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The data analysis compared suburb median house prices to the median house price for each of the statistical area level 1 (SA1) zones that suburbs are split into. SA1 areas are defined by the Australian Bureau of Statistics as micro suburbs made up of 200-800 people and are commonly used to analyse census data. Property researchers can use an interactive map to hunt down the cheapest pockets of their most sought-after suburbs. Richmond’s cheapest SA1 zones are around Hoddle St and Victoria St, where the median house price is as low as $920,000 — compared with a suburb median of $1,252,500. At the other end of the pricing spectrum, halfway up Richmond Hill between Swan St and Bridge Rd the median house price hits $2,747,500 in one of the SA1 areas. In Toorak, there are no surprises that the most expensive area is next to the Yarra in the precinct surrounding St Georges Rd. The median house price in that pocket hits a whopping $12.04 million, compared with Toorak’s median of $4.65 million. There are cheaper options by Toorak’s standard along the train line around Williams Rd and Malvern Rd, where the median house price drops to $2.8 million in one SA1 zone. Albion’s cheapest area is close to Ballarat Rd, where the median is $531,000, compared with the suburb’s $700,000, according to the data. Meanwhile, a collection of SA1 zones on Reservoir’s northern fringe provide a cheaper entry point to the sprawling northern ‘burb. Realestate.com.au chief economist Nerida Conisbee said being on the edge of a suburb, away from water or on a main road could make an area cheaper.
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