Ten of Melbourne's most expensive suburbs

Updated 23 May 2024

Melbourne, the vibrant capital of Victoria, is known for its thriving real estate market. Within this beautiful city, there are several suburbs that stand out for their luxury and high property values.

Whether you are a homebuyer or a real estate investor, the most expensive suburbs in Melbourne have only the best for your sophisticated taste. From the world-class architecture in Toorak to the tree-lined streets of Middle Park, Melbourne opens its doors to the upper class and the elite.

If you are a mortgage agent or a real estate broker, consider sharing this with your clients. This article ranks Melbourne’s priciest suburbs and will help determine their choice of a wealthy location for a new home or real estate investment.

The top 10 most expensive suburbs in Melbourne

Melbourne offers a range of high-end and affluent suburbs for those who can spend more than the average property price. Let's look at the capital’s most expensive suburbs:

1. Toorak

Median house price: $5.18 million
Average rental price: $1,250

The most expensive suburb in Melbourne is Toorak. Located just a few kilometres southeast of the city centre, it consistently tops the list. Skyrocketing house prices also make Toorak one of the costliest suburbs in Australia.

To describe the suburb of Toorak is to talk about wealth and privilege. The median house price here is a whopping $5.18 million, the highest property value in Melbourne. As expected, living in Toorak can be expensive.

Toorak Road is the main street in this suburb. This is also where you will find an affluent commercial area known as Toorak Village. Famous personalities, politicians, and athletes have also made Toorak their residence. Some of them are:

• Nathan Buckley
• Lleyton Hewitt
• Ted Baillieu
• Lydia “Tina” Arena

Want to explore the wealthy roads of Melbourne’s priciest suburb? Watch this walking tour video of Toorak and see some of its grandest mansions and leafy streets:

Ever wonder why cost of living in Australia is so high? Read our article to find out.

2. Kooyong

Median house price: $3.4 million
Average rental price: $900

Closely following behind is Kooyong. It is located in the City of Stonnington local government area, about 7 kilometres southeast of Melbourne's Central Business District (CBD). If you want to buy a property or live here, you need a jaw-dropping amount of $3.4 million.

Despite not being officially in Kooyong, the Kooyong Stadium and Kooyong Lawn Tennis Club both took their names from this wealthy suburb.

3. East Melbourne

Median house price: $3.36 million
Average rental price: $1,050

With a median house price of $3.36 million, East Melbourne takes the no. 3 spot among the most expensive suburbs in Melbourne. The most attractive element of this suburb is its open green areas. About 41% of East Melbourne’s land area is considered public parkland. These gardens also carry historical bearings since some of them were constructed during the Victorian era. East Melbourne’s gardens include:

• Yarra Park
• Parliament Gardens
• Fitzroy Gardens
• Treasury Gardens

The transportation system is also up to par in East Melbourne. Residents and tourists can ride the tram on Wellington Parade and Victoria Parade if they want to go to the capital’s CBD.

Photo caption: East Melbourne’s Yarra River in the foreground with cars and the city buildings in the background

4. Canterbury

Median house price: $3.26 million
Average rental price: $1,150

Situated in Melbourne's eastern suburbs, Canterbury is a suburb known for its elegance and sophistication. This is mainly the reason why it ranks in the fourth spot of the most expensive suburbs in Melbourne. There are also numerous tree-lined streets and green boulevards in this suburb.

The famed Golden Mile can be found in Canterbury's Mont Albert Road. It's an area filled with huge oak trees, luxurious mansions, and is known to be the residence of many business leaders and politicians.

In addition, there are also educational institutions to choose from:

• Canterbury Primary School
• Strathcona Baptist Girls' Grammar School
• Canterbury Girls' Secondary College

5. Brighton

Median house price: $3.09 million
Average rental price: $1,300

Taking fifth place is Brighton. This prominent suburb is rich in scenic landmarks and tourist destinations. It also promotes outdoor activities and sports. As such, there are many sports club found in Brighton:

• Cluden Cricket Club
• Old Brighton Grammarians Amateur Football Club
• Bayside Cougars Hockey Club
• Brighton Soccer Club
• East Brighton United Soccer Club

Brighton’s grand mansions also attract wealthy residents who want both privacy and proximity to the city. Some of the elite and notable personalities who lived here are:

• Wasim Akram
• Marcus Bastiaan
• James Brayshaw
• Eric Bana
• Brendan Fevola
• Danny Frawley

One of the most well-known tourist spots in this suburb is Dendy Street Beach, located south of Middle Brighton. It gained popularity because of its 82 colorful bathing boxes. These small structures have retained their Victorian architecture thanks to a Planning Scheme Heritage Overlay by the Bayside City Council. It is also prohibited to renovate or alter these bathing boxes.

Photo caption: A group of tourists relaxing near the famous Bathing Boxes of Brighton

6. Malvern

Median house price: $3.0 million
Average rental price: $1,000

Malvern lands at no. 6 of the most expensive suburbs in Melbourne. This is an affluent suburb known for its elegant homes, green spaces, and vibrant shopping districts. Victorian architecture is also prevalent in many of the properties here. For shoppers, Malvern offers its renowned commercial site, Malvern Central. As for Malvern’s educational centres, some prominent ones are:

• De La Salle College, Malvern
• Malvern Primary School
• St Joseph's Primary School Malvern
• Malvern Central School

7. Balwyn

Median house price: $3.0 million
Average rental price: $895

Up next is Balwyn, the seventh most expensive suburb in Melbourne. With a median price of $3 million, it is unsurprising that this suburb is a regular at Melbourne's most exclusive and affluent suburbs. Plus, its excellent transportation system delights both residents and tourists. They benefit from convenient transportation options such as buses and trams, which provide hassle-free connections.

Another reason for its high property and rental prices is the educational institutions in the area. These are two of Balwyn’s famous schools:

• Fintona Girls' School
• Balwyn High School

Trivia: Maranoa Gardens, Australia's first botanical garden dedicated to indigenous flora, is in Balwyn.

Photo caption: the cone-shaped Banksia that blooms in autumn is one of Melbourne’s native flowers

8. Kew

Median house price: $2.74 million
Average rental price: $950

Located just 5 kilometres east of Melbourne's CBD, Kew is another affluent suburb known for its tree-lined streets and houses styled in Victorian and Edwardian architecture.

From 1860 to 1994, Kew was a city in its own right. In 1994, Kew, Camberwell, and Hawthorn were merged to create the City of Boroondara.

Properties in Kew attract homebuyers and property investors alike due to their historical styles. This suburb has green spaces for outdoor activities like walking, biking, exercising, and the like. Kew also has several places for athletes and sports enthusiasts. Sports areas in Kew include:

• Green Acres Golf Club
• Kew Golf Club
• Studley Park Par 3 Golf Course
• Kew Football Club
• Kew Cricket Club

9. Camberwell

Median house price: $2.46 million
Average rental price: $950

At. no. 9 is Camberwell, a suburb characterised by its excellent schools, bustling shopping areas, and attractive residential streets. This suburb is home of the famous Burke Road shopping strip.

Camberwell boasts a combination of well-preserved period mansions and contemporary residences. It also has numerous green spaces, public parks, and playgrounds, including:

• Fordham Gardens
• Cooper Reserve
• Bowen Gardens
• Lynden Park
• Highfield Park
• Riversdale Park
• Willison Park

10. Middle Park

Median house price: $2.29 million
Average rental price: $950

Middle Park is the tenth most expensive suburb in Melbourne. You can find Middle Park in Victoria, south of Melbourne's Central Business District. This suburb is known for its stunning residential roads and properties designed with Victorian architecture.

An ideal place for swimmers and beach lovers, Middle Park is close to the popular beachfront area of Port Phillip Bay.

Middle Park is also near Albert Park, a large public park that borders the suburb to the east. Albert Park is home to the famous Albert Park Lake, known for its scenic walking and cycling tracks, as well as being the venue for the Formula 1 Australian Grand Prix.

Getting ready to move to any of the most expensive suburbs in Melbourne? Watch this video about what you need to know before making the move:

Curious about high-end cities in other parts of the country? Here’s a list of the most expensive cities to live in Australia.

Which Melbourne suburbs are going up in value?

Aside from the luxurious suburbs listed above, there are others in Melbourne with increasing property prices. Below are some of them, ranked based on their quarterly and annual growth in home values:

Elsternwick

• Median house price: $2,110,000
• Quarterly growth: 11.98%           
• Annual growth: 20.83%

Caulfield

• Median house price: $1,786,000
• Quarterly growth: 5.78%
• Annual growth: 8.82%

Surrey Hills

• Median house price: $2,375,000
• Quarterly growth: 0.00%
• Annual growth: 4.16%

Mordialloc

• Median house price: $1,330,000
• Quarterly growth: 0.00%
• Annual growth: 4.16%

Sandringham

• Median house price: $2,021,000
• Quarterly growth: -0.51%
• Annual growth: 2.63%

The numerical values used in this article are from Metropole and Property Update.

Why live in one of the most expensive suburbs in Melbourne?

Melbourne is consistently ranked among the top cities in the world in terms of quality of life. The suburbs here offer excellent healthcare facilities, well-developed public transportation systems, and low crime rates. There is also access to prestigious educational institutions and top-ranked research centres. Other than these, Melbourne also promotes:

Diversity

Melbourne is Australia's cultural capital. The city is known for embracing different cultures and being inclusive. As such, people from all walks of life can feel at home. This diversity is celebrated in Melbourne through numerous community events and cultural festivals.

International cuisine

For foodies, international cuisine can also be found in restaurants and food hubs within the city. Through food, Melbourne produces an environment of understanding and appreciation for different traditions around the globe.

Appreciation for the arts

Victoria’s capital also promotes creativity and artistic pursuits. The city hosts numerous arts festivals throughout the year, such as White Night Melbourne, a light festival held yearly. It highlights tourist landmarks for the arts like the National Gallery of Victoria, Arts Centre Melbourne, and the Australian Centre for the Moving Image.

Photo caption: A colourful design is projected on the facade of an historic building as part of White Night Melbourne

Buying property in the most expensive suburbs in Melbourne

For those who are interested to buy and invest in real estate properties in Australia, finding the most expensive suburbs in Melbourne is a must. Each suburb’s unique topography, tourist spots, and overall quality of life drive up the property prices. If that’s not enough, the values above also guarantee a quicker return on investment.

By looking at these luxurious suburbs, property buyers will be able to find a place that offers a comfortable living experience without compromising on the standard of living. This can also help you find the perfect location that suits your unique needs and expensive tastes.

Have you decided to buy a house in one of Melbourne’s costliest suburbs? Check out our Best in Mortgage page. Here, you will find the best mortgage brokers, real estate agents, and mortgage lenders that can help you in purchasing your chosen property.

Which is your favourite among Melbourne’s most expensive suburbs listed here? Share your thoughts below.