{"id":2135,"date":"2022-03-17T08:35:52","date_gmt":"2022-03-17T08:35:52","guid":{"rendered":"https:\/\/royabhishek.in\/urbanbuyer\/the-richest-streets-in-melbourne\/"},"modified":"2022-03-17T08:35:52","modified_gmt":"2022-03-17T08:35:52","slug":"the-richest-streets-in-melbourne","status":"publish","type":"post","link":"https:\/\/royabhishek.in\/urbanbuyer\/the-richest-streets-in-melbourne\/","title":{"rendered":"The richest streets in Melbourne"},"content":{"rendered":"

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Whether they have incredible views or are close to the CBD, the beach, or both, Melbourne has some of the most desirable streets around and attracts some of the country\u2019s wealthiest people.<\/strong><\/p>\n

\"\"<\/p>\n

Even despite enduring one of the world\u2019s longest Covid-19 lockdowns,\u00a0Melbourne\u2019s property market stood firm<\/a>\u00a0throughout 2021.<\/p>\n

The city might not have seen the same record price increases as in other states, but sky-high demand, low-interest rates, tight supply, and government incentives still kept property prices<\/a> in some of the most notorious parts of the city at all-time highs.<\/p>\n

The inner-city suburb of Toorak, just 5km south-east of Melbourne\u2019s CBD in the Stonnington local government area has been considered the city\u2019s\u00a0most affluent suburb<\/a>\u00a0for decades.<\/p>\n

And high-value property sales across some of Toorak\u2019s sought-after streets saw the suburb make the list 6 times for 2021 according to Domain and realestate.com.au data on reported sales for 2021.<\/p>\n

Why?<\/p>\n

Toorak is home to a wealth of smart leafy\u00a0streets<\/a>\u00a0lined with mega-mansions where many high-end corporate juggernauts, entrepreneurs, and business people own a property.<\/p>\n

\"\"<\/p>\n

These people are flocking to the local amenities, high-end schools, low crime rates and not mention spectacular city views.<\/p>\n

Late last year,\u00a047 Lansell Road in Toorak<\/strong>\u00a0shattered Australian records for the most expensive home sold at auction, at around $40 million.<\/p>\n

The property boasts many of the luxuries a $40 million property would be expected to, including a tennis court, pool \u2014 with a dozen sun lounges \u2014 a gym, and a home cinema.<\/p>\n

Its kitchen includes a wood pizza oven, built-in chicken rotisserie, and a teppanyaki grill for when you just want a quiet meal at home.<\/p>\n

\"\"<\/p>\n

Meanwhile,\u00a07 Towers Road<\/strong>\u00a0\u2013 a Street that comprises only 6 houses \u2013 sold for $20 million in April and\u00a020 St George\u2019s Road<\/strong> sold for $19 million in March.<\/p>\n

And 2 streets in the bayside suburb of Brighton in the order of $20 million<\/p>\n

Melbourne streets in Hawthorn and Kew also made the list for 2021.<\/p>\n

So if you\u2019re wondering where Melbourne\u2019s\u00a0richest people<\/a>\u00a0are residing, here are the 10 most expensive streets in Melbourne based on sales in 2021.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Ranking\u00a0 \u00a0<\/strong><\/td>\nStreet name\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0\u00a0<\/strong><\/td>\nSuburb\u00a0 \u00a0 \u00a0 \u00a0 \u00a0\u00a0<\/strong><\/td>\nHighest reported sale for 2021 (million)<\/strong><\/td>\n<\/tr>\n
1<\/td>\nLansell Road<\/td>\nToorak<\/td>\n$40<\/td>\n<\/tr>\n
2<\/td>\nTowers Road<\/td>\nToorak<\/td>\n$20<\/td>\n<\/tr>\n
3<\/td>\nSeacombe Grove<\/td>\nBrighton<\/td>\n$20<\/td>\n<\/tr>\n
4<\/td>\nGlyndon Avenue<\/td>\nBrighton<\/td>\n$20<\/td>\n<\/tr>\n
5<\/td>\nSt George\u2019s Road<\/td>\nToorak<\/td>\n$19<\/td>\n<\/tr>\n
6<\/td>\nNew Street<\/td>\nBrighton<\/td>\n$16.9<\/td>\n<\/tr>\n
7<\/td>\nAlbany Road<\/td>\nToorak<\/td>\n$14.25<\/td>\n<\/tr>\n
8<\/td>\nHopetoun Road<\/td>\nToorak<\/td>\n$14<\/td>\n<\/tr>\n
9<\/td>\nElwood Street<\/td>\nBrighton<\/td>\n$11.85<\/td>\n<\/tr>\n
10<\/td>\nChrystobel Crescent<\/td>\nHawthorne<\/td>\n$10.5<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

What next for Melbourne property prices in 2022?<\/h2>\n

\"\"<\/p>\n

While\u00a0Melbourne\u2019s housing values<\/a>\u00a0have not grown as strongly as other capitals, now that Melbourne is out of the longest lockdowns experienced anywhere, the pent-up demand at a time of increasing consumer confidence, an improving economy, and abundant job creation ensures continued strong\u00a0Melbourne house price growth<\/a>\u00a0in 2022.<\/p>\n

I see Melbourne\u2019s property market continuing to grow at the rate of 6 to 7% per annum throughout 2022 until eventually, affordability slowed the market down.<\/p>\n

There is little doubt that APRA\u2019s macroprudential controls introduced in November 2022 will have a negative impact on our property markets, and that\u2019s what they\u2019re intended to do.<\/p>\n

But whether the markets will just experience slower growth or stop dead in their tracks will depend on what measures are introduced in the future.<\/p>\n

However, as the Melbourne property market is slowing naturally as a result of affordability constraints and greater choice for buyers, hopefully, APRA will remember its lessons from the past and stay out of the market now.<\/p>\n

ALSO READ:<\/strong><\/span><\/p>\n

10 most expensive suburbs in Melbourne<\/a><\/p>\n

The best suburbs to invest in Melbourne in 2022<\/a><\/p>\n

These suburbs joined the million-dollar club in Melbourne<\/a><\/p>\n<\/div>\n

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[ad_1] Whether they have incredible views or are close to the CBD, the beach, or both, Melbourne has some of the most desirable streets around and attracts some of the country\u2019s wealthiest people. Even despite enduring one of the world\u2019s longest Covid-19 lockdowns,\u00a0Melbourne\u2019s property market stood firm\u00a0throughout 2021. The city might not have seen the […]<\/p>\n","protected":false},"author":1,"featured_media":2136,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22,39,37,38,107],"tags":[],"class_list":["post-2135","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-homepage-top","category-latest","category-property-investment","category-property-investment-melbourne"],"yoast_head":"\nThe richest streets in Melbourne | Urban Buyer: Buyers Agent & Advocates | Best Property Buyers For You<\/title>\n<meta name=\"description\" content=\"Whether they have incredible views or are close to the CBD, the beach, or both, Melbourne has some of the most desirable streets around and attracts some\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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