13 Mar 2025 12 Most Expensive Suburbs in Melbourne: Where Luxury Meets Unmatched Lifestyle
Living in one of the most expensive suburbs in Melbourne means enjoying world-class amenities, prestigious schools, and a luxurious lifestyle surrounded by historic residences and stunning homes. These elite neighbourhoods offer a perfect blend of convenience, exclusivity, and long-term investment potential, making them highly sought after by affluent buyers.
If you’re considering buying in one of these high-end areas, the brokers at EverLend can help you find the right home loan with competitive rates and tailored solutions. With expert guidance, you can confidently explore your options and secure financing that aligns with your goals.
So, what makes these suburbs so desirable, even with their high price tags? Let’s take a closer look at Melbourne’s top 12 luxury suburbs and what sets them apart.
#1 Toorak – Melbourne’s Most Prestigious Address
Toorak is the pinnacle of luxury real estate in Melbourne, where grand heritage mansions sit alongside cutting-edge architectural masterpieces. It’s long been the suburb of choice for Melbourne’s elite, attracting business leaders, celebrities, and affluent buyers looking for exclusivity. With prestigious private schools, high-end boutiques, and lush tree-lined streets, it offers a lifestyle that’s both sophisticated and highly sought after.
- Median House Price: $5,000,000+
- Average House Rent: $1,800 per week
- Average Unit Rent: $650 per week
#2 Brighton – Luxury Living by the Bay
Brighton is a bayside suburb where luxury living meets relaxed coastal charm, making it one of Melbourne’s most desirable postcodes. From waterfront mansions with breathtaking bay views to its famous Brighton Beach boxes, this suburb offers a mix of history, prestige, and lifestyle. With top-tier schools, boutique shopping, and a thriving café culture, it attracts affluent buyers who want the best of beachside living while staying close to the city centre.
- Median House Price: $3,500,000
- Average House Rent: $1,500 per week
- Average Unit Rent: $600 per week
#3 Canterbury – Leafy Streets and Grand Estates
Canterbury is a leafy, prestigious suburb known for its grand historic mansions, charming tree-lined streets, and a strong sense of community. It’s home to some of Melbourne’s top private schools, including Camberwell Grammar, making it a popular choice for families seeking both education and elegance. Despite its peaceful suburban feel, Canterbury is well-connected to the city centre, offering residents the perfect balance of tranquility and convenience.
- Median House Price: $3,200,000
- Average House Rent: $1,200 per week
- Average Unit Rent: $550 per week
#4 Middle Park – Tranquil Beachside Elegance
Middle Park is a charming beachside suburb where elegant Edwardian homes and Victorian terraces line its peaceful, tree-shaded streets. With stunning bay views and a strong sense of community, it offers a relaxed coastal vibe while still being just minutes from the CBD. Its heritage charm, easy beach access, and village-like atmosphere make it a highly sought-after location for professionals and families alike.
- Median House Price: $3,000,000
- Average House Rent: $1,400 per week
- Average Unit Rent: $600 per week
#5 Kooyong – Small but Ultra-Wealthy
Kooyong is a small but ultra-exclusive suburb, where luxurious mansions, tree-lined streets, and a prestigious reputation make it one of Melbourne’s most desirable addresses. It’s home to the famous Kooyong Tennis Club, a landmark for tennis enthusiasts, and is surrounded by some of the city’s top private schools, making it a magnet for affluent families. With only a limited number of homes available, demand in Kooyong is always high, and properties here rarely stay on the market for long.
- Median House Price: $2,800,000
- Average House Rent: $1,200 per week
- Average Unit Rent: $500 per week
#6 East Melbourne – City-Edge Luxury
East Melbourne is a prestigious inner-city suburb that perfectly blends historic charm, green spaces, and unbeatable convenience. Its heritage-listed terraces and high-end apartments sit alongside Fitzroy Gardens and Treasury Gardens, offering residents a peaceful retreat just moments from the CBD. With landmarks like Parliament House, renowned hospitals, and boutique shopping, East Melbourne remains one of the most sought-after and tightly held suburbs in the city.
- Median House Price: $2,700,000
- Average House Rent: $1,300 per week
- Average Unit Rent: $620 per week
Chat with EverLend – Your Trusted Mortgage Experts
Thinking about buying in one of Melbourne’s most expensive suburbs? At EverLend, we help you navigate the luxury property market with tailored mortgage solutions, competitive rates, and expert advice. Call us today at 03 7036 3356 or visit EverLend to discuss your home loan options with our expert brokers.
#7 Balwyn – Family-Friendly Prestige
Balwyn is a family-friendly suburb known for its prestigious schools, spacious homes, and peaceful suburban lifestyle. With tree-lined streets and a rich cultural heritage, it attracts families looking for a safe and well-connected community. Its boutique shopping, thriving café scene, and easy access to parklands make Balwyn a perfect blend of convenience and charm.
- Median House Price: $2,600,000
- Average House Rent: $1,100 per week
- Average Unit Rent: $500 per week
#8 Hawthorn – Riverside Charm and Elite Schools
Hawthorn is a vibrant and prestigious suburb that seamlessly blends grand heritage mansions, sleek modern apartments, and a sophisticated lifestyle. With its proximity to the Yarra River, beautiful parks, and some of Melbourne’s best private schools, it’s a top choice for families and professionals alike. The suburb’s thriving shopping and dining scene, particularly along Glenferrie Road, adds to its appeal, offering everything from boutique stores to trendy cafés.
- Median House Price: $2,500,000
- Average House Rent: $1,250 per week
- Average Unit Rent: $550 per week
#9 Albert Park – A Coveted Inner-City Beachside Suburb
Albert Park is a picturesque bayside suburb known for its stunning waterfront homes, charming Victorian terraces, and vibrant café culture. With its close proximity to Albert Park Lake, the Grand Prix circuit, and the CBD, it’s a highly desirable location for professionals and families seeking a blend of city convenience and coastal living.
- Median House Price: $2,400,000
- Average House Rent: $1,350 per week
- Average Unit Rent: $580 per week
#10 Beaumaris – Bayside Prestige with a Community Feel
Beaumaris is a stunning seaside suburb where beachfront homes, scenic coastal trails, and a relaxed village atmosphere create an idyllic lifestyle. With its clifftop views, beautiful beaches, and strong sense of community, it’s a haven for those who love outdoor living and natural beauty. High demand for housing in Beaumaris is driven by its coastal charm, top-rated schools, and proximity to boutique shopping and dining.
- Median House Price: $2,200,000
- Average House Rent: $1,000 per week
- Average Unit Rent: $480 per week
#11 Glen Iris – Spacious Homes in a Leafy Setting
Glen Iris is a picturesque suburb known for its spacious family homes, tree-lined streets, and welcoming community feel. With excellent transport links, top-rated schools, and plenty of parks, it offers the perfect balance between city convenience and suburban tranquility. Its charming cafés, shopping precincts, and strong demand for housing make it a highly sought-after location for families and professionals alike.
- Median House Price: $2,100,000
- Average House Rent: $1,100 per week
- Average Unit Rent: $520 per week
#12 Deepdene – Exclusive and Tightly Held
Deepdene is a prestigious pocket within Balwyn, known for its grand estates, tree-lined streets, and a strong sense of community. With top-tier schools, boutique shopping, and easy access to parklands, it’s a highly sought-after suburb for families and professionals. The limited number of homes in Deepdene, combined with its exclusive reputation and prime location, keeps demand and property values consistently high.
- Median House Price: $3,320,000
- Average House Rent: $1,150 per week
- Average Unit Rent: $500+ per week
Sources: Realestate.com.au, Domain, AllHomes. Note that the figures above are subject to change, so it’s best to get current market values from your real estate agent.
Make Your Dream Home a Reality with EverLend
Looking to buy in one of Melbourne’s most exclusive suburbs? With soaring property prices and strong demand, having the right mortgage strategy is key. At EverLend, our expert brokers help you find the best loan options, ensuring a smooth and stress-free buying experience. Call us at 03 7036 3356 or visit EverLend to get started today!
Frequently Asked Questions (FAQs)
What is the richest suburb in Melbourne?
Toorak is widely regarded as Melbourne’s richest suburb, with median prices exceeding $5 million for luxury homes. It is home to some of Australia’s wealthiest suburbs, featuring historic homes, exclusive properties, and high-end shopping centres.
What are the highest-rated suburbs in Melbourne?
Some of the highest-rated suburbs include Toorak, Brighton, East Melbourne, and Canterbury, known for their prestigious schools, premium amenities, and affluent communities. Many of these areas offer a strong sense of community, a vibrant shopping scene, and excellent access to parks and recreational facilities.
What is the richest council in Melbourne?
The City of Stonnington, which includes Toorak, South Yarra, and Malvern, is considered the richest council due to its high median prices and exclusive properties. Other affluent suburbs under this council experience low turnover rates, as homes are tightly held by wealthy residents.
What is the most expensive street in Melbourne?
St. Georges Road in Toorak holds the record for the highest sale price in Melbourne, with homes regularly selling for tens of millions of dollars. This leafy suburb is lined with historic mansions, modern architectural masterpieces, and some of the most expensive neighbourhoods in the country.
Where do middle-class people live in Melbourne?
Middle-class families often live in eastern suburbs like Box Hill, Doncaster, and Mount Waverley, where housing values are lower than in the wealthiest suburbs but still offer a high standard of living. These neighbouring suburbs provide great access to shopping centres, schools, and transport, making them a popular choice for families.
What are the booming suburbs of Melbourne?
Emerging booming suburbs include Clyde North, Werribee, and Wollert, where housing markets are experiencing strong growth in property prices and demand. These areas attract buyers looking for affordable homes with strong investment potential as Melbourne’s property cycle continues to evolve.
What home loan options are available for purchasing a house in these expensive suburbs?
Buying in Melbourne’s expensive neighbourhoods often requires specialised home loans such as low-doc loans for high-income earners, offset loans, and interest-only investment loans. Mortgage brokers can help buyers navigate loan options for investment-grade properties in affluent suburbs, ensuring they secure financing that aligns with their goals.
Takeaway – Homebuying in Melbourne’s Most Expensive Suburbs
Buying a home in one of Melbourne’s most expensive suburbs is a dream for many, offering luxury, prestige, and long-term value. With property prices and median unit prices rising, having the right mortgage strategy is more important than ever.
At EverLend, we make the process straightforward and stress-free, helping you find the best loan options tailored to your needs. Book a free consultation with our expert brokers today. Call us at 03 7036 3356 or visit EverLend to get started on your journey to luxury homeownership.