Top 10 Most Expensive Streets in Melbourne

• Some of Melbourne's most expensive mansions sold for over $40 million
• Luxury market prices have also seen sharp rises due to shortages
• The most expensive street was Grant Avenue

Melbourne could be considered the affordable big city alternative to Sydney, with sprawling estates, mansions, and the most expensive streets all ranking lower than Sydney.

Australia’s most expensive streets were mostly located in Sydney, with only 27 Melburnian streets featuring.

Some of Melbourne’s most expensive streets recorded a median house value of above $5 million, with streets outside of Melbourne’s top 25 most expensive recording median house values of above $4 million.

Melbourne is known for being the most livable city in the world, having held the accolade for seven years in a row from 2011 to 2017, before losing out to Vienna; the city also garnered the title of “world’s best city for working from home” in 2021.

Luxury market booming

Mid-last year, Melbourne saw its largest ever penthouse enter the market, with the property sold for an eye-watering $23 million. Located at the at the Melbourne Square precinct in Southbank, the apartment is among a collection of luxury penthouses in the Skyhome Series unveiled by Malaysian-based developer, OSK Property, in July last year.

The penthouse is sprawled across levels 67 and 68 of Melbourne Square’s East Tower with the floors connected by two dramatic spiral staircases. It features floor-to-ceiling windows with panoramic views of Melbourne.

Melbourne suburb of Brighton also made another list – Australia’s most expensive waterfront suburbs, with the PropTech Group figures putting the suburb third behind Sydney suburbs Vaucluse (first place) and Mosman (second place).

Melbourne’s most expensive house in 2021 was located on Lansell Road in Toorak, sold for $43.1 million. The property was previously owned by British businessman Mark Healey and his wife Kelly.

Mr Healey’s father, Eddie Healey, was famous for building and selling the Meadowhall Shopping Centre in Sheffield, UK, making him a billionaire.  The current owner is believed to be Sam Gance, the owner of the Chemist Warehouse discount pharmacy chain.

A shortage of luxury properties on the market also drove prices up, The Property Tribune covered the rise in detail here.

Top 10 Most Expensive Streets in Melbourne

1. Grant Avenue, Toorak, 3142
2. Edzell Avenue, Toorak, 3142
3. Maxwell Court, Toorak, 3142
4. Buddle Drive, Toorak, 3142
5. Yarradale Road, Toorak, 3142
6. Scotsburn Grove, Toorak, 3142
7. Huntingfield Road, Toorak, 3142
8. Balfour Street, Toorak, 3142
9. Teringa Place, Toorak, 3142
10. Glenbervie Road, Toorak, 3142

Generated by Suburbtrends, founder Kent Lardner said the methodology was not about selecting streets with one or two sales of mansions or streets with very large block sizes.

“We have selected streets with a significant number of houses with the highest overall median prices, rather than selecting a street based on the sale of one mansion. Our methodology has created a very different ‘top streets’ list representing streets with a significant number of high priced properties and surrounded by the highest priced homes in the country” he said.

In the most expensive streets in Australia, Melbourne took out 27 spots on the list.

Weekly asking prices for 3142 (incl Toorak)

Grant Avenue

Suburbtrends data showed the median number of bedrooms for Grant Avenue is four, with the median land size for homes on the street at 1,256 square metres. The median building area was 333 square metres, with the street median recorded at $5,512,000.

Edzell Avenue

The Toorak street had a median bedroom number of four, with houses typically sitting on land of 867 square metres. The building size median was 283 square metres, with house price median at $5,480,500.

Maxwell Court

Sitting on a comparatively smaller lot size, the median land size for the street is 638 square metres, with houses slightly larger, with a median building size of 305 square metres. Median number of bedrooms for the street is four, with median house price coming gin at $5,451,000.

Buddle Drive

While median land size is similar to Maxwell Court at 643 square metres, homes along Buddle drive are slightly smaller with a median bedroom count of three and median building size of 204 square metres. Median house values come in at $5,435,000.

Yarradale Road

Homes here enjoy a sprawling 920 square metres of land, with houses spread across 284 square metres. The median house price along Yarradale Road is $5,410,000, with the median number of rooms being four.

Scotsburn Grove

Homes along the street likewise spread out over a splendiferous 925 square metres, with home owners likewise enjoying living quarters of some 297 square metres. A house along the street will typically set you back $5,388,000, with homes typically comprising four bedrooms.

Huntingfield Road

Despite being lower down on the list, houses along Huntingfield Road, which is also located in Toorak, sit on a median of 1,035 square metres of land, typically referred to as a quarter acre block, or thereabouts anyway. Homes are unsurprisingly larger at a median of 364 square metres, with the median bedroom number at five. Homes here have a median of $5,295,000.

Balfour Street

Another street with homes typically home to five bedrooms, but land size smaller at 775 square metres and building size 268 square metres. Homes here have a median price of $5,282,000.

Teringa Place

The penultimate entry to the top 10 most expensive streets in Melbourne sees a median house price of $5,282,000 a median land area of 866 square metres, a median building size of 483 square metres, and a median bedroom count of four.

Glenbervie Road

Rounding out the top ten, this street has a median house price of $5,267,000. Homes are fairly large, with a building size median of 344 square metres, a land size median of 968 square metres, and five bedroom median.

Top 100 most expensive streets in Melbourne full list

Source: Suburbtrends.

Methodology

Suburbtrends started by compiling a list of house price estimates for every street in Australia.

The company subsequently removed streets that did not have price estimates for at least five properties and where the median lot size was over 2,000 square metres.

Suburb trends said that to ensure the results were not swamped by select few suburbs, streets were allocated to areas (Statistical Area 4 SA4) and a maximum quota of 10 streets per SA4 area was applied.