{"id":1802,"date":"2022-02-14T07:34:38","date_gmt":"2022-02-14T07:34:38","guid":{"rendered":"https:\/\/royabhishek.in\/urbanbuyer\/10-most-expensive-suburbs-in-melbourne\/"},"modified":"2022-02-14T07:34:38","modified_gmt":"2022-02-14T07:34:38","slug":"10-most-expensive-suburbs-in-melbourne","status":"publish","type":"post","link":"https:\/\/royabhishek.in\/urbanbuyer\/10-most-expensive-suburbs-in-melbourne\/","title":{"rendered":"10 most expensive suburbs in Melbourne"},"content":{"rendered":"

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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\u2019s capital isn\u2019t immune.<\/strong><\/p>\n

Melbourne house and unit price growth gained momentum over the December quarter as buyer and seller activity rebounded post lockdown.<\/p>\n

\"MelbourneMelbourne\u2019s house prices reached a new record high at $1.1 million<\/a><\/u>, which is the strongest annual gain since 2010, at 18.6% \u2013 this represents a $660 per day increase over the quarter.<\/p>\n

Unit prices increased 3.9 per cent over the quarter to a new record high of $593,387, this is the strongest quarterly gain in two years.<\/p>\n

Melbourne is widely known as one of Australia\u2019s most expensive cities to live in, following closely after Sydney.<\/p>\n

Median property prices don\u2019t come close to those in Sydney, but after a dip in the market in 2020 amid the extended state-wide Victorian Covid-19 lockdown, property prices have skyrocketed.<\/p>\n

Maybe you\u2019re selling a Melbourne property soon and want to know where it stacks up against the most exclusive, or you\u2019re just curious to know where the\u00a0most affluent neighborhoods<\/a><\/u>\u00a0are.<\/p>\n

These are the suburbs with the highest median\u00a0house prices in Melbourne<\/a><\/u>, using data from Domain and realestate.com.au.<\/p>\n

1. Toorak \u2013 $5.38m<\/strong><\/span><\/span><\/h2>\n

\"\"\/Toorak, one of Melbourne\u2019s most exclusive and affluent suburbs, is a long-standing front runner for property prices so it\u2019s no surprise to see this suburb at the top of the list yet again.<\/p>\n

Toorak is located about 5km south-east of the CBD and has a range of luxury properties on offer.<\/p>\n

The median house price is currently sitting at a whopping $5.38 million with rent costing an average of $1,100 a week. Units are about $897,000 with an average weekly rent of $440.<\/p>\n

2. Kooyong \u2013 $3.4m<\/strong><\/span><\/span><\/h2>\n

Kooyong is a small suburb about 7km south-east of the CBD, filled with apartments, parklands, ovals, and fields.<\/p>\n

The median house price in Kooyong is $3.4 million with an average rent of $900 a week.<\/p>\n

Units sit at a median of $949,000 and would cost you about $545 a week in rent, more expensive than nearly every other suburb on this list.<\/p>\n

3. Brighton \u2013 $3.31m<\/strong><\/span><\/span><\/h2>\n
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\"Brighton<\/figure>\n<\/div>\n

The third most expensive suburb in Melbourne, Brighton, is situated 11km away from the CBD.<\/p>\n

The area is known for its beaches and luxury real estate from Victorian and Gregorian eras.<\/p>\n

The median house price is currently $3.31 million with an average weekly rent of $990 a week.<\/p>\n

The median unit price is about $1.14 million and rent will cost you an average of $550 a week.<\/p>\n

4. East Melbourne \u2013 $3.3m<\/strong><\/span><\/span><\/h2>\n

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.<\/p>\n

You\u2019ll find some of Melbourne\u2019s oldest apartments and grand Victorian terraces.<\/p>\n

The median house price in this area is about $3.3 million.<\/p>\n

Renting a house comes in at a whopping average of $850 a week.<\/p>\n

Units are slightly more affordable:<\/p>\n