Get a property report and suburb profile for any property in Toorak

Toorak is an inner-eastern suburb of broad, tree-lined avenues and an established, private residential feel. Streets are dominated by grand Victorian and Edwardian houses on mature garden blocks, with pockets of modern apartments and townhouses nearer the main road. The community of 12,817 has a median age of 47 and a high level of owner-occupation (67.7%), and the area typically attracts professionals, established families and older residents who value space and privacy.

Everyday life centres on Toorak Road’s selective strip of boutiques, cafes and services, with tram services and easy access to the rail network and nearby parks and riverside walks for recreation. The village has had a major streetscape upgrade, council has listed trader support in response to the Carters Avenue car park closure, and local works include a planned stage upgrade at Toorak Primary School and drainage improvements on Toorak Road. Whether it suits you depends on the space, privacy and proximity to shops and transport you want.

Buying and renting in Toorak look very different against local incomes as recorded at the most recent Census. A $3,200,000 house is about 24.3 times a typical local household's annual income at the last Census (weekly income $2,533 × 52 = $131,716), which sits well above what households earned then. Renting a house at $1,300 a week would take roughly 51.3% of that weekly household income, a large share. By comparison, a unit priced at $894,250 is about 6.8 times annual income and unit rent of $650 a week is about 25.7% of weekly household income, a moderate share. On these figures, renting a unit looks the more manageable option against local incomes at the last Census, while buying, especially a house, sits well above those incomes.

Everyone's financial situation is different, so it's important to consider your own circumstances when deciding which suburb is right for you.

Over the past year the most striking movement in Toorak is a large fall in house values, which fell 26.7%. Unit values also declined, down 11.8% over the same period.

Rents moved the other way: house rents rose 4.0%, a modest increase, while unit rents climbed 8.3%, a solid rise. For someone weighing Toorak up as an investment, the value figures show capital has contracted over the year while the rent figures show rental income has increased, and unit rents have strengthened more than house rents. Whether that combination suits your investment goals and circumstances is for you to decide.

This information has been prepared without taking your objectives, needs and overall financial situation into account. It is not meant to be a substitute for professional financial advice. For this reason, you should consider the appropriateness of the information and, if necessary, seek appropriate professional advice.