# House prices in DE73 8 (Melbourne)

This article reveals price per square metre data and various charts to help you understand current housing market in Melbourne, Chellaston (DE73 8).

## Defining 'DE73 8'

This analysis is limited to properties whose postcode starts with "DE73 8", this is also called the postcode sector. It is shown in red on the map above. There are no official names for postcode sectors so I've just labelled it Melbourne.

You can click on the map labels to change to a neighbouring sector, or you can enter a different postcode sector (e.g. CM23 4) below.

FYI, a postcode sector is the full postcode without the last two letters.

## Price per square metre

Knowing the average house price in Melbourne is not much use. However, knowing average price per square metre can be quite useful. Price per sqm allows some comparison between properties of different size. We define price per square metre as the sold price divided by the internal area of a property:

£ per sqm = price ÷ internal area
E.g. 33, North Street, Melbourne, Chellaston, sold for £220,000 on Mar-2024. Given the internal area of 63 square metres, the price per sqm is £3,492.

England & Wales have been officially metric since 1965. However house price per square foot is prefered by some estate agents and those of sufficiently advanced age ;-) They may want to convert square meters on this page to square feet.

The chart below is called a histogram, it helps you see the distribution of this house price per sqm data. To make this chart we put the sales data into a series of £ per sqm 'buckets' (e.g. £3,350-£3,500, £3,500-£3,650, £3,650-£3,800 etc...) we then count the number of sales with within in each bucket and plot the results. The chart is based on 134 sales in Melbourne (DE73 8) that took place in the last two years.

##### Distribution of £ per sqm for Melbourne, Chellaston
Distribution of £ per sqm house prices in Melbourne

You can see the spread of prices above. This is because although internal area is a key factor in determining valuation, it is not the only factor. Many factors other than size affect desirability; these factors could be condition, aspect, garden size, negotiating power of the vendor etc.

The spread of prices will give you a feel of the typical range to expect in Melbourne (DE73 8). Of the 134 transactions, half were sold for between £3,080 and £3,840 per square metre. The median, or 'middle', price per square metre in 'DE73 8' is £3,400. Notably, only 25% of properties that sold recently were valued at more than £3,840 sqm. For anything to be valued more than this means it has to be more desireable than the clear majority of homes.

## Price map for Melbourne, Chellaston

Do have a look at the interactive price map I created. I find it useful and I am sure it will help you in exploring Chellaston. You can zoom in all the way to individual properties and then all the way back out to see the whole country. The colours show the current estimated property values.

House price heatmap for Melbourne, Chellaston

## Comparison with neighbouring postcode sectors

The table below shows how 'DE73 8' compares to neighbouring postcode sectors.

Postcode sector Lower quartile Middle quartile Upper quartile
DE73 6 Chellaston £2,590 sqm £2,920 sqm £3,150 sqm
DE73 8 Melbourne £3,080 sqm £3,400 sqm £3,840 sqm
DE73 7 Ticknall £3,220 sqm £3,500 sqm £4,170 sqm
DE73 5 Chellaston £2,360 sqm £2,790 sqm £3,150 sqm

## Will Chellaston house prices drop in 2024?

I cannot tell the future and don't believe anyone who says they can. I can however plot price trends - I have done this in the chart below for DE73 8 (Melbourne) compared with both the wider area DE73 and inflation (CPIH from the Office of National Statistics). The dashed trend lines in the chart show the average over time.

##### Historic price per square metre in Melbourne,Chellaston
House price trends for Melbourne

For the most recent sales activity, rather than a summarized average, it is better to see the underlying data. This is shown in the chart below, where blue dots represent individual sales, click on them to see details. If there is an obvious trend you should be able to spot it here amid the noise from outliers.

##### Most recent DE73 8 sales
Recent trends for Melbourne

Data from Land Registry comes in gradually over time. I update it every month but it takes about 5 months for the majority of sales for Chellaston to be recorded. Disclaimer: I do not verify and cannot guarantee the accuracy of any data shown. Outliers exist in the data, typically these are where the EPC registry records the internal area incorrectly, sometimes although very rarely the Land Registry price paid data can be wrong. The data provided throughout this website about Chellaston and any other area, is not financial advice. Any information provided does not and cannot ever take in to account the particular financial situation, objectives or property needs of either you or anyone reading this information.

## Street level data

Street Avg size Avg £sqm Recent sales
North Street, Melbourne, DE73 8F 75 sqm £2,875 16
Station Road, Melbourne, DE73 8E 86 sqm £3,051 16
Commerce Street, Melbourne, DE73 8F 89 sqm £2,866 12
Castle Mills, Melbourne, DE73 8B 67 sqm £2,381 11
Blanch Croft, Melbourne, DE73 8G 93 sqm £3,364 11
South Street, Melbourne, DE73 8G 93 sqm £3,118 11
The Woodlands, Melbourne, DE73 8D 84 sqm £3,395 10
Derby Road, Melbourne, DE73 8F 90 sqm £2,967 10

## Raw data

Our analysis of Melbourne is derived from what is essentially a big table of sold prices from Land Registry with added property size information. Below are three rows from this table to give you an idea.