Melbourne’s Most Expensive Suburbs To Rent In

Melbourne may only be number two on the list of Australia’s ten most expensive districts for real estate, but it doesn’t make its luxury property market any less impressive. In the Victorian capital’s most affluent areas, grand houses, luxury shopping, elite amenities, and physically spectacular scenery abound.

These are Melbourne’s most expensive suburbs right now, along with an overview of what makes them tick. 

1.   Toorak

Some of Australia’s wealthiest people live in magnificent homes on large blocks that surround beautiful and lush streets in this grand old dame of Melbourne. A splendid six-bedroom, seven-bathroom mansion owned by music promoter Michael Coppel, which has a guide price of between $30 and $33 million, gives you a great feel of the market in Toorak.

Toorak has some outstanding residences, ranging from heritage manors to more recently constructed mansions. However, there are a variety of older-style units and brand modern apartments and terraces, many of which are part of the in-demand rental market in the suburb. Aside from real estate, this wealthy Melbourne suburb is recognized for its high-end boutiques, award-winning restaurants, and laid-back cafes, which attract both locals and visitors.

• Median house price: $4.9 million
• Median unit price: $927,500
• Average weekly house rent: $1000
• Average weekly unit rent: $450

2.   East Melbourne

You’ll find one of Melbourne’s most charming and smallest suburbs right on the outskirts of town. A vast public garden or a church spire can be seen almost everywhere in East Melbourne, not to mention some gorgeous Victorian-era buildings that have been carefully conserved.

This city area provides a wealth of convenience due to its proximity to the CBD while still having its own set of facilities, including chic cafés, cute boutiques, and, of course, the MCG. East Melbourne has a slightly younger demographic than fellow rich-lister Toorak, giving it a somewhat more energetic vibe.

• Median house price: $3.6 million
• Median unit price: $875,000
• Average weekly house rent: $850
• Average weekly unit rent: $425

3.   Brighton

Brighton is 11 kilometers from the city center and is overflowing with beautiful Victorian and Edwardian residences on large lots. From specialty shopping to exquisite restaurants, excellent public and private schools, beaches, and parks, this affluent area of town offers everything you could want.

It’s also highly well-served by public transportation, making traveling a breeze. Property is in high demand here, and a historic home on a desirable street will attract a bidding war at auction.

• Median house price: $3.2 million
• Median unit price: $1 million
• Average weekly house rent: $1000
• Average weekly unit rent: $575

4.   Middle Park

Middle Park is difficult to top for ambient beauty, as it is bordered on one side by the lovely Albert Park and the other by the water. This suburb is known for its welcoming atmosphere, and middle Park has a more family-oriented atmosphere than Toorak.

It’s also a popular destination for outdoor enthusiasts, thanks to the Park’s variety of physical activities. There are excellent public transportation options, as well as excellent shopping and stylish eateries. The dominant housing design is a blend of ancient and contemporary architecture, giving it a pleasant but exclusive feel.

• Median house price: $2.8 million
• Median unit price: $813,000
• Average weekly house rent: $800
• Average weekly unit rent: $425

5.   Canterbury

This suburb of Melbourne is well-known for its lush greenery as its old-money status and historic houses. Canterbury is a breath of fresh air in a fairly busy section of the city, with charming streets protected by gigantic oak trees and sprawling parks and gardens.

Canterbury is also home to some of the city’s best private schools, making it a popular choice for well-heeled families. Mont Albert Road, which runs from Burke to Balwyn Roads, is Canterbury’s most exclusive section. Throughout history, some of the most expensive residences have been held by famous and wealthy individuals.

• Median house price: $2.8 million
• Median unit price: $1 million
• Average weekly house rent: $850
• Average weekly unit rent: $495

6.   Balwyn

For years, Balwyn has attracted wealthy families because of its expansive residences on big, lush blocks at a stone’s throw from top-rated schools. Living here is as convenient as it is pleasurable, being only 10 kilometers from the CBD. Thanks to excellent public transportation, getting where you need to go is effortless. However, there is enough to do in the area, including sports, leisure, dining, and drinking.

The architecture is a bit of a mash-up here. You will find your classic homes, as well as some later-era designs, in other high-priced areas. There are also a lot of Art Deco buildings in this area.

• Median house price: $2.4 million
• Median unit price: $825,000
• Average weekly house rent: $710
• Average weekly unit rent: $420

7.   KEW

It nearly feels like you’ve landed on an urban oasis when you first see this lush and hilly area.  Kew offers everything on your list of costly suburb must-haves. Schools that are highly regarded. Excellent shopping, beautiful parks, from rowing to archery, there are a variety of recreational activities available. Public transportation is very convenient as well as fabulous dining establishments are also open.

From massive Victorian manors to Art Deco apartments and Edwardian terraces, Kew is home to many spectacular historic homes. It would be an understatement to say that this is a charming portion of town. However, the area also has a modern side, with award-winning contemporary architecture dotting the landscape.

• Median house price: $2.4 million
• Median unit price: $925,000
• Average weekly house rent: $750
• Average weekly unit rent: $430

8.   Malvern

Malvern, approximately 10 kilometers south of the city, offers similar costs to Balwyn. The median price of a house is $2.83 million, while the median price of a unit is $707,000. Renting a home will set you back $775 per week while renting a unit would set you at $380 per week. Greenery, open spaces, boutique shopping, and Victorian houses abound in Malvern.

• Median house price: $2.83 million
• Median unit price: $707,000
• Average weekly house rent: $775 per week
• Average weekly unit rent: $380