10 Most Expensive suburbs in Melbourne
Melbourne is known for its iconic laneways, eclectic nightlife, exciting food and wine, a dynamic arts scene, stunning architecture and more.
With its growing economy, the city has also become home to some of the most luxurious and expensive suburbs in the country.
This article is to give you a look inside Melbourne’s top 10 most expensive suburbs! As well as property comparisons, to show you what is on offer if you are happy to travel the distance. Get your value for money!
Coming in at Number 10 is Balwyn
10km’s east of Melbourne CBD you will find Balwyn, lifestyle is relaxed and the suburb is full of friendly professional and family orientated people.
The median sale price in Balwyn is $2.61 million, with a median rent of $800. Median sale price of units is a massive $1.54 million, rent being $450 per week.
Comparison (Units)
2/38 Northcote Avenue, Balwyn
For Sale - $680,000 - $730,000
3 Bedrooms, 1 Bathroom, 1 Car
View Here
4/13 Vista Court, Gembrook
For Sale - $520,000 - $570,000
2 Bedrooms, 1 Bathroom, 1 Car
View Here
Number 9….
Middle Park, with a median house value of $2.68 million and rent being $895, units’ median sale price $738,000 with rent being $475.
Middle Park is an inner suburb in Melbourne just 5km south of Melbourne CBD. This bayside suburb is truly stunning.
Comparison - Rent
114 Harold Street, Middle Park
For Rent - $900 per week.
3 beds, 2 bath, 1 car, 194m2
View Here
32 View Hill Road, Cockatoo
For Rent - $895 per week.
5 beds, 3 bath, 3 car, 4012m2
View Here
Coming in at number 8 – Camberwell
Camberwell is 9km east of Melbourne’s Central Business District. It offers its own long shopping strip and easy access to the city via tram, making it perfect for young families. The median house price for Camberwell is a whopping $2.73 million & $900,000 for units. The median rent being $850 for a house & $488 for a unit.
Comparison – For Sale
11 Avenue Road, Camberwell
For Sale - $2,800,000 - $3,000,000
4 Bedrooms, 2 Bathrooms, 3 Cars, 813sqm
View Here
98 Harding Road, Macclesfield
For Sale – $2,750,000 - $3,000,000
4 Bedrooms, 3 Bathrooms, 4 Car, 21 Acres
View Here
Depending on your type of lifestyle, if you are willing to travel that extra time you can get a whole lot more value for money!
Malvern is ranked as number 7
8km south-east of Melbourne CBD, you will find Malvern, an elegant Victorian town. Median house value in Malvern is $2.71million, median rent is $890 per week. Whereas units median sale price is $590,000 & median rental return is $423 per week.
Comparison – For Sale
6 Euston Street, Malvern
2 Bedrooms, 1 Bathroom, 218m2
For Sale - $1.4m - $1.54m
View Here
7 Old Gembrook Road, Emerald
5 Bedrooms, 3 Bathrooms, 2 Car, 6561m2
For Sale - $1.45m - $1.59m
View Here
Number 6 – Kew
Just 5km east of Melbourne CBD, a historically affluent suburb, everything, from the homes to the schools, bears the hallmark of wealth and good taste. The house price median being 2.85 million, median rent is $820 p/w.
Units, median sale price is $755,000 & rental median is $460 per week.
Comparison - Rent
25 Pakington Street, Kew
4 Bed, 3 Bath, 3 Car
$2,100 per week
8 Ogilvy Road, Clematis
4 Bed, 2 Bath, 2 Car
Leased for $850 per week
Number 5 … halfway there – Kooyong
Kooyong is a small suburb about 7km south-east of the CBD, filled with apartments, parklands, ovals and fields. The Median house price for Kooyong is $3.2 million. Other data is currently unavailable.
Comparison – For Sale
10 Norford Grove, Kooyong
4 Bed, 2 Bath, 2 Car, 678m2
Sold for $2,780,000 in 2021
View Here
21 Paternoster Road, Emerald
5 Bed, 3 Bath, 8 Car, 40 Acres
Sold for $2,878,500
View Here
Please note this is not a current comparable as these properties were sold in 2021
Brighton is Number 4
The third most expensive suburb in Melbourne, Brighton, is situated 11km away from the CBD. The area is known for its beaches and luxury real estate from the Victorian and Gregorian eras.
The median house price for Brighton is $3.2 million with Median rent being $1000 per week. The median price for units is $1.31 million with the median rent at $580 per week.
Comparison - Rent
3/2 Champion Street, Brighton
$670 per week
2 bed, 2 bath, 1 car
View Here
15 Belgrave-Gembrook Road, Belgrave
$570 per week
4 bed, 1 bath, 2 car
View Here
Number 3 - Canterbury
Canterbury is located 10 km east of the CBD. Canterbury is a residential area situated in Melbourne's middle eastern suburbs well served by the Canterbury railway station. Canterbury also features Boroondara Park and Canterbury Gardens.
The median sale price for a house in Canterbury is $3.36 million, with median rent being $1,100. The Unit median sale price is $865,000, median rent $500 per week.
Comparisons – For Sale
21 Torrington Street, Canterbury
4 Bed, 2 Bath, 3 Car, 690m2
For Sale - $3m - $3.3m
View Here
17 Bellany Road, Belgrave South
4 Bed, 2 Bath, 6 Car, 15 acres
Sold $2.8 million
View Here
Number 2 – East Melbourne
East Melbourne, only 2km from the CBD, is an affluent suburb that gives you the convenience of city living with the added bonus of parks and greenery. Genteel East Melbourne is marked by stately Victorian terraces, art deco buildings and parks.
The house median sale price for East Melbourne is $3.56 million, where as the median sale price for units is $915,000 with the rental median being $450 per week (for units).
Comparison – For Sale
31-33 Albert Street, East Melbourne
$1,800,000 - $1,900,000
4 bed, 2 bath, 10 car, 20 acres
View Here
11 Brodrick Road, Macclesfield
Sold June 2021 - $2,000,000
3 bed, 1 bath, 2 car, 489m2
View Here
NUMBER 1 – TOORAK
Toorak, one of Melbourne’s most exclusive and affluent suburbs, is a long-standing front-runner for property prices so it’s no surprise to see this suburb at the top of the list. Toorak has picturesque historic architecture with abundant contemporary eateries and plenty of designer-label-driven shopping, all within an easy hop of the city. (5km to Melbourne CBD)
The median house sale price in Toorak is a massive $5.55 million and rent is $980 per week. Unit median price is $965,000 with the median rent being $500 per week.
Comparison – For Sale
14 Iona Avenue, Toorak
3 beds, 2 bath, 2 car
For Sale - $1.35-$1.485 million
View Here
35 Griffiths Road, Upwey
4 bed, 2 bath, 4 car, 1,303m2
For Sale - $1,270,000 - $1,390,000
View Here
Victoria is home to many beautiful places, this article gave you a look into Melbourne’s high-end neighbourhoods as well as a comparison to what else is out there if you are willing to travel the extra mile and get your value for money! The hills is a beautiful place, if you are looking to make that tree change give us a call on 9754 6111 to help you find your dream home!
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