Melbournes 5 Most Expensive Suburbs
Melbourne is regularly voted one of the most livable cities in the world, thanks to its coffee, culture, and colorful laneways. However, just like any city, some areas are more livable than others. Certain suburbs are more costly than others, whether it's because of beautiful Victorian architecture or chic seaside living.
The sheer range of rooms available to share house tenants in Melbourne is hard to beat, ranging from studios to terrace homes, converted warehouses to Californian bungalows. However, in one of Australia's most competitive rental markets, properties in the most desirable locations aren't always cheap.
So, where should you begin their search?
1. Toorak
The first spot on this list comes as no surprise: Toorak has long been home to some of Melbourne's most opulent properties and wealthiest residents. The region is known for its shopping village, restaurant culture, and luxury SUVs are known as "Toorak tractors" by locals.
Within a 6-kilometer radius of the CBD, there is a mix of luxurious lifestyle properties in the inner-city suburb. Despite a -3.1 percent drop in the last year, the median house price in Toorak is still $3.1 million. Apartments are also not cheap, with a median price of $760,000.
Despite the fact that long-term residents make up the bulk of the suburb's population, there is still a rental market, and it isn't cheap. The average weekly rent for a house is $1,150, while for a unit it is $490. It is without a doubt an expensive place to live.
2. Docklands
The Docklands precinct is now finding its feet, as well as an audience of tenants, despite being criticized as being a little soulless because it's a younger neighborhood that was built from almost nothing.
Rooms in Docklands have the unique advantage of being both on the water and in the area, with a degree of comfort that is hard to match anywhere else in town, thanks to a strong emphasis on apartments.
The CBD, entertainment, and shopping, including DFO South Wharf, are all within walking distance of Southern Cross Station, which acts as a gateway to the rest of Melbourne and greater Victoria.
It's slightly more expensive than most of the Melbourne suburbs, at $350 on average per week for a bed, but if you're an apartment lover who prioritizes comfort above everything else, it's the place for you.
3. Brighton
This is a beachside suburb on Melbourne's eastern coast. It is 11 kilometers southeast of Melbourne's city center. The suburb had a population of 21,257 people in 2011.
Along with Toorak, the suburb is home to some of Melbourne's richest residents and the most expensive houses and buildings, making it one of the most expensive suburbs. Beach Road is a popular cycling path, while Bay Trail is suitable for walking and hiking. Dendy Street Beach, which has over 80 bathing boxes, is a popular tourist destination in the area.
In general, Melbourne's southern and eastern suburbs are more common and costly than the city's northern and western suburbs. This is mostly due to the fact that the South-Eastern suburbs have better schools, a lower crime rate, and are generally safer places to raise a family. They are even more appealing to families and enterprises because of their proximity to the Central Business District (CBD). As a result, real estate rates in these areas are exceptionally high.
4. Canterbury
Kylie and Dannii Minogue grew up in this affluent suburb, which is also home to a number of prestigious private schools.
The Gold Mile on Mont Albert Road is famous for its tree-lined streets, which are consistently among Melbourne's most expensive. The boulevards lined with trees that turn bright red in the autumn are the city's most famous feature. There are several luxurious historic homes in the area, as well as some of Melbourne's oldest schools.
Canterbury, like many other postcodes in the area, has lost -17 percent of its population in the last year. However, today's house prices are only $2.35 million. Surprisingly, the price of a unit has increased by 60% to $1.2 million. A house will set you back $910 per week, while a unit will set you back $480.
5. Middle Park
Middle Park is a bayside suburb just 3 kilometers outside of Melbourne's CBD, with heritage-listed Victorian architecture and many beautifully restored terraces. The Middle Park Hotel and the picturesque Middle Park Beach are two landmarks that bring life and entertainment to this seaside suburb.
Middle Park real estate prices have risen as a result of development constraints, with the median house price sitting at $2.6 million and units currently selling for $735,000 on the market. Surprisingly, property values in the region have remained stable over the last 12 months, with house prices falling just 2% and unit prices raising 2%, making the area a healthy place to invest capital.
Rentals are pricey, but not as much as in some of the other suburbs on this list, with houses costing $798 a week and the average unit rent being $530. St Kilda West is a less expensive alternative to Middle Park, with a median house price of $1.7 million and a similar bayside feel without the heritage price tag.
Conclusion
If you're a Melbourne native or part of the great migration to Australia's cultural capital, where you want to live will have a significant impact on your Melbourne experience. These suburbs will never disappoint if you value comfort and high-end living.
