Most expensive suburbs in Melbourne 2023

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. According to the REIV Toorak has a hefty median house price of $5 million - so that means some houses sell for a lot more than that! Apartments aren't cheap either, with the median price sitting just shy of $1 million at $944,999.

Although long term residents are the main demographic of the suburb, there is still a rental market, but it isn't cheap. Average weekly rent costs are $1,165  for houses and $450 for units. 

East Melbourne is a prestigious and up and coming suburb just 2km from the CBD. It's known for its independent residents and some of the city's oldest apartments, including some stunning Art Deco designs and grand Victorian terraces. Living in the suburb has all the perks of living in the city, just with more parks and greenery.

The median house price currently stands at $3.88 million, with apartments at a median price of $800,000. Renting a house in the area is costly, with the average rent sitting at $800 each week. Units, on the other hand, are currently much more affordable at $420 per week. Based on five years of sales, houses have grown +5.3 per cent in East Melbourne, while units in this suburb have fallen -11.0% over this timeframe.

"Living in East Melbourne has all the perks of living in the city - just with more parks and greenery"

Sitting just 3km outside of Melbourne CBD, Middle Park is a bayside suburb, home to heritage listed Victorian architecture and many stunningly refurbished terraces. Some landmarks include the Middle Park Hotel and the picturesque Middle Park Beach, which both bring lifestyle and entertainment to this seaside suburb.

Development restrictions have driven up the prices of Middle Park real estate, with the median house price sitting at $3.8 million, while unit median units are currently $861,500. Over the medium term - 5 years - property has experienced consistent growth with a compound growth rate of +6.5 per cent for houses and +4.9 per cent for units.

"Development restrictions have driven up the prices of Middle Park real estate..."

Canterbury is an eastern suburb of Melbourne that is most known for its boulevards lined with trees that turn bright red in the autumn. The area has many lavish historic residences and is home to some of Melbourne's oldest schools.

House prices currently stand at $3.7 million, with units just under $1 million at $910,000. Renting costs a substantial $845 a week for a house and a more affordable $495 for units. Realestate.co.au data records 1737 visits per property for Canterbury vs 1709 for the state, making it a high demand postcode.

Named after the seaside town in England, Brighton is known for its beaches, including Dendy Street Beach and it's 82 colourful 'bathing boxes' - the subject of many postcards.

Brighton is a little further from the CBD, clocking out 11km, however, it has its own established community and is home to luxury real estate from the Victorian and Georgian era. The median house price currently stands at $2.87 million, while unit prices are also an eye watering $1,04 million. Renting doesn't come cheap either, with the average house rent costing a cool $1,000 per week and $560 per week for units. 

Don't let its short name fool you, Kew is big in character. Its streets are lined with heritage Victorian, Edwardian and Art Deco homes, and the tramline makes for an easy commute into the city. Residents here are predominantly couples, older families and empty nesters.

Around Kew, the median house price currently sits at $2.79 million, while units are currently at a median of $878,500. Renting a home in Kew for a week will cost you $750 on average for a house and $425 for a unit.

Marked by greenery, with excellent facilities, parks and good quality schools, no surprise Malvern is in-demand. Situated 10km southeast of the CBD, it's also home to the upmarket Malvern Central shopping centre, Central Park and many Victorian mansions perched on wide leafy streets.

No surprises that property here comes at a premium, with the median house price sitting at $2.74 million. Units are more affordable, on the other hand, with a median price of $707,000. If you're looking to rent, you can expect to pay an average of $790 for houses and $385 for apartments each week. And if you're looking for more affordable alternatives, the nearby suburb of Malvern East and Glen Iris both provide similar prestige at a slightly reduced price.

Immortalized by Skyhooks' single 'Balwyn Calling' this affluent suburb is home to interwar mansions and a refined atmosphere. Residents adore the historic cinema, lush gardens and cafe culture.

COVID and repeated lockdowns have put a slight dent in the medium term house values of Balwyn, though they are still at a sizeable median of $2.2 million. Units are currently at a median of $808,7500, making them a more affordable option. Living here, the average rent for a house will set you back $740 a week, while a unit will set you back $410 a week.

For people looking to buy in the area, it's worth taking a look at Balwyn North as well, as its median house price is slightly lower at $2,087,000.