The 10 Most Expensive Suburbs in Melbourne

In February 2023, Melbourne's housing values hit an all-time high, following a 17.3% increase since the pandemic began. Melbourne's average house price for August dropped by 1.6% to $964,950, while unit prices decreased by 1.2% to $614,351.

The influx of properties going on the market is slowing, and buyers are taking their time and contemplating their decisions. FOMO (fear of missing out) is no more, and buyers are not willing to take shortcuts or compromise as they were last year.

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The following are the suburbs with the highest median house prices in Melbourne, using data from Domain and Realestate.com.au:
1. Toorak – $5.18m
2. Canterbury – $3.49m
3. Kooyong – $3.4m
4. Brighton – $3.377m
5. Malvern – $3.28m
6. East Melbourne – $3.127m
7. Middle Park – $2.93m
8. Balwyn – $2.8m
9. Camberwell – $2.65m
10. Kew – $2.58m