- Melbourne joined the million-dollar club last year, with Sydney
- Melbourne asking house prices have remained steady
- The Mornington Peninusla, inner and eastern suburbs dominate the list
Although Sydney gets plenty of attention as the most expensive city in Australia, Melbourne is still nonetheless an expensive city.
Late last year, Melbourne joined Sydney as part of the million-dollar house club. Canberra joined later too.
Despite the housing downturn, asking prices in Melbourne have remained above the $1 million mark, having been at a steady level since April, according to SQM Research.
Melbourne
To put this into perspective, asking prices were hovering around the $900,000’s from around 2017 to the pandemic. In the early 2010s, they were in the $600,000’s.
So, what suburbs are the most expensive?
Just as Sydney has its Eastern Suburbs, which dominate the most expensive suburbs list there, and Perth has its western suburbs, Melbourne has its leafy eastern suburbs.
Many of these are well known as being notoriously expensive, especially Toorak.
However, when looking at the median house price, it may be a surprise to find Toorak ranks just seventh.
In fact, the most expensive suburbs in Melbourne aren’t even eastern suburbs, The top is Main Ridge, which is located on the Mornington Peninsula.
Top 20 Most Expensive Suburbs in Melbourne
- Main Ridge
- Merricks North
- Portsea
- Flinders
- Point Leo
- Toorak
- Moorooduc
- Canterbury
- Kooyong
- Fairhaven
- Kangaroo Ground
- Deepdene
- Brighton
- Albert Park
- Balnarring Beach
- Southbank
- Middle Park
- Bellbrae
- Sorrento
- Merricks Beach
1. Main Ridge, 3928
With a median house price of $4,788,300, Main Ridge is the most expensive suburb in Melbourne, despite being located 97 kilometres from the CBD. The suburb is nine kilometres from Rosebud and has a population of just 416, according to the 2021 Census. It is a popular tourist spot with views of not just the bay, but also of Melbourne. Just ten properties were transacted over the last 12 months.
2. Merricks North, 3926
In next place is a nearby Mornington Peninsula suburb, Merricks North, with a median house price of $4,183,600. 91 kilometres from the Melbourne CBD, and 12 kilometres from Hastings, it also has a relatively small population of 423. The suburb does have an extremely low turnover, with just two houses sold over the past year, with the highest sale price achieving $2,350,000.
3. Portsea, 3944
Arguably one of the best-known suburbs on this list is Portsea, with a median house price of $4,800,500. 95 kilometres from Melbourne, it is the westernmost town on the Mornington Peninsula. 787 people live there, with many wealthy individuals owning property there such as Lindsay Fox, Eddie McGuire and the late Ron Walker. The most famous resident, however, was Prime Minister Harold Holt who had a holiday home there and presumably drowned at the notorious Cheviot Beach. The highest sale price during the last 12 months was $7,100,000, with 48 houses sold during this time, and one unit. This represents a 2% turnover.
4. Flinders, 3829
Flinders, a seaside town on the Mornington Peninsula, is next on the list with a median house price of $3,926,500. Home to 1,130 residents, it is located 104 kilometres from Melbourne. It is known for its large beachside mansions on large estates, along with its golf course and yacht club. The highest sale price during the last 12 months was for $11 million. 40 houses were transacted during this, and 1 unit representing a turnover of 3.29%.
5. Point Leo, 3916
Point Leo, a rural surfing locality on the Mornington Peninsula, has a median house price of $3,218,300. The suburb was established in the 1940s and is 97 kilometres from Melbourne. The highest sale price during the past year was $1,250,000. There have been just three houses sold over the past year.
6. Toorak, 3142
The most expensive suburb close to the Melbourne CBD is the leafy suburb of Toorak. Arguably the suburb people most Australians consider to be the most expensive in Melbourne, Toorak has a median house price of $3,043,600 and is located just five kilometres from the city centre.
The population of the suburb is 12,817, with 245 houses and 204 units transacted over the past 12 months, equating to a turnover rate of 4.46%. The highest sale in the suburb over the past 12 months was $12,100,000. It is popular with well know reasons such as the Myers family, Eddie McGuire, Dame Elisabeth Murdoch (mother of Rupert) Lindsay Fox among many others.
7. Moorooduc, 3933
Back to the Mornington Peninsula is Moorooduc, which has a median house price of $3,028,300. Located 54 kilometres from Melbourne CBD and 13 kilometres from Frankston, Moorooduc has a population of just over 1,000. The highest sale price over the past 12 months was $3,352,000. Just eight houses were sold last year. The suburb boasts a semi-rural lifestyle.
8. Canterbury, 3126
Back to the eastern suburbs is Canterbury, located 10 kilometres from the Melbourne CBD. Canterbury has a median house price of $2,980,000, with the highest price in the last 12 months being an eye-watering $15,200,000. 146 houses have been sold over the last 12 months, along with 26 units. This reflects a relatively high turnover of 4.19%. The suburb is known for its leafy streets and safety, yet is relatively close to the city centre. Notable residents include the Minogue family and former Liberal Party leader the late Andrew Peacock.
9. Kooyong, 3144
Fellow leafy eastern suburb Kooyong is next on the list, with a median house price of $2,973,300. Located seven kilometres from the Melbourne CBD, Kooyong’s highest house sale over the last 12 months was for $5,250,000. Just nine houses and 10 units were sold during the same period too.
10. Fairhaven, 3231
Located on the Surf Coast Shire, 43 kilometres southwest of Geelong and 105 kilometres southwest of the Melbourne CBD, Fairhaven has a median house price of $2,951,000. Fairhaven is a popular holiday destination, similar to the suburbs along the Mornington Peninsula. The social centre of the suburbs is deemed to be the Fairhaven Surf Lifesaving Club.
11. Kangaroo Ground, 3096
26 kilometres northeast of the Melbourne CBD is Kangaroo Ground, home to 1,208 residents. The suburb has a median house price of $2,825,000, with the highest sale price over the past year being $1,810,000. 19 houses were sold over the past year, representing a turnover of 4.2%.
12. Deepdene, 3103
Located nine kilometres from the Melbourne CBD is the leafy suburb of Deepdene. The suburb boasts great schools and greenery, while enjoying the benefits of being near the city centre. Deepdene was previously part of Balwyn. The median house price of the suburb is $2,704,300. The highest sale of the past 12 months was for $7,350,000. 43 houses have been sold over the past year along with six units.
13. Brighton, 3186
Brighton, located 11 kilometres southeast of the Melbourne CBD, is a popular beachside suburb, named after Brighton in the UK. Brighton has a median house price of $2,680,200, which is high given the suburb has a relatively large population of 23,000. The highest price recorded was for a staggering $22,000,000. 448 houses were sold last year, along with 136 units, representing a 3.9% turnover.
14. Albert Park, 3206
The most inner-city suburb on this list is Albert Park, which is just three kilometres south of the Melbourne CBD. With a median price of $2,671,200, Albert Park has a population of over 6,000. The highest sale price over the past 12 months was $7,500,000, with 120 houses transacted during the time and 22 units, representing a 3.19% turnover.
15. Balnarring Beach, 3926
Located 65 kilometres from Melbourne on the Mornington Peninsula is Balnarring Beach, home to just 471 residents. The suburb has a median house price of $2,639,000, with the highest sale price during the past year being $2,300,000. The median house rent has increased by 79% over the past year to $1,302 weekly.
16. Southbank, 3006
Back to inner Melbourne, Southbank is just across the Yarra River from the Melbourne CBD. Southbank has a population of over 22,600 and a median house price of $2,621,500. 41 houses were sold last year, as were 538 units. There are a total of 807 houses and 24,380 units in the suburb.
17. Middle Park, 3206
Middle Park, five kilometres south of the Melbourne CBD, has a median house price of $2,553,900. The highest sale over the past year was for $11,810,000. 72 houses and 39 units were sold during this period, representing a 4.08% turnover.
18. Bellbrae, 3228
Located on Victoria’s Surf Coast, Bellbrae has a median house price of $2,494,500. The suburb is known for its hobby and produce farms. Just six houses were sold over the past year, with the highest sale price during this time being $1,410,000. The turnover of properties in the suburb is just 0.95%.
19. Sorrento, 3943
Located on the Mornington Peninsula, 90 kilometres from Melbourne, Sorrento is a popular coastal suburb that is home to over 2,000 residents. The median house price of the suburb is $2,475,100, with 140 houses and seven units sold over the past year. The highest sale price during this time frame was for $7,580,000.
20. Merricks Beach, 3926
Located 66 kilometres from the Melbourne CBD, Merricks Beach has a median house price of $2,475,000. 13 houses were sold over the last 12 months, for a median price of $1,880,000, representing a sales turnover of 4.94%.
