Melbourne's richest and poorest suburbs: How does your area compare? (2024)

FAQs

Melbourne's richest and poorest suburbs: How does your area compare? ›

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.

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.

BATTERED suburb Broadmeadows has been named Melbourne's most disadvantaged area in a map of the nation's poorest postcodes.

Melbourne CBD ranks highly on the work and play criteria, and other areas that perform well are Cremorne, Docklands and Southbank. Sophisticated living can be found in the affluent suburbs of Albert Park, Toorak, Prahran and South Yarra.

In Melbourne, high homelessness rates are found in Dandenong about 25km from the city, as well as in Maribyrnong, Brimbank, Moreland, Darebin and Whitehorse councils.

Why is Toorak so rich? ›

But what else makes Toorak so expensive to the rest of the pack? It also comes down to amenities, schools, low crime rates and proximity to the Melbourne CBD (city). With over 270 shops and businesses, Toorak Village is famous for its fashion boutiques, cafes, restaurants, beauty therapy and hair salons.

Land boom and bust

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.

House prices in Australia are extremely high compared to income, relative to other countries. The market is propped up by rules that provide tax deductions for property investment, and by repeated state government bonuses for first home buyers. Furthermore, the supply of new homes is hard to generate.

Craigieburn. Craigieburn has a large population with over 32,000 residents, but is not serviced by adequate amenity. The suburb achieves very low scores for telecommunications coverage, shopping and cafes, with the worst cultural sector recorded in Melbourne.

Northcote has taken out the title of the best Melbourne suburb to live in, in a new study by PWC (Pricewaterhouse Coopers). One of Australia's “big four” accounting and consultancy firms, it recently released the findings of its yearly City Pulse analysis, which charts liveability across the state.

There are a few different US cities that have been regarded as being like Melbourne, Australia. However, the city that is generally considered to be the most like Melbourne is New York City. New York City is often compared to Melbourne in an economic hub sense.

The most in-demand suburbs across the state where houses are attracting hundreds of competing buyers have been revealed. New PropTrack data showed Kangaroo Ground, 26km northeast of the CBD, was the most in demand for houses, with up to a whopping 484 buyers battling for each listed property.

What is the most educated suburb in Melbourne? ›

Princes Hill, in the lap of Melbourne University, has the state's highest concentration of post-graduates. East Melbourne, Carlton North, Clifton Hill and Parkville, all with universities on their doorstep, predictably rate highly for education as well.

Melton is the cheapest suburb in Melbourne with a median house price of $410,000 and tops the list as the most affordable suburb in Melbourne, followed by Melton South ($441,000), Cobblebank ($545,000) and Kurunjang ($445,000).

Greater Dandenong is one of Melbourne's most multicultural areas with residents from over 150 birthplaces. Around 60 per cent of residents were born overseas and nearly two thirds of residents speak languages other than English at home.

In the City of Melbourne, 79 per cent of people sleeping rough were male and 21 per cent. 33 per cent of people were sleeping on the street, 12 per cent in parks and 48 per cent in other locations in the City of Mebourne.

Risks of long-term coastal inundation linked to climate change are rising fastest in a string of inner-city Melbourne suburbs including Docklands, Port Melbourne, Albert Park and the unexpected neighbourhood of Footscray, new research shows.

Safest city rankings: what do the statistics say about safety in Australia? Australian cities score fairly well on a global scale in the most recent The Economist Intelligence Unit Safe Cities Index 2019 (SCI), with Sydney ranked 10th and Melbourne 16th for the personal security metric.

Some locations in Melbourne where we anticipate significant gentrification are places further north and west of Melbourne. Suburbs in the north include: Beverage, Donnybrook, Sunbury and Wollert to name a few. Suburbs in the west include: Geelong, Werribee and Wyndham Vale to also name a few.

Melbourne and Hobart are braced for falls of 10 per cent, while Adelaide, Darwin and Perth will see a marginally softer single-digit drop, the report said. The flipside is, even with potential falls of up to 10 per cent, national property prices will still be more than 18 per cent above pre-pandemic levels.

Where do rich people live in Melbourne? ›

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 of luxury properties on offer.

But Toorak in particular is packed with wealth and fame, being home to the mansions of trucking magnate Lindsay Fox, property developer Harry Stamoulis, Chadstone Shopping Centre part-owner John Gandel, former Essendon Football Club chairman Paul Little, tech entrepreneur Ruslan Kogan, retailer Solomon Lew – and the ...

We're here to answer the question, Should I Visit Melbourne or Sydney? Both cities offer a unique Australian flavour, yet they are so different. Melbourne is considered the cultural capital of the country, while Sydney's undeniable landscapes, weather and nature always remains an allure to travellers.

Sydney Is Still Australia's Most Expensive Place To Live, but Melbourne and Brisbane Are Not Far Behind. Singapore and New York have tied for the title of world's most expensive city in this year's Worldwide Cost of Living report.

Melbourne has been named Australia's most liveable city and the 10^th in the world in the Global Liveability Index 2022 .

Melbourne unit prices - March 2023

The median unit price in Melbourne increased by +0.4 per cent in March to sit just below $590,000. Over the past three months, the -0.9 per cent correction now sits on par with what houses experienced, while annual declines for units were around half of that for houses.

3 Bedroom House

The most common Australian home layout, three bedrooms, is on average around 175 metres squared. This fluctuates slightly and many 3 bedroom homes will be above or smaller than the national average. Average family size 3 bedroom homes can usually be found on a block size of 474 square metres.

Keilor East is home to the highest number of people aged 65 to 74, according to a report presented to the Australian Property Council on Wednesday. The suburb, about 16 kilometres north-west of Melbourne's CBD, is also home to the highest population of 75 to 84 year olds.

Where do most Muslims live in Melbourne? ›

Melbourne's Australian Muslims live primarily in the northern suburbs surrounding Broadmeadows, (mostly Turkish), Coburg, Brunswick and Epping (mostly Lebanese). They also form communities in outer south-eastern suburbs such as Dandenong and Hallam (mostly Afghan and Pakistani).

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.

Millennials are now predominant in large swathes of the inner city, the north and west, while there are two pockets either side of the bay where Generation X are the most common inhabitants.

Roxburgh Park is one of the more affordable family suburbs in Melbourne. Scenic reserves, good schools, shops, and a very convenient location have recently attracted more families to the area, with approximately 25% of the population 0-19 year olds, according to PropertyValue.

They are: the Brunswick and Lalor house markets and the Malvern East, Clayton, Box Hill and St Albans unit markets.

States and territories annual population growth, December 2022. Wyndham in Victoria was the fastest-growing area between 2019 and 2022, with 34,500 additional residents. Wyndham covers almost 20 suburbs containing a significant number of greenfield developments.