Most expensive suburbs in Melbourne 2019

Home to coffee, culture and colourful laneways, Melbourne is consistently voted amongst the most livable cities in the world. But like any city, some areas are just a bit more livable than others. Whether it's a case of some exquisite Victorian architecture or fashionable seaside living, certain suburbs come at a premium.

The recent housing market downturn has undoubtedly shaken things up in all major cities, with many areas losing large percentages of their peak value. Affluent Melbourne suburbs have taken a particular beating. An example is Albert Park, which a few months ago was one of the most expensive suburbs in the city. However, staggering losses of -31% has seen its value take a deep dive. 

It has been testing times, but some suburbs at the top have stood strong and held real sustained value for investors. While they might not come at the cost of some of Sydney's blue ribbon streets, Melbourne is still home to some suburbs that are as grand as they are pristine. 

Which suburbs sit in the top ten? Read on to find out...

Top 10 most expensive suburbs in Melbourne

top 10 most expensive suburbs in Melbourne
Toorak mansion | Source: realestate.com.au
Toorak
3142
No prizes for guessing the first place on this list - Toorak has, for many years, been home to some of Melbourne's most exclusive properties and wealthiest residents. The area is famous for its shopping village, restaurant culture and luxury SUVs, which locals refer to as 'Toorak tractors'.
The inner city suburb has a combination of luxury lifestyle properties that's within an approximate 6km radius of the CBD. Toorak has a hefty median house price of $3.1 million, despite taking a -3.1% dive over the last year. Apartments aren't cheap either, with the median price sitting at $760,000.
Although long term residents are the main demographic of the suburb, there is still a rental market, and it isn't cheap. Average weekly rent costs are $1,150 for houses and $490 for units. There's no doubt that it's an expensive place to live.
Want the lifestyle but not the hefty costs? Try checking out Toorak's more affordable alternatives: South Yarra and Prahran, where median house prices are significantly lower and both currently sit under $1.5 million!
  • Median house price: $3.1 million
  • Median unit price: $760,000
  • Average house rent: $1,150 per week
  • Average unit rent: $490 per week
Middle Park
3206
Sitting just 3km outside of Melbourne CBD, Middle Park is a bayside suburb, home to heritage listed Victorian architecture and many stunningly refurbished terraces. Some landmarks include the Middle Park Hotel and the picturesque Middle Park Beach, which both bring lifestyle and entertainment to this seaside suburb.
Development restrictions have driven up the prices of Middle Park real estate, with the median house price sitting at $2.6 million, and units going for $735,000 currently. Interestingly, the values of property in the area have held strong over the last 12 months, with house prices dropping just -2%, and units actually increasing 2% - making the area a safe place to invest money.
Rentals are expensive, but not as eye watering as some of the suburbs on this list, with houses costing $798 per week and the average unit rent going for $530. A cheaper alternative to Middle Park is St Kilda West, where the median house price is $1.7 million and you can achieve a similar bayside feeling without the heritage price tag.
  • Median house price: $2.6 million
  • Median unit price: $735,000
  • Average house rent: $798 per week
  • Average unit rent: $530 per week

"Development restrictions have driven up the prices of Middle Park real estate..."

Brighton
3186
Named after the seaside local in England, Brighton is known for its beaches, including Dendy Street Beach and it's 82 colourful 'bathing boxes' - the subject of many postcards.
Brighton is a little further from the CBD, clocking out 11km, however, it has its own established community and is home to luxury real estate from the Victorian and Gregorian era. The median house price has dropped -17% in the last 12 months, but still stands at $2.4 million. Unit prices are also an eye watering $1 million, a figure which has stayed put over the same time period, as units in the area are in high demand.
Renting doesn't come cheap either, with the average house rent costing $1050 per week and $600 per week for units. However, nearby Hampton and Sandringham have a similar setting at slightly discounted prices.
  • Median house price: $2.4 million
  • Median unit price: $1 million
  • Average house rent: $1050 per week
  • Average unit rent: $600 per week
Melbourne's richest suburbs
Brighton apartment rooftop | Source: Selwyn Blackstone Architect
Canterbury
3126
Canterbury is an eastern suburb of Melbourne that is most known for its boulevards lined with trees that turn bright red in the autumn. The area has many lavish historic residences and is home to some of Melbourne's oldest schools.
Like many postcodes in the city, Canterbury has taken a loss of -17% percent in the last year. However house prices still stand at $2.35 million today. Remarkably units have spiked over 60% to $1.2 million. Renting costs a substantial $910 a week for a house and a more affordable $480 for units.
  • Median house price: $2.4 million
  • Median unit price: $1.2 million
  • Average house rent: $910 per week
  • Average unit rent: $480 per week
East Melbourne
3002
East Melbourne is a prestigious and up and coming suburb just 2km from the CBD. It's known for its independent residents and some of the city's oldest apartments, including some stunning Art Deco designs and grand Victorian terraces. Living in the suburb has all the perks of living in the city, just with more parks and greenery.
House prices have tumbled -35% in the last 12 months to $2.3 million. However, apartments only -3%, with a median price of $776,000. Renting a house in the area is costly, with the average rent sitting at $1,100 each week. Units, on the other hand, are currently much more affordable at $497 per week.
  • Median house price: $2.3 million
  • Median unit price: $776,000
  • Average house rent: $1,100 per week
  • Average unit rent: $497 per week

"Living in East Melbourne has all the perks of living in the city - just with more parks and greenery"

Malvern
3144
Marked by greenery, open spaces, schools and boutique shopping, Malvern is situated 10km southeast of the CBD. It's home to the upmarket Malvern Central shopping centre, Central Park and many Victorian mansions perched on wide leafy streets.
No surprises that property here comes at a premium, with the median house price sitting at $2.2 million - even after a fall of -18% this year. Units are more affordable, on the other hand, with a median price of $630,000. If you're looking to rent, you can expect to pay an average of $890 for houses and $450 for apartments each week. And if you're looking for more affordable alternatives, the nearby suburb of Malvern East and Glen Iris both provide similar prestige at a slightly reduced price.
  • Median house price: $2.2 million
  • Median unit price: $630,000
  • Average house rent: $890 per week
  • Average unit rent: $450 per week
Balwyn, Melbourne
Balwyn home | Source: Jellis Craig
Balwyn
3103
Immortalized by Skyhooks' single 'Balwyn Calling' this affluent suburb is home to interwar mansions and a refined atmosphere. Residents adore the historic cinema, lush gardens and cafe culture.
House values in Balwyn have stayed strong compared to many other suburbs on this list, dropping just -4% in the past 12 months to a median of $2.2 million. Units on the other hand fell a more substantial -14% to $628,000, making them a more affordable option. Living here, the average rent for a house will set you back $750 a week, while a unit will set you back $450 a week.
For people looking to buy in the area, it's worth taking a look at Balwyn North as well, as its median house price is considerably lower at $1.734 million.
  • Median house price: $2.2 million
  • Median unit price: $628,000
  • Average house rent: $750 per week
  • Average unit rent: $450 per week
Kooyong
3144
Kooyong is named after the Indigenous Australian word for 'resting place' or 'camp'. A small area that is taken up by extensive parklands, the suburb was home to just 817 people during the last census. Kooyong contains some stately apartments, numerous ovals and playing fields, and the Kooyong Stadium.
Houses in the area sit at a median price of $1.9 million, while units a costly $1.1 million. Renting is also expensive, with the average house rent sitting at $900 per week and the average unit rent at $560.
  • Median house price: $1.9 million
  • Median unit price: $1.1 million
  • Average house rent: $900 per week
  • Average unit rent: $560 per week

"Named after the Indigenous Australian word for 'resting place' or 'camp', Kooyong is a small suburb, home to just 817 people during the last census."

Kew
3101
Don't let its short name fool you, Kew is big in character. Its streets are lined with heritage Victorian and Edwardian homes, and the tramline makes for an easy commute into the city. Residents here are predominantly couples, older families and empty nesters.
Around Kew, the median house price currently sits at $1.9 million, after having dropped a whopping -18% this year. Units, however, have held strong and are comparatively costly at $752,000. Renting a home in Kew for a week will cost you $850 on average for a house and $473 for a unit.
  • Median house price: $1.9 million
  • Median unit price: $752,000
  • Average house rent: $850 per week
  • Average unit rent: $473 per week
most expensive area in Melbourne
Camberwell home | Source: realestateVIEW
Camberwell
3124
Last on the list, but certainly not least, is the stately Camberwell. The suburb is located 10km east of the CBD and is known for supporting families of all ages. It's home to a long shopping strip bisected by a tramline that makes for a quick commute into the city.
Over the last year, median house prices and unit prices fell a similar -10% and -7% respectively. Still, median values still hold strong at $1.9 million for houses and $752,000 for units. For renters, the average weekly cost of houses is $800 and $470 for units.
  • Median house price: $1.9 million
  • Median unit price: $752,000
  • Average house rent: $800 per week
  • Average unit rent: $470 per week
Suburb Median house price
Toorak, 3142 $3.1 m
Middle Park, 3206 $2.6 m
Brighton, 3186 $2.4 m
Canterbury, 3126 $2.4 m
East Melbourne, 3002 $2.3 m
Malvern, 3144 $2.2 m
Balwyn, 3103 $2.2 m
Kooyong, 3144 $1.9 m
Kew, 3101 $1.9 m
Camberwell, 3124 $1.9 m

Find the perfect agent in three simple steps

100% Free. No obligation.

01
Research

Our platform has data on more than 30,000 agents and more than 1 million transactions. Pop in a few details and instantly access all agents in your area.

02
Shortlist

One of our experts will contact you to find out more about your property and needs, then come back to you with a personalised shortlist.

03
Choose

Now it's up to you. You have no obligation to choose an agent we recommend, but if you are interested, we'll introduce you.