Melbourne is famous in Australia for its rich culture, beautiful architecture, and grande lifestyle. So we understand why you’re wondering which are the richest suburbs in Melbourne.
The growing economy has made it one of the most expensive cities in Australia – Victoria is even one of the richest states in Australia.
So, of course, this city has the most luxurious suburbs with the highest median house prices. The houses can be found on the most expensive streets in Melbourne, with sales prices reaching $80 million.
This article uncovers the five most expensive suburbs in Melbourne and the factors that make them worthy of the title.
Here’s a quick snapshot of the suburbs we are going to explore:
| Suburb | Median House Price | Median Unit Price | Median House Rent | Median Unit Rent |
|---|---|---|---|---|
| Toorak | $4.85 million | $940,000 | $1,500 per week | $595 per week |
| East Melbourne | $3.75 million | $695,000 | $1,200 per week | $580 per week |
| Kooyong | $3.68 million | $1.25 million | $1,425 per week | Not Specified |
| Brighton | $3.1 million | $1.23 million | $1,400 per week | $700 per week |
| Canterbury | $3.2 million | $1.015 million | $1,165 per week | $600 per week |
| Balwyn | $2.982 million | $982,000 | $950 per week | $595 per week |
| Middle Park | $2.8 million | $695,000 | $950 | $582 |
1. Toorak
- Median unit price: $4.85 million
- Median unit price: $9,400
- Median house rent: $1,500
- Median unit rent: $595
While looking for the most exclusive properties and affluent suburbs in Melbourne, you may have found the name Toorak. The most expensive house in Toorak sold for an eye-watering $80 million in 2021 – talk about luxury!
Even with Toorak’s house price growth down by over 14% in the past 12 months, it’s still the richest suburb in Melbourne.
This area is located 5 kilometres southeast of the city centre. You would find the most affluent neighbourhoods in this region because of their luxurious properties and peaceful tree-lined streets.
Toorak is also the closest suburb to Melbourne CBD with the highest property prices.
The average population of this region is around 13,000 and it consists of 245 houses and 204 units.
In the last few months, the highest sale price was $12,100,000 in this suburb. Still undefeated by the $80 million sale in 2021.
While Toorak isn’t the most expensive suburb in Australia (hint: it’s in Sydney), it’s certainly up there!
Explore more properties for sale in Toorak VIC.
2. East Melbourne
- Median house price: $3.75 million
- Median unit price: $695,000
- Median house rent: $1,200
- Median unit rent: $580
East Melbourne is also a luxury real estate in the region with higher median prices. You can enjoy the greenery and parks in this region while living a city lifestyle.
It has the city’s oldest apartments and Victorian homes which are owned by older families and couples.
It is one of the exclusive suburbs in the Melbourne property market, located 2 kilometres away from the CBD and still maintaining the history of Grand Victorian Terraces which increases the cost significantly.
You would also find Melbourne’s oldest apartments here which are more expensive than nearly every other suburb in this region.
Like the sound of that? Explore more properties for sale in East Melbourne VIC.
3. Kooyong
- Median house price: $3.68 million
- Median unit price: $1.25 million
- Median rent: $1,425
Kooyong, perched mere kilometers from Melbourne’s bustling heart, embodies understated elegance and affluence.
Often considered one of Melbourne’s most expensive and prestigious suburbs, it offers a unique blend of leafy serenity, sporting heritage, and proximity to the city’s vibrant core.
Grandeur defines Kooyong’s housing landscape. Expansive, architecturally significant homes often exceeding $3 million dominate the market, with pockets like Kooyong Park boasting magnificent estates.
Some of the best schools in Melbourne are in Kooyong like The Knox School and Melbourne Girls Grammar School attract discerning families seeking exceptional academic opportunities. Glen Waverley Secondary College offers a highly regarded public option.
4. Brighton
- Median house price: $3.1 million
- Median unit price: $1.23 million
- Median house rent: $1,400
- Median unit rent: $700
While Toorak holds its place as the most expensive suburb, Brighton also made its place in the list of expensive suburbs during the same period.
Brighton is located 11 kilometres away from the CBD. This region is famous for its luxury properties and beaches from the Victorian and Gregorian eras.
It is the 4th most expensive suburb of Melbourne and has been named after the seaside town in England.
Brighton provides high-grade properties for young families making their investments a source for wealth creation.
Explore more properties for sale in Brighton VIC.
5. Canterbury
- Median house price: $32 million
- Median unit price: $1.015 million
- Median house rent: $1,165
- Median unit rent: $600
Canterbury, nestled about 10km east of Melbourne’s bustling CBD, exudes an air of refined affluence. Often dubbed “Toorak of the east,” it boasts grand historic homes, prestigious schools, and leafy streetscapes, attracting those seeking a sophisticated suburban haven.
Canterbury’s housing market is dominated by sprawling, architecturally significant homes, frequently exceeding $3 million. The “Golden Mile,” comprising grand residences, sets the benchmark for exclusivity.
Check out more properties for sale in Canterbury VIC.
6. Balwyn VIC
- Median house price: $2.982 million
- Median unit price: $982,000
- Median house rent: $1950
- Median unit rent: $595
Balwyn, VIC, is a highly desirable suburb, known for its charm and strong community vibe. With leafy streets, lovely parks, and top-notch schools, it’s a place where families thrive.
The area offers a great mix of convenience, with easy access to the CBD and a lively local shopping scene. Balwyn’s appeal is also reflected in its beautiful homes and steady property values, making it a hotspot for those looking for a premium lifestyle.
It’s no wonder Balwyn is considered one of Melbourne’s wealthiest suburbs, attracting people who value both comfort and connection.
Check out more properties for sale in Balwyn VIC.
7. Middle Park
- Median house price: $2.8 million
- Median unit price: $695,000
- Median house rent: $950
- Median unit rent: $580
If you are looking for a bayside suburb, Middle Park is the best option for you. It offers historic residences, lush gardens, boutique shopping, and open spaces.
Known for its picturesque streets, heritage homes, and proximity to Melbourne CBD, it’s a highly desirable suburb. With excellent public transport, green spaces, and a vibrant community, Middle Park ranks high in liveability for both families and professionals.
The area has development restrictions that have driven up the cost of houses and units making it high on the list of the most expensive Melbourne neighbourhoods.
Explore more real estate for sale in Middle Park VIC.
Melbourne’s Property Market: Looking Ahead
As Melbourne’s property market continues to evolve, these suburbs remain at the forefront of luxury living in Australia. With their blend of historical charm, modern elegance, and unparalleled luxury, they offer a glimpse into the lifestyle of Australia’s wealthiest individuals.
Whether it’s the exclusive properties of Toorak, the seaside grandeur of Brighton, or the leafy tranquility of Kooyong, Melbourne’s luxury suburbs are in a league of their own.
Suggested Reading: While you’re at it, you might want to find out where the most expensive house in Melbourne is.
FAQs on the Richest Suburbs in Melbourne
Where is the richest place in Melbourne?
Toorak suburb has been considered the richest place in Melbourne, Australia. The annual reports have shown the highest median house price in the capital.
Which suburb is best to live in Melbourne?
Many suburbs in Melbourne provide high-quality life. But if we talk about family living, Coburg, Mount Waverley, and Hampton are the best suburbs to live in Melbourne.
What is the richest street in Melbourne?
Lansell Road in Toorak has been recorded as the most expensive street in Melbourne as it was sold for $43.1 million.
