10 most expensive suburbs in Melbourne

Since the onset of the Covid-19 pandemic, demand for housing across the country has swelled to new highs, and Victoria’s capital wasn’t immune.

Melbourne housing values peaked in February this year, but this followed a 17.3% gain in values since the pandemic.

Melbourne’s median house price fell 1.6% month-on-month for August to $964,950 while units prices fell 1.2% to $614,351.

The number of properties newly listed for sale is slowing and currently, buyers are taking their time and contemplating their decisions.

FOMO (fear of missing out) is no more and buyers are not willing to take shortcuts or compromise like they were last year.

There is also a clear flight to quality with A Grade homes and “investment grade” properties still in short supply for the prevailing strong demand, but B Grade properties are taking longer to sell and informed buyers are avoiding C Grade properties.

Maybe you’re selling a Melbourne property soon and want to know where it stacks up against the most exclusive, or you’re just curious to know where the most affluent neighbourhoods are.

These are the suburbs with the highest median house prices in Melbourne, using data from Domain and RealEstate.Com.Au.

1. Toorak – $5.18m

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 yet again.

Toorak is located about 5km southeast of the CBD and has a range of luxury properties on offer.

The median house price is currently sitting at a whopping $5.18 million (down 9.6% year-on-year) with rent costing an average of $1,050 per week.

Units are about $1.01 million (up 6.3% since last August) with an average weekly rent of $475.

2. Canterbury – $3.49m

Canterbury, located in between Balwyn and Camberwell, offers historic residences and Melbourne’s oldest schools.

Houses come in at a median of $3.49 million and units come in at a median of $965,500.

That’s 13.5% higher over the past 12 months for houses but a 15.2% drop for units over the same period.

Renting doesn’t come cheap either with an average of $1,000 a week for houses and $495 a week for units.

3. Kooyong – $3.4m

Kooyong is a small suburb about 7km southeast of the CBD, filled with apartments, parklands, ovals and fields.

The median house price in Kooyong is $3.4 million with an average rent of $900 a week.

Units sit at a median of $949,000 and would cost you about $545 a week in rent, more expensive than nearly every other suburb on this list.

4. Brighton – $3.377m

The fourth 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 is currently $3.377 million with an average weekly rent of $1,150 per week.

The median unit price is about $1.096 million and rent will cost you an average of $565 per week.

These median prices represent a 3.9% increase over the past 12 months for houses and a 4.4% increase for units.

5. Malvern – $3.28m

Malvern, situated about 10km southeast of the city, has prices similar to those in Balwyn.

The median house price is $3.28 million whereas the median unit price is $715,000 – this is a 15.6% increase for houses but a 0.5% drop in prices for units.

Renting will cost you around $887 a week for houses and $400 a week for units.

Malvern has lots of greenery, open spaces, boutique shopping and Victorian mansions.

6. East Melbourne – $3.127m

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.

You’ll find some of Melbourne’s oldest apartments and grand Victorian terraces.

The median house price is about $3.127 million (down 19.3% over the past 12 months) and renting a house comes in at a whopping average of $950 a week.

Units, slightly more affordable, have a median price of $850,000 (up $16.4%) and an average rent of $460 a week.

7. Middle Park – $2.93m

Middle Park is a bayside suburb that’s located right outside of the CBD, about 3km away.

There have been development restrictions in the area, driving up the cost of the property.

Houses come in at a median of $2.93 million whereas units would cost significantly less at a median of $825,000 million.

For houses, that’s a 3.2% increase over the past year or a 5.7% drop for units.

The average rent for houses is about $785 a week and $440 for units.

8. Balwyn – $2.8m

Not so far from Camberwell, Balwyn is home to many refined mansions, lush gardens and cafes.

With a median unit price of $910,000 (up 8% year-on-year) and average rent of $430 a week, they’re actually one of the more affordable on the list.

Houses, however, come in at a median of $2.8 million (up 9.6% year-on-year) and would cost you about $775 a week if you were renting.

9. Camberwell – $2.65m

Camberwell, the tenth most expensive suburb in Melbourne, is located about 10km east of the CBD.

It offers its own long shopping strip and easy access to the city via tram, making it perfect for young families.

Despite median house and unit prices falling over the past year, they still sit at a hefty $2.65 million for houses and $870,500 for units – that’s a 13.7% and 11.6% increase over the year respectively.

If you’re looking to rent, it’ll cost you about $820 a week for houses and $450 a week for units.

10. Kew – $2.58m

Kew, only 5 to 6km east of the city is another suburb that has easy access to the CBD with its tramline.

The Victorian and Edwardian homes are owned by couples and older families.

The price to buy a home is about the same as in Camberwell, $2.58 million for a house and $847,000 for a unit.

That’s a 4.6% increase for houses but an 8.4% drop for units over the year.

Renting is a little more expensive though, $795 a week for houses and $440 for units.

ALSO READ: The best suburbs to invest in Melbourne in 2022

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