The city's suburbs have a lot to offer—if you've got the money
Charming boulevards and exclusive properties abound in the Victoria capital of Melbourne. And the property market showed no signs of cooling throughout the last year, despite strict COVID-19 pandemic lockdowns. Here are the suburbs that some of the city’s most affluent residents call home.
Toorak is one of the most exclusive suburbs in all of Melbourne, consistently ranking near the top in terms of median house prices. Data from realestate.com.au and Domain found that the median house price in Toorak is currently over $5.1 million, which is actually down 9.6% year-on-year, and that the average cost of rent here is $1,050 per week. Located roughly five kilometres southeast of the CBD, Toorak offers units that cost just over $1 million with an average rent of $475 per week.
The median house price in Canterbury, located between Camberwell and Balwyn, is $3.49 million, with units coming in at $965,500 on average. These figures represent a drop of 15.2% for units over the past 12 months and a rise in 13.5% for houses. Average rents in this historic suburb are $1,000 per week on average for houses and $495 per week for units.
Filled with apartments, fields, parklands and ovals, Kooyong is a smaller suburb of Melbourne that is roughly seven kilometres southeast of the CBD. The average rent in Kooyong is $900 per week with a median house price sitting at $3.4 million. Costlier than almost every other Melbourne suburb on our list, the median cost of units here is $949,000, or $545 per week in rent.
Located about 11 kilometres from the CBD, Brighton is famous for its luxury real estate from the Gregorian and Victorian areas and for its beautiful beaches. The median house in Brighten is $3.38 million and rent here is $1,150 per week on average. Brighton’s median unit price sits at roughly $1.01 million, where rents are $565 per week on average. Those figures represent a rise of 3.9% in median prices over the last 12 months for homes and for units a rise of 4.4%.
The Melbourne suburb of Malvern has a lot to offer, with a plethora of open spaces, greenery, and boutique shopping, as well as towering Victorian mansions. Situated roughly 10 kilometres southeast of the city centre, Malvern offers prices analogous to those found in Balwyn, with the median house price hovering around $3.28 million and the median unit price at $715,000. That is an increase in 15.6% for homes and a 0.5% decrease in unit prices. Rents in Malvern will cost you about $400 per week for units and $887 per week for homes.
Because the affluent suburb of East Melbourne is located just two kilometres from the CBD, you can have the convenience of living in the city with the added bonus of plenty of greenery and parks. East Melbourne also offers some of the city’s oldest apartments and Victoria-era buildings. The median house price here is just over $3.1 million, which is a decrease of 19.3% over the last 12 months. House rentals cost a jaw-dropping $950 per week on average. Up 16.4%, units have a median price of $850,000 and a rent of $460 per week on average.
The median house price in Middle Park, a bayside suburb of Melbourne situated three kilometres outside of the CBD, is $2.93 million. Median prices of units, on the other hand, sit at $825,000, representing a decrease of 5.7% over the past 12 months. For houses, $2.93 million represents an increase of 3.2% during that same period. The average rent for units is $440 per week and $785 per week for homes.
Balwyn offers lush gardens and cafes, as well as plenty of mansions. Up 8% year-on-year, the median unit price is $910,000. With rent on average $430 per week, Balwyn is among the most affordable Melbourne suburbs on this list. On the other hand, homes have a median price of $2.8 million, an increase of 9.6% year-on-year. If you wanted to rent a home, it would cost you $775 per week on average.
Situated roughly 10 kilometres from the CBD, Camberwell has emerged as an ideal suburb for young families, offering convenient access to the city via tram and its own shopping strip. The median house price here is $2.65 million and $870,500 for units. That is an increase of 13.7% for home prices and 11.6% for units over the last year. Rent costs are $820 per week for homes and $450 per week for units.
Similar to Camberwell, Kew offers a median home price of $2.58 million and a median price for units of $847,000. Homes have increased by 4.6% here over the past year, while units have dropped 8.4% during that same time. Kew rents are $795 per week for houses and $440 per week for units.