3% | 0% | 31 |
| HEATHCOTE | $270,000 | 271 | 87% | 3% | 0% | 31 |
| LENEVA | $371,695 | 248 | 100% | 0% | 0% | 31 |
| SORRENTO | $1,357,389 | 394 | 16% | 71% | 6% | 31 |
| SOUTH MORANG | $278,252 | 209 | 35% | 58% | 3% | 31 |
| TEESDALE | $429,298 | 307 | 97% | 0% | 0% | 31 |
How to Utilise This Information
Now that we've unveiled the top Victorian suburbs with the highest median building costs and their corresponding building data approval rates, it's time to consider how you can leverage this information:
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Risk Assessment: For property developers and investors, a thorough understanding of building data approval rates can help assess the potential risks and delays associated with construction projects in specific suburbs.
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Cost-Benefit Analysis: Balancing median building costs with building data approval rates is essential. This analysis can guide decisions about where to invest or build.
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Market Diversification: Diversifying your property portfolio across suburbs with varying characteristics can be a smart strategy. Use this report to identify suburbs that align with your investment goals.
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Long-Term Planning: Consider the growth potential of suburbs with high approval rates and assess how they align with your long-term property investment strategy.
VIC Suburb Ranking Report offers valuable insights into the Victorian property market by examining the intersection of median building costs and building data approval rates. We encourage all property enthusiasts, developers, and investors to explore the full report to gain a deeper understanding of the Victorian suburbs that best suit their needs and objectives.
The information presented in this report empowers you to make informed decisions in a dynamic and ever-changing real estate landscape. As always, OpenLot is committed to providing you with the data and insights you need to succeed in your property endeavours.
Stay tuned for more reports, and let OpenLot be your trusted partner in navigating the vibrant Victorian property market.
