Melbourne is renowned in Australia for its luxurious lifestyle, striking architecture, and rich cultural heritage. As the capital of Victorian, it’s natural to be curious about which suburbs are the wealthiest in Melbourne. This article delves into the top 10 most expensive suburbs in Melbourne, 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, located just 5 km southeast of Melbourne’s CBD (Central Business District), is one of the most expensive suburbs of Melbourne. Known for its luxurious mansions, it is home to some of the wealthiest neighbourhoods in the world. Toorak offers the perfect balance of proximity to the CBD and a village-like atmosphere. Residents can easily commute to the city while enjoying local attractions such as high-end shopping on Toorak Rd, more affordable options along nearby Chapel St, and a variety of dining choices.
Toorak boasts a median house price of $5.0 million, with units priced at a median of $944,999. Rental prices in the area average $1,165 per week for houses and $450 per week for units. In terms of population, Toorak is home to 12,817 residents. Over the past 12 months, the suburb has seen 245 houses 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.
Brighton (3186)
| Average House Price | $2.87 million |
|---|---|
| Average Unit Price | $1,040,000 |
| Average House Rent | $1,000 |
| Average Unit Rent | $560 |
Brighton, located 11 kilometres southeast of Melbourne’s CBD, is another of the expensive suburbs in Melbourne. Known for its beachside appeal, Brighton boasts excellent schools, as well as two bustling shopping strips along Bay Street and Church Street, offering a wide range of dining and drinking options. The suburb is also famous for its historic mansions, built during the Victorian and Georgian periods.
The median home price in Brighton is $2.87 million, with average weekly rent at $1,000. For units, the typical price is around $1.04 million, and rent averages $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.
Canterbury (3126)
| Average House Price | $3.7 million |
|---|---|
| Average Unit Price | $910,000 |
| Average House Rent | $845 |
| Average Unit Rent | $495 |
Canterbury, located about 10 km east of Melbourne’s bustling CBD, exudes a sense of refined affluence. As one of the most affluent suburbs in Melbourne, the suburb is home to some of Melbourne’s oldest schools and is conveniently close to popular areas like Box Hill, Doncaster, and Chadstone. Known for its historic mansions, exclusive schools, and tree-lined streets, Canterbury has earned the nickname “Toorak of the East” and is a sought-after location for those seeking an upscale suburban lifestyle.
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%.
Middle Park (3206)
| Average House Price | $3.8 million |
|---|---|
| Average Unit Price | $861,500 |
| Average House Rent | $800 |
| Average Unit Rent | $430 |
If you’re seeking a bayside suburb, Middle Park is an excellent choice. Located just 3 kilometres from Melbourne’s CBD, it offers a mix of historic residences, lush gardens, boutique shopping, and open spaces. With outstanding public transport, green areas, and a vibrant community, Middle Park is highly regarded for its livability, making it ideal for both families and professionals.
The suburb 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. 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%.
East Melbourne (3002)
| Average House Price | $3.88 million |
|---|---|
| Average Unit Price | $800,000 |
| Average House Rent | $800 |
| Average Unit Rent | $420 |
East Melbourne is an inner-city suburb located just 2 km from Melbourne’s CBD. It is home to iconic landmarks such as Parliament House, the Old Treasury Building, St Patrick’s Cathedral, and the renowned Melbourne Cricket Ground, making it a desirable location for some of the city’s elite. The suburb features some of the city’s oldest and most historic homes, offering a rare opportunity to live so close to the CBD. It boasts stunning terrace houses and art deco apartments, all set within the vibrant city atmosphere yet surrounded by the tranquil, lush parklands of Treasury Gardens, making it one of the richest suburbs in Melbourne.
The median house price in East Melbourne is $3.88 million, while units are more affordable at a median price of $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%.
Malvern (3144)
| Average House Price | $2.74 million |
|---|---|
| Average Unit Price | $707,000 |
| Average House Rent | $790 |
| Average Unit Rent | $385 |
Nestled about 10 kilometres southeast of Melbourne’s CBD, Malvern is a serene suburb popular with families for its plentiful cafés, lush green spaces, and well-regarded schools. The area is also known for its stately homes, such as the remarkable Gascoigne Estate and the historic Stonington Mansion.
The suburb’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 the 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.
Kew (3101)
| Average House Price | $2.79 million |
|---|---|
| Average Unit Price | $878,500 |
| Average House Rent | $750 |
| Average Unit Rent | $425 |
Kew, located just 5 to 6 kilometres east of Melbourne’s CBD, is well-connected to the city through its convenient tramline. The suburb is ranked as one of the richest suburbs in Melbourne for its charming Victorian and Edwardian homes, along with a growing number of modern estates.
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 a unit rental averages $425 per week.
Balwyn (3103)
| Average House Price | $2.65 million |
|---|---|
| Average Unit Price | $808,750 |
| Average House Rent | $740 |
| Average Unit Rent | $410 |
Balwyn is another most affluent suburb in Melbourne, located about 10 kilometres east of Melbourne’s vibrant CBD, right next to Canterbury. Its name, derived from the Gaelic “bal” and the Saxon “wyn,” meaning “home of the vine,” perfectly captures the suburb’s lush, green landscape. Known for its scenic beauty, tree-lined streets, and abundant greenery, Balwyn is one of the most desirable places to live in Melbourne. The suburb offers a perfect blend of convenience, with easy access to the CBD and a vibrant local shopping scene.
In terms of property values, recent economic conditions and market fluctuations have had a modest impact on Balwyn’s medium-term house prices, though 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 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 played a big 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 revitalize 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. Recent expert forecasts predict a potential price increase of up to 5.5% over the next year.
Conclusion
The most expensive suburbs in Melbourne represent the epitome of 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 present significant potential for long-term investment. If you’re looking to invest in Melbourne’s high-end real estate market, now is the time to explore these Melbourne most expensive suburbs for both lifestyle and financial growth.
For students looking for luxurious and premium student accommodation in Melbourne, uhomes.com is a great platform to explore a wide range of rental options. 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!
FAQs
Kew and Canterbury are ideal affluent suburbs for students, 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 great choice for students seeking both comfort and accessibility to education.
Melbourne’s wealthiest suburbs offer an exceptional standard of living, but accessibility can be limited by affordability. The high cost of real estate and living expenses may pose challenges for those with lower incomes. However, Melbourne’s diverse range of neighbourhoods provides housing options across different price points, ensuring that residents can find suitable accommodation regardless of their budget.
Most millionaires live in rich areas of Melbourne, such as Toorak, Kew, Canterbury, Balwyn, and Hawthorn. These areas are equipped with large houses, restaurants, cutting-edge schools, modern amenities, etc., ensuring luxury living in Melbourne.
In Melbourne, a “rich” suburb is generally defined by its high property values, affluent residents, and premium amenities. These suburbs are characterised by luxurious homes, exclusive shopping areas, prestigious schools, and an overall high standard of living.
