The most expensive suburbs in Melbourne

Melbourne suburbs - wealthy areasMelbourne currently has 39 suburbs with a median value in excess of one million dollars with the list predictably topped by Toorak.

The list of the city’s most expensive suburbs is very stable due to their sought after location and high quality housing.

Using the median value measure Toorak is almost twice as expensive as the second on the list, East Melbourne. The median value of a house in Toorak is $3.5M compared to $1.88 in East Melbourne and $1.82 in Brighton.

The top ten is rounded out by Canterbury, Deepdene, Middle Park, Hawthorn East, Kew, Balwyn and Malvern.

When viewed from the perspective of the overall value of all house sales in the past year Brighton tops the list with $604M worth of homes sold compared to $473M in Kew and $410M in Toorak. Deepdene is a very small suburb and has only seen $25.5M worth of houses sold in the past year.

With the exception of Canterbury and Malvern sales data over the past 12 months shows that either less expensive homes have been offered for sale or the prices being paid are generally below the underlying values.

There are six suburbs whose values are nearing a million and if the market continues to appreciate will reach that level soon. Ashburton, Ormond, St Kilda East, McKinnon, Prahran and Park Orchards have values between a million and $950,000.

Robert Larocca
RP Data Victoria Housing Market Specialist

About Robert Larocca

Robert Larocca has built a profile over the past eight years as an expert on the Victorian residential property market. He worked for the REIV both directly and as a consultant over 8 years acting as a spokesperson, managing its research department and public policy. He has been a media and government relations consultant and spent a decade working across the three levels of government including as a Councillor and Mayor in the City of Moreland. He has well developed leadership skills in the not for profit sector and has been the Chairperson of CERES Community Environment Park for 9 years.

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