The 6 Richest Suburbs in Melbourne Revealed

March 31, 2024
richest suburbs in melbourne

Key takeaways:

  1. Toorak, with a median house price of $5.19 million, is Melbourne’s most luxurious suburb, known for its exclusive properties and close proximity to the CBD.
  2. Melbourne’s affluent suburbs like East Melbourne, Brighton, and Canterbury offer a blend of historical charm and modern luxury, with properties reaching up to $3.34 million.
  3. The real estate market in Melbourne showcases a diverse range of luxury living options, from seaside grandeur in Brighton to the leafy tranquility of Kooyong, catering to the lifestyle of Australia’s wealthiest.

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 and Victoria is 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:

SuburbMedian House PriceMedian Unit PriceMedian House RentMedian Unit Rent
Toorak$5.19 million$953,000$1,297 per week$575 per week
East Melbourne$3.5 million$740,000$1,100 per week$565 per week
Kooyong$3.4 million$1.1 million$800 per weekNot Specified
Brighton$3 million$1.36 million$1,200 per week$590 per week
Canterbury$3.34 million$1.36 million$1,200 per week$590 per week
Middle Park$2.5 million$710,000$1,090 per week$550 per week

1. Toorak

House for sale in Hawksburn, Toorak
  • Median unit price: $5.19 million
  • Median unit price: $953,000
  • Median house rent: $1,297
  • Median unit rent: $575

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.

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.

The median house price in Toorak is $5.19 million and the rent cost per week is almost $1,025. Toorak is 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. The unit prices revolve around $959,000 with the average rent per week for units being $495. In the last few months, the highest sale price was $12,100,000 in this suburb. Still undefeated by the $80 million in 2021.

While Toorak isn’t the most expensive suburb in Australia, it’s certainly up there!

Explore more real estate in Toorak VIC.

2. East Melbourne

Apartment for sale in East Melbourne

  • Median house price: $3.5 million
  • Median unit price: $740,000
  • Median house rent: $1,100
  • Median unit rent: $565

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 with a median house price of about $3.65 million and a median unit price of $872,000.

If you want to know the average weekly rent for units, it is $495 a week. Moreover, the rent cost for houses is more and revolves around $997 a week according to the property values.

East Melbourne is located 2 kilometres away from the CBD having Grand Victorian Terraces which increases the cost significantly. Moreover, you would also find Melbourne’s oldest apartments which are more expensive than nearly every other suburb in this region.

Explore more real estate in East Melbourne VIC.

3. Kooyong

House for sale in Kooyong VIC
  • Median house price: $3.4 million
  • Median unit price: $1.1 million 
  • Median rent: $800

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

House for sale in Brighton
  • Median house price: $3 million
  • Median unit price: $1.36 million 
  • Median house rent: $1,200
  • Median unit rent: $590

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.

The average rent cost at Brighton is $1,200 per week with a median house price sitting at $3.24 million.

The median unit price has reached $1.25 million and the average rent is $595 per week for units. 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 fourth 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 real estate in Brighton VIC.

5. Canterbury

House for sale in Canterbury VIC
  • Median house price: $3.34 million 
  • Median unit price: $1.36 million 
  • Median house rent: $1,200
  • Median unit rent: $590

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 real estate for sale in Canterbury VIC.

6. Middle Park

House for sale in Middle Park
  • Median house price: $2.5 million 
  • Median unit price: $710,000
  • Median house rent: $1,090
  • Median unit rent: $550

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.

The housing market of Middle Park provides investment-grade property. However, you should look for strategic property advice from an experienced investor or follow strategically tailored financial planning for property management.

The median prices represent a 2.9% decrease in house prices and a 36.3% unit price fall in the past year.

However, the median price for houses is $2.80 million and the median unit price is $755,000 million.

It is a luxury real estate where the average weekly rent of a median house is $875 and $455 for a unit. The area has development restrictions that have driven up the cost of houses and units.

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.

FAQs on 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.

Soho is your expert team in Australian real estate, offering an innovative platform for effortless property searches. With deep insights into buying, renting, and market trends, we guide you to make informed decisions, whether it's your first home or exploring new suburbs.
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