By Rich Harvey, CEO & Founder, propertybuyer.com.au
Melbourne occupies just one spot in the list of Australia’s 10 highest priced suburbs for real estate, but that doesn’t make its prestige property market any less awe-inspiring.
The Victorian capital has some seriously expensive pockets overflowing with grand homes, upmarket shopping, elite amenities and visually stunning landscapes.
These are the priciest suburbs in Melbourne right now and a rundown on what makes them tick.
TOORAK
Median house price: $4.9 million
Median unit price: $927,500
Average weekly house rent: $1000
Average weekly unit rent: $450
This grand old dame of Melbourne is home to some of Australia’s most elite who occupy stately properties on enormous blocks, lining idyllic and leafy streets.
One current listing gives you a perfect sense of the market in Toorak – a palatial six-bedroom, seven-bathroom estate owned by music promoter Michael Coppel, which reportedly has a guide price of between $30 and $33 million.
Take your pick of adjectives to describe the most common property type here – opulent, prestigious, grand, historic, high-end… the list goes on. Toorak has some exceptional properties, from heritage manors to more newly built mansions.
But you’ll also find a selection of older-style units, brand new apartments and terraces, many of which are part of the suburb’s in-demand rental market.
Aside from the real estate, this posh part of Melbourne is popular among locals and visitors alike thanks to its high-end boutiques, award-winning restaurants and laid-back cafes.
EAST MELBOURNE
Median house price: $3.6 million
Median unit price: $875,000
Average weekly house rent: $850
Average weekly unit rent: $425
Right on the doorstep of the city you’ll find perhaps Melbourne’s most attractive suburb – and one of its smallest too.
Almost everywhere you turn in East Melbourne you’ll see either a sprawling public garden or a church spire… not to mention some stunning Victorian-era architecture that’s beautifully and lovingly preserved.
This part of the city offers an abundance of convenience, thanks to being literally stumbling distance from the CBD while having its own fair share of amenities, from hip cafes to cute boutiques, and of course, the MCG.
The demographic skews fairly young, which gives East Melbourne a slightly more electric vibe than fellow rich-lister Toorak.
BRIGHTON
Median house price: $3.2 million
Median unit price: $1 million
Average weekly house rent: $1000
Average weekly unit rent: $575
Posh. There’s no other way to describe Brighton, located 11 kilometres from the city and overflowing with lovely Victorian and Edwardian homes on generously sized blocks.
This exclusive part of town has everything you could possibly want, from speciality shopping to fantastic dining, great public and private schools, beaches and parks.
It’s exceptionally well-serviced by public transport too, making getting where you need to be a breeze.
Properties are very sought-after here and a period home in a prime street will attract a bidding war at auction. Take this five-bedroom beauty that sold a few weeks ago for just shy of $4 million.
MIDDLE PARK
Median house price: $2.8 million
Median unit price: $813,000
Average weekly house rent: $800
Average weekly unit rent: $425
There’s naturally stunning… and then there’s Middle Park. Bordered by the gorgeous Albert Park on one side and the water on the other, it’s tough to beat for ambient beauty.
This suburb is known for its friendly feel. Sure, it’s affluent, but Middle Park has more of a family vibe than somewhere like Toorak.
It’s also a hot spot for recreation lovers, thanks to the park which offers a range of physical activities. There are fantastic public transport services here, as well as some great shopping and chic cafes.
The dominant housing style is a mix of historic architecture that gives it a charming but exclusive feel. Just take this recently sold six-bedroom family home, which went for $7.9 million at auction.
CANTERBURY
Median house price: $2.8 million
Median unit price: $1 million
Average weekly house rent: $850
Average weekly unit rent: $495
This part of Melbourne is almost as famous for its abundance of greenery as its old money status and historic housing.
From picturesque streets sheltered by enormous oak trees to its sprawling parks and gardens, Canterbury is quite literally a breath of fresh air in a fairly busy part of the city.
It’s also home to some of the city’s top private schools, making Canterbury a favourite with well-to-do families.
The most exclusive stretch of Canterbury is dubbed its Golden Mile – Mont Albert Road from Burke to Balwyn Roads. Here you’ll find some seriously expensive homes that have been occupied by famed and wealthy figures through history.
But there’s some good alternatives to the grand properties in newer build mansions, high-end boutique apartments and luxury townhouses.
MALVERN
Median house price: $2.8 million
Median unit price: $735,000
Average weekly house rent: $800
Average weekly unit rent: $390
One of this prestige area’s most famous residents is Malvern Central, a high-end shopping centre that has everything well-heeled locals and visitors could want.
Coming in a close second as a hot drawcard is Malvern’s beautiful Victorian mansions, which are like something out of a storybook – and come with a hefty price tag as a result.
And just behind that in third is the vibrant streetscape. You’ve got cafes, delis, book shops, fashion boutiques and galleries, not to mention fantastic restaurants.
Some seriously top-notch schools bring families, as do the plethora of parks and several recreational facilities like a world-class aquatic centre.
Malvern also has a good rental market thanks to a supply of mid-century flats.
BALWYN
Median house price: $2.4 million
Median unit price: $825,000
Average weekly house rent: $710
Average weekly unit rent: $420
Families with cash have been flocking to Balwyn for generations, thanks to its sprawling homes on big, leafy blocks, just a stone’s throw from top-rated schools.
Just 10 kilometres from the CBD, living here is as convenient as it is pleasant. Getting where you need to be is easy thanks to great public transport. But there’s plenty to do locally, from sports to leisure, dining to drinking.
The architecture here is a bit of a melting pot. You’ll find your historic homes that are dominant in other high-priced suburbs, but also some later period designs. There’s quite a bit of Art Deco dwellings here too.
KEW
Median house price: $2.4 million
Median unit price: $925,000
Average weekly house rent: $750
Average weekly unit rent: $430
This lush and hilly area is almost like an urban oasis when you come upon it, as dense gives way to spread out.
Compile a list of expensive suburb must-haves and Kew has got it. Sprawling parks. Top-rated schools. Great shopping. All kinds of recreational activities, from rowing to archery. Convenient public transport. Excellent restaurants.
And then there’s the real estate.
Kew has a number of stunning historic homes from enormous Victorian manors to Art Deco apartments and Edwardian terraces. To say this is a charming part of the city would be an understatement.
But the area has its modern side too, with some award-winning contemporary designs dotting the landscape. Take this recently sold six-bedroom architectural masterpiece, which fetched a cool $6.5 million at auction.
ARMADALE
Median house price: $2.5 million
Median unit price: $705,000
Average weekly house rent: $750
Average weekly unit rent: $415
This central suburb screams blue-chip – but securing a home in this most exclusive of enclaves can be a struggle.
To say real estate is tightly held would be an understatement. The area sees around 20 transactions a year, so being one of the lucky few to jag a home often requires assistance. Expert buyers’ agents draw on their local agent contacts to locate upcoming listings. This ensures their clients are always the first to know.
So, what’s the attraction? Well, Armadale is in a key position feeding off drawcard facilities in the neighbouring suburbs of Prahan, Malvern and Toorak. The urban suburban lifestyle is a magnet to chased up residents with High Street delivering exceptional high-end fashion outlets, while Glenferrie Road is dense with fantastic restaurants and shopping.
The suburb is also within reach of some of Melbourne’s most exclusive private schools, and there are plenty of recreation and parkland options on offer such as Victoria Square Reserve and Union Street Gardens.
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