So we've told you which suburbs are the most affordable, but what about the ones that are a bit exxy (unless you're on Real Housewives of Melbourne)? Whether you're hoping to one day be in the tax bracket where these homes are within reach, or you just enjoy doing a bit of real estate sticky-beaking, this list will give you some insight into how Melbourne's one per cent live.
According to data compiled by Metropole Property Strategists, these are the ten most expensive suburbs to buy a home in Melbourne. And if you want to pretend to be rich after reading this list, peruse our guide to the best oyster happy hours in Melbourne and how to make the most of $50 in a day in Melbourne.
1. Toorak
Big surprise, right? Toorak has long been one of Melbourne's most affluent suburbs, with wealthy entrepreneurs and athletes calling it home. According to Real Estate, some of its residents include the co-owner of Chadstone – the Fashion Capital and former Essendon Football Club chairman (and owner of Port Phillip Ferries) Paul Little. Oh, and if you're a RHOM fan, Janet Roach and her partner (Chemist Warehouse boss Sam Grace) purchased a $40-million-dollar home here, too. So, how much does a house in Toorak go for these days? The median price is a cool $5.19 million.
2. East Melbourne
Next up, we've got this 'burb that's just two kilometres from the CBD. Compared to Toorak, which is chock-full of modern luxury mansions, East Melbourne is known for its historical apartments and terraces. It's also home to several of Melbourne's famous landmarks, including Parliament House, the old Treasury Building and the MCG. Compared to Toorak, it's a bargain: houses clock in at a median price of $3.65 million.
3. Brighton
Home to the famous Brighton Beach bathing boxes, this upmarket suburb is bursting with cafés, bakeries and green spaces. It's a popular tourist destination, but those who want to call it home will have to fork up around $3.24 million for a house. Eric Bana (Troy, Chopper), Chris Lilley (Summer Heights High) and the late Shane Warne all called this beautiful seaside suburb home at some stage.
4. Kooyong
Located around seven kilometres southeast of Melbourne, this suburb sits within the City of Stonnington. It's pretty tiny, with a population of just 842 recorded in the 2021 census. If you want to make that number 843, you'll need to have around $3.2 million sitting in the bank, so start saving your pennies.
5. Canterbury
This eastern suburb sits between Balwyn and Camberwell, and its median house price is $3.19 million. What makes it so special? Well, it's home to a number of historic residences and some of Melbourne's oldest schools, and it's also in close proximity to hotspots like Box Hill, Chadstone and Doncaster.
6. Balwyn
Not far from Canterbury, Balwyn is a suburb just ten kilometres east of the CBD. Its name is derived from the Gaelic word 'bal' and the Saxon word 'wyn' that, when put together, mean 'the home of the vine'. It's a fitting name for this lush, leafy and desirable suburb with homes coming in at around $2.89 million.
7. Malvern
This quiet eastern suburb is popular with families thanks to its plethora of cafés, green spaces and reputable schools. Homes here are often quite stately, including the eye-catching Gascoigne Estate and the Stonington Mansion, which sold for a hefty $52.5-million-dollar price tag. But that's the exception, as houses here fetch an average of just $2.85 million – a much more realistic figure, right?
8. Kew
If you're in the market for a Victorian or Edwardian home, Kew has a whole slew of them. And if you're not, don't fret: it's also recently seen an uptick in modern estates, too. It's just a 20-minute drive from the CBD and past notable residents include former prime minister Gough Whitlam, David Syme (the owner of The Age) and Gustav Nossal, a scientist and former winner of the Australian of the Year award for his work in immunology. Houses here hover around an average of $2.8 million.
9. Middle Park
This bayside suburb is just three kilometres south of the CBD and neighbours Albert Park, St Kilda and Prahran. House prices have been driven up due to development restrictions, so the median value of a home here is $2.8 million. It's known for having some of the best-preserved examples of Victorian architecture and terrace houses, with many of them enjoying strict heritage protections.
10. Camberwell
Last but certainly not least as far as pricing goes, Camberwell's median house price is $2.65 million. The Minogue sisters grew up nearby, and comedian Barry Humphries (best known for his alter ego Dame Edna Everage) lived along the Golf Links Estate. It may be tenth on this list, but it has definitely garnered a reputation as one of Melbourne's most prestigious and desirable suburbs.