10 Most Expensive Suburbs in Melbourne 2023 (2024)

Melbourne is known for its rich culture, stunning architecture, and bustling lifestyle.

With its growing economy, the city has also become home to some of the most luxurious and expensive suburbs in the country.

In this article, we’ll be taking a look at the top 10 most expensive suburbs in Melbourne and what makes them so sought after. Whether you’re interested in investing in property, or just curious about the city’s high-end neighbourhoods, we’ll provide you with an inside look at the most opulent areas in Melbourne.

With all the negative media and decreased consumer confidence due to rising interest rates, there is currently a clear flight to quality properties in Melbourne, with A Grade homes and “investment grade” properties still in short supply for the prevailing demand, but B Grade properties are taking longer to sell and informed buyers are avoiding C Grade properties.

Even though median house prices in Melbourne are still falling, the rate of decline is decreasing, and Dr Andrew Wilson reported that “asking prices” for established houses listed for sale in Melbourne commenced rising at the end of 2022 -a sign that the market is looking for a bottom.

As of January 2023, the median house price in Victoria’s capital is up 10.8% year-on-year, to $900,107 while Melbourne’s unit price is down 5.5% to a median of $584,038.

Melbourne’s clearance rates started the year on a high, at around 71% versus the high 60s just 3 months ago – that means 7 out of 10 buyers and sellers are agreeing on a price.

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 – $5.19m

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 south-east of the CBD and has a range ofluxury properties on offer.

The median house price is currently sitting at a whopping $5.19 million (down 14.4% year-on-year) with rent costing an average of $1,025 per week.

Units are about $959,000 (up 4.1% year-on-year) with an average weekly rent of $495.

2. East Melbourne – $3.65m

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 Victorianterraces.

The median house price is about $3.65 million (up 13.3% over the past 12 months) and renting a house comes in at an impressive average of $997 a week.

Units, slightly more affordable, have a median price of $872,000 (up 9%) and an average rent of $495 a week.

3. Brighton – $3.24m

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 $3.24 million with an average weekly rent of $1,200 per week.

The median unit price is about $1.25 million and rent will cost you an average of $595 per week.

These median prices represent a 4.9% increase over the past 12 months for houses and 6.1% increase for units.

4. Kooyong – $3.2m

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

The median house price in Kooyong is $3.2 million with an average rent of $813 a week, although tight supply means buyer activity is scarce.

Units sit at a median of $758,750 and would cost you about $590 a week in rent, more expensive than nearly every other suburb on this list.

5. Canterbury – $3.19m

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

Houses come in at a median of $3.19 million and units come in at a median of $1.05 million.

That’s 3.7% higher over the past 12 months for houses but an 8.7% drop for units over the same period.

Renting doesn’t come cheap either withan average of $980 a week for houses and $500 a week for units.

6. Balwyn – $2.89m

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

Houses come in at a median of $2.89 million (up 4.2% year-on-year) and would cost you about $785 a week if you were renting.

With a median unit price of $1.15 million (up an impressive 34.7% year-on-year) and average rent of $450 a week, Balwyn units are one of the more affordable on the list.

7. Malvern – $2.85m

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

The median house price is $2.85 million whereas the median unit price is $670,500 – this is a 4.4% increase for houses but a 12.1% drop in prices for units.

Renting will cost you around $922 a week for houses and $430 a week for units.

8. Kew – $2.80m

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 highly regarded and sell forrobust prices even while prices across the rest of the city are falling.

The price to buy a home is about the same as in Camberwell, $2.8 million for a house and $805,999 for a unit.

That’s a 6.1% increase for houses but a 14.3% drop for units over the year.

Rent prices average around $845 per week for houses and $450 per week for units.

9. Middle Park – $2.80m

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 $2.80 million whereas units would cost significantly less at a median of $755,000 million.

For houses, that’s a 2.9% decrease over the past year or a 36.3% drop for units.

The average rent for houses is about $875 a week and $455 for units.

10. 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 viatram, 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 $908,000 for units – that’s a 4% and 5.6% increase over the year respectively.

If you’re looking to rent, it’ll cost you about $850 a week for houses and $465 a week for units.