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Since the onset of the Covid-19 pandemic, demand for housing across the country has swelled to new highs, and Victoria’s capital isn’t immune.

Melbourne recorded a shocking 16.2% hike in house prices in the last year alone, defying the pandemic to set a record and raise fresh fears over housing affordability.

Melbourne is widely known as one of Australia’s most expensive cities to live in, following closely after Sydney.

Median property prices don’t come close to those in Sydney, but after a dip in the market last year amid the state-wide Victorian COVID-19 lockdown, property prices have skyrocketed.

Since Melbourne emerged from lockdown in late-2020, house prices have risen rapidly, meaning the city has seen three consecutive quarters of growth above 4%.

This hasn’t been seen in the city’s data since it’s a post-GFC rebound.

Maybe you’re selling a Melbourne property soon and want to know where it stacks up against the most exclusive, or you’re just curious to know where the most affluent neighbourhoods are.

These are the suburbs with the highest median house prices in Melbourne.

1. Toorak – $4.95m

Top of the pile is Toorak, one of the most exclusive and affluent suburbs in Melbourne for a long time.

Toorak is located about 5km south-east of the CBD and has a range of luxury properties on offer.

The median house price is currently sitting at a whopping $4.95 million with rent costing an average of $4,105 a week. Units are about $944,000 with an average weekly rent of $450.

2. East Melbourne – $3.88m

East Melbourne, only 2km from the CBD, is an affluent suburb that gives you the convenience of city living with the added bonus of parks and greenery.

You’ll find some of Melbourne’s oldest apartments and grand Victorian terraces.

The median house price is about $3.88 million and renting a house comes in at a whopping average of $800 a week. Units, slightly more affordable, have a median price of $800,00 and an average rent of $420 a week.

3. Kooyong – $3.46m

Kooyong is a small suburb about 7km south-east of the CBD, filled with apartments, parklands, ovals and fields.

The median house price in Kooyong is $3.46 million with an average rent of $900 a week.

Units sit at a median of $949.000 million and would cost you about $545 a week in rent, significantly more expensive than in many of the suburbs on this list.

4. Brighton – $3.15m

Brighton MelbourneThe third most expensive suburb in Melbourne, Brighton, is situated 11km away from the CBD.

The area is known for its beaches and luxury real estate from Victorian and Gregorian eras.

The median house price is currently $3.15 million with an average weekly rent of $1000 a week.

The median unit price is about $1.04 million and rent will cost you an average of $575 a week.

5. Canterbury – $3.05m

Canterbury MelbourneCanterbury, located in between Balwyn and Camberwell, offers historic residences and Melbourne’s oldest schools.

Houses come in at a median of $3.05 million and units come in at a median of $845million.

Renting doesn’t come cheap either with an average of $823 a week for houses and $495 a week for units.

6. Middle Park – $2.84m

Middle Park MelbourneMiddle Park is a bayside suburb that’s located right outside of the CBD, about 3km away.

There have been development restrictions in the area, driving up the cost of property.

Houses come in at a median of $2.84 million whereas units would cost significantly less at a median of $861,000.

The average rent for houses is about $800 a week and $430 for units.

7. Malvern – $2.83m

Malvern, situated about 10km south-east of the city, has prices similar to in Balwyn.

The median house price is $2.83 million whereas the median unit price is $707,000. Renting will cost you around $775 a week for houses and $380 a week for units.

Malvern has lots of greenery, open spaces, boutique shopping and Victorian mansions.

8. Balwyn – $2.55m

Not so far from Camberwell, Balwyn is home to many refined mansions, lush gardens and cafes.

With a median unit price of $808,750 and average rent of $415 a week, they’re actually one of the more affordable on the list.

Houses, however, come in at a median of $2.55 million and would cost you about $748 a week if you were renting.

9. Kew – $2.47m

Kew, only 5 to 6km east of the city is another suburb that has easy access to the CBD with its tramline.

The Victorian and Edwardian homes are owned by couples and older families. The price to buy a home is about the same as in Camberwell, $2.36 million for a house and $925,000 for a unit.

Renting is a little more expensive though, $750 a week for houses and $430 for units.

10. Camberwell – $2.25m

Camberwell, the tenth most expensive suburb in Melbourne, is located about 10km east of the CBD.

It offers its own long shopping strip and easy access to the city via tram, making it perfect for young families.

Despite median house and unit prices falling over the past year, they still sit at a hefty $2.25 million for houses and $779,999 for units. If you’re looking to rent, it’ll cost you about $750 a week for houses and $440 a week for units.

Michael Yardney
About Michael Yardney
Michael is a director of Metropole Property Strategists who create wealth for their clients through independent, unbiased property advice and advocacy. He's been voted Australia's leading property investment adviser and his opinions are regularly featured in the media.
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