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.
(Updated as of October 2025)
Most Expensive Melbourne Suburbs (2025)
1. Toorak
Toorak remains Melbourne’s ultimate prestige postcode. Known for its sprawling mansions, tree-lined avenues, and elite private schools, it’s home to business magnates, celebrities, and old money. Luxury shopping, fine dining, and proximity to the CBD make it a perennial top choice for high-net-worth individuals.
- Median house price: ~$5.3 million
- Median unit price: ~$1.4–1.8 million
- Average rent: ~$2,500+ per week
- Infrastructure development: Minimal due to heritage overlays; focus on preserving exclusivity
- Population growth: Very low; limited new supply keeps demand high
2. East Melbourne
East Melbourne combines proximity to the city with the calm of historic streets and garden views. With landmarks like the Fitzroy Gardens and proximity to top hospitals and Parliament, it appeals to professionals, diplomats, and high-income renters. Its tightly held nature and boutique housing stock make it one of the most in-demand suburbs.
- Median house price: ~$3.6–3.8 million
- Median unit price: ~$1.1–1.5 million
- Average rent: ~$1,700–2,200 per week
- Infrastructure development: Focus on heritage protection and precinct beautification
- Population growth: Stable; limited by size and strict planning controls
3. Kooyong
Tiny, exclusive, and ultra-premium, Kooyong has long flown under the radar but holds some of Melbourne’s highest per-square-metre property values. With proximity to elite schools, Toorak Village, and its namesake tennis club, it attracts affluent families who want privacy and prestige. Despite its small footprint, Kooyong continues to command record-breaking prices due to its limited supply, heritage appeal, and enduring reputation as one of Melbourne’s most discreet luxury enclaves.
- Median house price: ~$3.58 million
- Median unit price: ~$1.2–1.8 million
- Average rent: ~$1,500–1,900 per week
- Infrastructure development: Almost none; highly protected zoning
- Population growth: Flat; extremely low turnover
4. Brighton
Bayside luxury defines Brighton. From its iconic beach boxes to multimillion-dollar homes with ocean views, Brighton blends coastal charm with upscale living. It’s one of Melbourne’s most recognisable suburbs, where prestige meets lifestyle on every corner. It appeals to families and executives seeking lifestyle, beach access, and top schools, all just a short train ride from the city.
- Median house price: ~$3.1 million
- Median unit price: ~$1.2–2.0 million
- Average rent: ~$1,800–2,300 per week
- Infrastructure development: Coastal resilience upgrades; improved shopping strips
- Population growth: Moderate; high interest in lifestyle suburbs
5. Canterbury
Home to sprawling heritage homes and elite school catchments, Canterbury is a haven for families seeking prestige and space. With some of the city’s most beautiful tree-lined streets, it’s quiet, safe, and consistently high value. This suburb offers a rare combination of architectural grandeur, community atmosphere, and long-term investment confidence.
- Median house price: ~$3.19 million
- Median unit price: ~$1.3–1.8 million
- Average rent: ~$1,500–1,900 per week
- Infrastructure development: Limited; focus on preserving character
- Population growth: Steady, mostly driven by family buyer
6. Malvern
Malvern combines prestige, access, and amenity. With proximity to Toorak and Glen Iris, Malvern homes blend classic architecture with modern living. It’s well-connected, walkable, and rich in shopping and schooling options. Elegant period homes, tree-lined boulevards, and thriving village precincts make Malvern a standout for professionals and families seeking refined suburban living.
- Median house price: ~$3.0 million+
- Median unit price: ~$1.2–1.7 million
- Average rent: ~$1,600–2,100 per week
- Infrastructure development: Transport upgrades and boutique retail zones
- Population growth: Moderate growth in prestige pockets
Buying in Melbourne’s prestige suburbs requires more than a standard loan. Our expert Melbourne mortgage brokers at EverLend craft tailored lending strategies for high-value purchases, ensuring your home loan structure supports long-term wealth. Call us at 03 7036 3356 to get started.
7. Balwyn / Deepdene
Known for their leafy streets and access to top schools, Balwyn and Deepdene are magnets for families. Deepdene, a tiny enclave within Balwyn, has seen a surge in values thanks to low turnover and limited land. The area offers strong community feel and elegant homes. With its blend of heritage charm, wide boulevards, and consistently high-performing school zones, this suburb remains one of Melbourne’s most desirable for long-term family living.
- Median house price: ~$2.8–3.0 million
- Median unit price: ~$1.1–1.7 million
- Average rent: ~$1,400–1,800 per week
- Infrastructure development: Medium-density projects in surrounding areas
- Population growth: Deepdene recorded ~20% median growth in 2025
8. Hawthorn
Hawthorn blends grand Victorian homes with sleek apartments and buzzing Glenferrie Road culture. Home to Swinburne University and several elite schools, it draws both students and families. The Yarra River nearby adds lifestyle appeal. With its mix of academic energy, heritage charm, and strong public transport links, Hawthorn is a top choice for those who want prestige without sacrificing vibrancy or convenience.
- Median house price: ~$2.5+ million
- Median unit price: ~$1.0–1.5 million
- Average rent: ~$1,400–1,800 per week
- Infrastructure development: Gentrification and commercial precinct upgrades
- Population growth: Increasing demand from downsizers and professionals
9. Middle Park / Albert Park
Middle Park and Albert Park offer the perfect blend of inner-city convenience and bayside tranquility. These neighbouring suburbs boast historic terraces, quiet tree-lined streets, and a village atmosphere that feels a world away from the CBD, despite being just minutes from it. Their proximity to the beach, Albert Park Lake, and sporting precincts makes them a magnet for professionals, creatives, and downsizers alike. High demand and limited supply consistently drive up values.
- Median house price: ~$3.0+ million
- Median unit price: ~$1.5–2.0 million
- Average rent: ~$1,700–2,200 per week
- Infrastructure development: Heritage area protections; street upgrades
- Population growth: Minimal; properties tightly held
10. Kew / Kew East
Kew is a staple of Melbourne’s elite eastern suburbs, offering spacious blocks, historic homes, and access to some of the city’s most prestigious schools. Kew East shares many of the same advantages but with a slightly more suburban feel. These areas are ideal for established families and professionals who value privacy, education, and lifestyle. Their proximity to the CBD, abundance of parklands, and enduring prestige keep demand and property values consistently high.
- Median house price: ~$2.9+ million
- Median unit price: ~$1.2–1.8 million
- Average rent: ~$1,500–2,000 per week
- Infrastructure development: Local park upgrades and improved tram links
- Population growth: Stable; low development intensity
11. Eaglemont
Eaglemont is one of Melbourne’s most tightly held and picturesque suburbs, known for its heritage-listed architecture, quiet streets, and elevated views. Eaglemont is an architectural gem, full of historic estates and landscaped streets. Tucked between Ivanhoe and Heidelberg, it attracts medical professionals, creatives, and families. Its scarcity, beauty, and seclusion drive consistently strong values. The suburb’s exclusivity, combined with its proximity to top hospitals and parklands, makes it a premium choice for discerning buyers.
- Median house price: ~$2.43 million
- Median unit price: ~$1.3–1.7 million
- Average rent: ~$1,300–1,800 per week
- Infrastructure development: Minimal; strong preservation focus
- Population growth: Up ~24.5% over 5 years to 2025
12. Ivanhoe East
Ivanhoe East is a tightly held, village-style suburb known for its green spaces, peaceful vibe, and high-performing schools. It’s ideal for downsizers, professionals, and families wanting premium living outside the chaos. With its elevated streets, generous blocks, and community feel, Ivanhoe East offers prestige without pretension. Its blend of natural beauty, architectural charm, and strong local schools makes it one of Melbourne’s most quietly sought-after addresses.
- Median house price: ~$2.38 million
- Median unit price: ~$1.1–1.5 million
- Average rent: ~$1,300–1,700 per week
- Infrastructure development: Community centre and local road upgrades
- Population growth: Gradual, with steady upward price pressure
Sources: Victorian Property Sales Report, 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 trusted Melbourne mortgage brokers help you find the best loan options, ensuring a smooth and stress-free buying experience. Call us at 03 7036 3356 to book your free appointment 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. If you’re looking for a peacful community, check out our guide on the safest suburbs in Melbourne.
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, such as EverLend, 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 to get started on your journey to luxury homeownership.