Cha-ching! These are the ten most expensive suburbs in Melbourne (2024)

FAQs

What is the most expensive neighborhood in Melbourne? ›

Toorak has long been king of the hill, home to Melbourne's priciest, exclusive properties - and this is still true today. Why is Toorak so expensive? The inner city suburb has a combination of luxury lifestyle properties that are within a 6km radius of the CBD.

3142 (Hawksburn, Toorak)

Victoria's 3142 postcode, which comprises Toorak and Hawksburn and sits just five kilometres southeast of Melbourne's CBD, is home to more of Australia's richest millionaires and billionaires than any other suburb in the country.

The most expensive neighborhood in New York, for example, is Southhampton Village on Long Island. The average price of the most expensive neighborhoods in every U.S. state is $5,249,542, but America's most expensive neighborhood—Manalapan, Fla.,—far surpasses that at a whopping average house price of $39,761,000.

Melbourne's most expensive house in 2021

47 Lansell Rd. Image – realestate.com.au. Located in the exclusive eastern suburb of Toorak, this house on Lansell Road sold for $43.1 million in 2021 having been owned by British businessman Mark Healey and his wife Kelly.

A large part of the most expensive Melbourne streets can be found in Toorak. Luxury sales in Brighton and Southbank are also pushing up the prices. The most expensive home ever sold in Melbourne was for over $80 million in 2022.

In summary, Brunswick, Northcote, Collingwood, Brighton, Abbotsford, and Albert Park are the most popular suburbs for houses and Fitzroy, Collingwood, Richmond, Toorak and St Kilda are the most popular areas for apartments all year long.

These are the reasons why it seems expensive

Melbourne provides quite large area zones of living. This spreads nearly 10,000 km2 (3,800 sq miles), which comprises the broader metropolitan areas. The outer suburbs are often managed with poor and/or limited infrastructure.

No suburb in the country features a greater concentration of members of The List – Australia's Richest 250 than Toorak, where Melbourne's wealthiest families have gathered for decades. Think historic looking mansions guarded by large hedges set back from the street to ensure privacy.

The 1880s saw extraordinary growth: consumer confidence, easy access to credit, and steep increases in land prices led to an enormous amount of construction. During this "land boom", Melbourne reputedly became the richest city in the world, and the second-largest (after London) in the British Empire.

What is the safest suburb in the US? ›

The One, Beverly Hills, California—$126 Million

The One, yes that one—the colossal, incomplete, 105,000-square-foot Bel Air mansion commissioned in 2012 by controversial developer Nile Niami that went into receivership in 2021 due to over $165 million in unpaid debt—was sold to the highest bidder this year.

Beyond, lies a derelict mansion which set Melbourne's residential record when it sold to Casino crypto “kid” Ed Craven for $80 million in August last year. It wasn't the 27-year-old Stake.com co-founder's first Toorak mansion, having picked up a $38.5 million mansion on Orrong Road five months earlier.

The penthouse at the Fender Katsalidis and Cox Architecture-designed Sapphire by the Gardens has sold for a record breaking $39 million, shattering the sale price record for an apartment in the city.

The Block star bidder Adrian Portelli has shattered Melbourne's apartment record with his deal to buy a $39 million penthouse. The Block's star buyer Adrian Portelli has made waves in real estate again, smashing a Melbourne price record as the new owner a $39 million penthouse.

New York City, along with Singapore, is the most expensive city to live in, according to the Economist Intelligence Unit. Singapore has once again been ranked as the most expensive city to live in, sharing the top spot with New York City this year, according to the Economist Intelligence Unit (EIU).

Centre Place. Despite being Melbourne's quintessential laneway, Centre Place still surprises and delights with its wild street art, boutiques and buzzing cafes.

What is the most famous street in Melbourne? ›

Among the streets in Melbourne, La Trobe Street is the primary street and thoroughfare in the heart of Melbourne.

The discovery of gold in Victoria in 1851 led to the Victorian gold rush, and the city grew rapidly. By 1865, it had overtaken Sydney as Australia's most populous city. This economic boom peaked during the 1880s and Melbourne had become the richest city in the world.

Which are the best areas to live in Melbourne? Carlton, Brunswick, and Fitzroy are some of the best places to live in Melbourne. Seaholme is also the best area to live in Melbourne.

One of the safest suburbs in Melbourne, Glen Waverley is a haven of family-friendly houses, great Melbourne schools, and plentiful shopping and recreation options. With a median house price of $1.6 million, Glen Waverley is pricier than Melbourne's median of $998,356.

Fitzroy has long held a reputation as the cool neighborhood of Melbourne, and I agree — if I lived here, this is probably where I would spend the most of my time. The streets here are filled with interesting cafes, boutiques, and shops.

Fitzroy, Carlton, and St Kilda are some of the healthiest places in Melbourne to live in terms of walkability and the principle of the 20-minute neighbourhood.

Melbourne has been likened to having the land area of Los Angeles but the population of San Francisco. In reality greater melbourne is about three quarters the size of greater L.A. and about half the population of greater San Francisco.

The average cost of living in Melbourne, Australia per month is around $2,500 for a single person. This includes expenses for housing, food, rent, transportation, entertainment, and other amenities.

What is Melbourne famous for? ›

Canterbury: Melbourne's epicentre of old money.

Hollywood stars hunker down in Australia's Byron Bay, where COVID-19 spurs film boom. Australia's coastal town of Byron Bay has been a draw for Chris Hemsworth (who lives there), Melissa McCarthy, Zac Efron and Nicole Kidman.

Removed far away from the religious strife and refugee problems, Australia is considered safer than Europe and the U.S. Health care is better in Australia than in many other first-world countries. And so is school education. Millionaires find it a better place to live and raise children than the U.S. and Europe.

Melbourne had many unofficial names in its first years, including Batmania, Barebrass, Bearport, Dutergalla, Bareheep and most popularly "the Settlement".

Snow in Melbourne is extremely rare. To experience the snow, head to the Victorian High Country, which receive good snowfall throughout winter. Skiers and snowboarders can hit the slopes at Hotham, Mount Buller and Falls Creek. How should I dress for Melbourne's weather?

We are cosmopolitan and multicultural

Melbourne is one of the most cosmopolitan and multi-cultural cities in the world. We have outstanding arts, food and wine, Australia's best shopping, and diverse sporting and leisure opportunities.

Chesterbrook, Pennsylvania, is the No. 1 best place to live in America for the fourth year in a row. The Philadelphia suburb is known for its high-ranking education system.

Which U.S city has the lowest cost of living? ›

In its report, Niche also ranked the cheapest places to live in the U.S. At the top of the list this year is Brownsville, Texas. Brownsville has been steadily rising in Niche's Lowest Cost of Living ranking over the past few years, placing number six in 2021, number three in 2022 and finally, number one in 2023.

New York overtakes Hong Kong as the most expensive city in the world for expats, new survey shows. Hong Kong has ended its four-year reign as the most expensive city globally for expatriates, according to a survey — as New York surpasses it to first place.

Which City Is More Affordable: Los Angeles or New York City? Both NYC and LA are among the most expensive cities in both the U.S. and the world. However, the average cost of living in LA is also 24-27% lower than that of NYC.

Experience America's Largest Home®, as magnificent today as it was more than a century ago. Your self-guided house visit spans three floors and the basem*nt of the luxurious family home of George and Edith Vanderbilt.

1. The One, Los Angeles, California | Most Expensive Houses. The One, which took eight years to create, has surpassed all other pricey mansions in the US to claim the top rank. Nile Niami's modern masterpiece, this private mansion is situated on a five-acre site in Bel Air, Los Angeles, California.

The penthouse nestled atop Central Park Tower is not only the highest in New York City but also the most expensive, with an asking price of $250 million.

South Yarra

South Yarra is among the most liveable suburbs in Melbourne. Located 4km south-east of the CBD, it has a population of over 25,000 and boasts a thriving shopping, café and nightlife culture.

In Melbourne, the most expensive suburb was Albert Park, with a median block size of 153sqm priced at $13,915/sqm.

When looking for the best areas to live in Melbourne, consider the southern suburbs that are close to exquisite beaches and direct access to the stunning Mornington Peninsula. The bayside suburb of Elwood is characterised by its peaceful, tree-lined streets and village feel.

What is the safest suburb to live in Melbourne? ›

One of the safest suburbs in Melbourne, Glen Waverley is a haven of family-friendly houses, great Melbourne schools, and plentiful shopping and recreation options. With a median house price of $1.6 million, Glen Waverley is pricier than Melbourne's median of $998,356.

The penthouse at the Fender Katsalidis and Cox Architecture-designed Sapphire by the Gardens has sold for a record breaking $39 million, shattering the sale price record for an apartment in the city.

No suburb in the country features a greater concentration of members of The List – Australia's Richest 250 than Toorak, where Melbourne's wealthiest families have gathered for decades. Think historic looking mansions guarded by large hedges set back from the street to ensure privacy.

Of the top 10 richest postcodes, 1 is located in Western Australia, 1 is located in Victoria and the remaining 8 are all located in some of the most exclusive spots across Sydney. At the top of the list is Western Australia's 6011 postcode, which comprises Cottesloe and Peppermint Grove.

Vaucluse, New South Wales was the most expensive capital city housing suburb in Australia in 2022, with a median property value of over 7.9 billion Australian dollars. In comparison, the median property value of a house in the capital city suburb Toorak, Victoria came to around 4.96 billion Australian dollars.