Want to find out the most expensive suburbs in Melbourne? Melbourne is renowned in Australia for its luxurious lifestyle, striking architecture, and rich cultural heritage. As the capital of Victoria, it’s natural to be curious about which suburbs are the wealthiest in Melbourne. Some Melbourne suburbs are attracting prices that rival those of the world’s most expensive real estate. In this article, the top 8 most expensive suburbs in Melbourne will be explored, where million-dollar mansions are just the beginning. And try to discover the factors driving their value, and what the future holds for Melbourne’s property market. If you are planning to move, rent, or buy a home, get ready for the comprehensive information you’ll need!
The Top 8 Richest Suburbs in Melbourne
Before diving into the details of top 8 richest suburbs in Melbourne, let’s first take a look at the rental prices for houses and units across the city. To help you make a choice, our list of wealthy suburbs Melbourne is ranked from the most expensive to the most affordable. Using uhomes.com, you can easily find rental properties in these areas that fit your needs.
| Suburbs | Postcode | Avg. House Rent/week | Avg. Unit Rent/week |
|---|---|---|---|
| Toorak | 3142 | $1,165 | $450 |
| Brighton | 3186 | $1,000 | $560 |
| Canterbury | 3126 | $845 | $495 |
| Middle Park | 3206 | $800 | $430 |
| East Melbourne | 3002 | $800 | $420 |
| Malvern | 3144 | $790 | $385 |
| Kew | 3101 | $750 | $425 |
| Balwyn | 3103 | $740 | $410 |
Above, you can see an overview of the richest suburbs Melbourne, along with their average rental prices. Now, let’s dive deeper into each of these rich areas of Melbourne to give you a better understanding of what makes them so desirable.
Toorak (3142)
| Average House Price | $5.0 million |
|---|---|
| Average Unit Price | $944,999 |
| Average House Rent | $1,165 |
| Average Unit Rent | $450 |
Toorak boasts a median house price of $5.0 million, with units at $944,999. Rental prices in the area average $1,165 per week for houses and $450 per week for units. Toorak has a population of 12,817. Over the past 12 months, the suburb has seen 245 homes and 204 units sold, resulting in a turnover rate of 4.46%. Notably, the highest sale during this period reached an impressive $12.1 million.
Key features:
Affluence and Prestige: Known for its luxury mansions and historic homes, Toorak is one of Melbourne’s wealthiest suburbs.
Proximity to Melbourne CBD: Just 5 km southeast of the CBD, offering easy access to the city.
Large, Luxurious Properties: Known for spacious properties, manicured gardens, and privacy.
Exclusive Social Scene: Popular among high-net-worth individuals, Toorak has an exclusive feel with a vibrant social scene.
- Lifestyle Amenities: Toorak Village, Royal South Yarra Tennis Club, Gardens & Parks
Transport to Universities:
University of Melbourne: Easily accessible by tram (Route 8) and a short drive (~15 mins).
Monash University Caulfield Campus: Approximately 20 mins by car or accessible by train from Hawksburn station (on the Sandringham line).
Brighton (3186)
| Average House Price | $2.87 million |
|---|---|
| Average Unit Price | $1,040,000 |
| Average House Rent | $1,000 |
| Average Unit Rent | $560 |
The median home price in Brighton is $2.87 million, and the average weekly rent is $1,000. For units, the tycost price is around $1.04 million, and the average rent is $560. With a population of around 23,000, Brighton saw 448 houses and 136 units sold last year, resulting in a turnover rate of 3.9%. The highest recorded sale in the past 12 months was an impressive $22,000,000.
Key Features:
Beachside Living: Known for its beautiful beaches, particularly Brighton Beach with its iconic bathing boxes.
Proximity to Melbourne CBD: 11 km southeast of the CBD, offering a more suburban feel with easy access to the city.
Historical Charm: Features elegant Victorian and Georgian architecture, with well-preserved historic homes.
Family-Friendly: Excellent schools and parks, making it ideal for families.
- Lifestyle Amenities: Bay Street, Brighton Beach, Brighton Bathing Boxes
Transport to Universities:
University of Melbourne: Accessible via train (Brighton Beach Station to Flinders Street Station) or by car (~20 mins).
Monash University: A 25-minute drive or accessible via a combination of train and bus routes.
Canterbury (3126)
| Average House Price | $3.7 million |
|---|---|
| Average Unit Price | $910,000 |
| Average House Rent | $845 |
| Average Unit Rent | $495 |
If you’re considering living in Canterbury, the average cost to purchase a home is $3.7 million for a house and $910,000 for a unit. For renters, weekly prices average $845 for houses and $495 for units. Over the past 12 months, the highest sale in Canterbury reached an impressive $15,200,000. During this period, 146 houses and 26 units were sold, resulting in a relatively high turnover rate of 4.19%.
Key Features:
Heritage and Exclusivity: Known as the “Toorak of the East,” Canterbury features large, historic homes and tree-lined streets.
Proximity to Public Transport: Located near Box Hill, a significant hub for both shopping and public transport.
Education: Home to several prestigious schools, making it a family-friendly area.
- Lifestyle Amenities: Canterbury Gardens, Canterbury Tennis Club, Mailing Road
Transport to Universities:
University of Melbourne: 25 mins by car, or a short tram ride from Camberwell Station to the city.
Monash University: About 25 minutes by car or accessible via train from Canterbury Station to Clayton.
Middle Park (3206)
| Average House Price | $3.8 million |
|---|---|
| Average Unit Price | $861,500 |
| Average House Rent | $800 |
| Average Unit Rent | $430 |
The average price of a house in this best suburb in Melbourne is $3.8 million, while units are priced at $861,500. Rental prices are around $800 per week for houses and $430 per week for units. In the past year, the highest sale in Middle Park was $11,810,000, and 72 houses and 39 units were sold, resulting in a turnover rate of 4.08%. The Middle Park also presents excellent investment opportunities, with a range of properties available for purchase. For those looking to invest, it’s advisable to consult an experienced advisor or develop a well-planned financial strategy.
Key Features:
Bayside Charm: Middle Park is located near the beach, providing a coastal lifestyle with easy access to the CBD.
Heritage Homes: A mix of historic Victorian properties and modern apartments.
Exclusive and Tranquil: A quieter, more relaxed atmosphere compared to more bustling suburbs, ideal for families and professionals.
- Lifestyle Amenities: Middle Park Beach, Albert Park Lake, Middle Park Village
Transport to Universities:
University of Melbourne: Easily accessible by tram (Route 96, via St Kilda Road) or a short drive (~15 minutes).
Monash University: Approximately 20-25 minutes by car, or accessible by tram and train via Richmond Station.
East Melbourne (3002)
| Average House Price | $3.88 million |
|---|---|
| Average Unit Price | $800,000 |
| Average House Rent | $800 |
| Average Unit Rent | $420 |
The median house price in East Melbourne is $3.88 million, while units are more affordable at $800,000. Renters can expect to pay around $800 per week for houses and $420 per week for units. Over the past five years, house prices in East Melbourne have increased by 5.3%, while unit prices have decreased by 11.0%.
Key Features:
Proximity to Melbourne CBD: Just 2 km from the CBD, providing easy access to the heart of the city.
Historical Significance: Known for its grand terrace houses and proximity to major landmarks like Parliament House and the Melbourne Cricket Ground.
Tranquil Living: Despite being so close to the city, it offers a quieter, more suburban feel with leafy streets and parkland.
- Lifestyle Amenities: Treasury Gardens, The Melbourne Cricket Ground (MCG), Shopping and Dining.
Transport to Universities:
University of Melbourne: A short tram ride (Route 19) or 10 minutes by car.
Monash University: About 20 minutes by tram and train, with connections at Richmond Station.
Malvern (3144)
| Average House Price | $2.74 million |
|---|---|
| Average Unit Price | $707,000 |
| Average House Rent | $790 |
| Average Unit Rent | $385 |
The Malvern‘s charm is enhanced by its many parks, boutique shopping districts, and beautiful Victorian-era houses, which give Malvern a distinct character and appeal to both visitors and residents alike. As expected, property in Malvern comes at a premium, with the median house price at $2.74 million. Among all Melbourne’s wealthiest suburbs, the units in Malvern are more affordable, with a median price of $707,000. Renters can expect to pay an average of $790 per week for houses and $385 per week for units.
Key Features:
- Proximity to CBD: About 10 kilometres southeast of Melbourne’s CBD, popular with families for its plentiful cafés
Prestigious Schools: Malvern is home to some of Melbourne’s top private schools, making it a popular choice for families.
Leafy Suburb: Tree-lined streets and large properties with gardens give it a suburban yet affluent feel.
Good Transport Links: Well-served by both trains and trams, with access to major roads.
- Lifestyle Amenities: Malvern Central Shopping Centre, Malvern Gardens, Cafe Culture
Transport to Universities:
University of Melbourne: Accessible via train from Malvern Station (approx. 20-25 mins to Flinders Street).
Monash University: Approximately 20 minutes by car or accessible via a combination of train and bus.
Kew (3101)
| Average House Price | $2.79 million |
|---|---|
| Average Unit Price | $878,500 |
| Average House Rent | $750 |
| Average Unit Rent | $425 |
With only a 20-minute drive to the CBD, Kew has been home to notable residents, including former Prime Minister Gough Whitlam, The Age owner David Syme, and immunologist Gustav Nossal, former Australian of the Year. The median price for a house in Kew is approximately $2.79 million, while units are priced at around $878,500. Renting a house costs an average of $750 per week, while renting a unit costs $425 per week.
Key Features:
Greenery and Parks: Kew is known for its lush gardens, parks, and tree-lined streets.
High-End Properties: The suburb is home to many large family homes, including grand Victorian and Edwardian residences.
Proximity to Education: Known for its excellent public and private schools.
- Lifestyle Amenities: Studley Park, Kew Junction, Kew Golf Club
Transport to Universities:
University of Melbourne: Easily accessible by tram (Route 48) or by car (approx. 20 minutes).
Monash University: Around 30 minutes by car or accessible via train from Kew Station to Caulfield.
Balwyn (3103)
| Average House Price | $2.65 million |
|---|---|
| Average Unit Price | $808,750 |
| Average House Rent | $740 |
| Average Unit Rent | $410 |
In terms of property values, recent economic conditions and market fluctuations have had a modest impact on Balwyn’s medium-term house prices. However, they remain strong, with a median of $2.65 million. Units offer a more affordable alternative, with a current median of $808,750. The average weekly rent for a house in Balwyn is $740, while a unit rents for around $410.
Key Features:
Suburban Comfort: Known for its family-friendly environment, featuring spacious homes and green spaces.
Quality Schools: Balwyn is known for its excellent schools and educational institutions.
Peaceful Atmosphere: It’s a quieter suburb with a suburban, yet affluent vibe.
Lifestyle Amenities: Balwyn Shopping Centre, Maranoa Gardens, Local Cinema Complex
Transport to Universities:
University of Melbourne: A 25-minute drive or easily accessible by tram from Balwyn.
Monash University: A 25-minute drive, or accessible by train and bus from Balwyn to Caulfithe eld campus.
Key Factors Behind Melbourne's Property Value Growth
What has contributed to Melbourne’s property value growth? Let’s look at the critical factors that have had a significant influence.
- Education & Medical Infrastructure
Proximity to educational institutions and medical facilities attracts teachers, students, and professionals seeking convenient housing—infrastructure investment benefits nearby suburbs, especially those within two kilometres, boosting property demand.
- Transportation Improvements & Developments
New roads and railways, particularly near cities, seaports, and airports, enhance business efficiency and attract investment. Suburbs near employment hubs or the CBD gain value, benefiting from improved accessibility.
- Lifestyle Facilities
Neighbourhoods known for vibrant café culture, dining, and entertainment draw investors and premium buyers, commanding high property prices due to their desirable lifestyle offerings.
- Government Spending and Gentrification
Government spending in infrastructure and public facilities, such as highways, airports, and railways, can revitalise cities and towns, stimulating local economies and fostering growth.
How Much Higher Can Melbourne Home Prices Go?
House prices in Melbourne underperformed in 2023, widening the gap between Melbourne and Sydney housing values to its largest in years. However, Melbourne’s property market is expected to catch up over the next one to two years.
Although Melbourne’s market has lagged behind Sydney and Brisbane, there are clear signs it will continue to grow. According to the latest data, the city’s home values have risen by 0.7 percentage points in the first quarter of 2025. Meanwhile, recent expert forecasts predict a potential price increase of up to 5.5% over the next year.
Conclusion
The most expensive suburbs in Melbourne epitomise luxury living, offering a blend of prime locations, prestigious schools, and high-end amenities. Whether you’re drawn to beachside living in Brighton, the historic charm of Canterbury, or the upscale atmosphere of Toorak, these areas cater to a range of affluent lifestyles. With property values expected to continue rising, these suburbs not only offer a desirable place to live but also offer significant long-term investment potential. If you’re looking to invest in Melbourne’s high-end real estate market, now is the time to explore Melbourne’s most expensive suburbs for both lifestyle and financial growth.
For students seeking premium student accommodation in Melbourne, find your next luxury rental property in Melbourne’s most affluent suburbs on uhomes.com. Whether you’re interested in living in a high-end, expensive suburb or looking for something more affordable, uhomes.com has listings to suit all preferences and budgets. Don’t hesitate to talk to our professional consultant!
FAQ
Which affluent Melbourne suburb is best for students?
The affluent Melbourne suburbs best suited to students include Kew and Canterbury, offering spacious properties, excellent local schools, and a family-friendly environment. Similarly, Brighton provides a coastal lifestyle, good educational institutions, and ample parks, making it another fantastic choice for students seeking both comfort and accessibility to education.
Are Melbourne's wealthiest suburbs accessible to everyone?
No, accessibility to Melbourne’s wealthiest suburbs can be limited by affordability. Melbourne’s wealthiest suburbs offer an exceptional standard of living, but the high cost of real estate and living expenses may pose challenges for those with lower incomes. However, Melbourne’s diverse neighbourhoods offer housing options across a range of price points, ensuring residents can find suitable accommodation regardless of their budget.
Where do the richest people in Melbourne live?
Most millionaires live in Toorak, Kew, Canterbury, Balwyn, and Hawthorn, all of which are rich areas of Melbourne. These areas are home to large houses, restaurants, elite schools, and modern amenities, ensuring luxury living in Melbourne.
What are the richest and poorest suburbs in Melbourne?
- The richest Melbourne suburb is Toorak, with an average house price of $5.0 million.
- The poorest suburbs in Melbourne include Broadmeadows, Dallas, and Coolaroo.
Based on factors such as income levels and Socio-Economic Indexes for Areas. However, the results will differ depending on the criteria used.
How is a "rich" suburb defined in Melbourne?
In Melbourne, a “rich” suburb is generally defined by its high property values, affluent residents, and premium amenities. Luxurious homes, exclusive shopping areas, prestigious schools, and an overall high standard of living characterise these suburbs.
Which is the wealthiest street in Melbourne?
The most expensive street in Melbourne is St. Georges Road in Toorak. This street has set a record, with a sale price of tens of millions of dollars, making it the top sale price in Melbourne. St. George’s Rd is known for historic mansions, large blocks of land, and modern architectural masterpieces.
What are the promising suburbs in Melbourne?
The promising, booming suburbs in Melbourne include Clyde North, Werribee, and Wollert. These areas are experiencing strong growth in property prices. Meanwhile, Melton, Williams Landing and Fraser Rise are also booming, with excellent investment potential.
