A look at Melbourne’s top 5 priciest suburbs

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Australians may say that Melbourne is the most European part of the country.

Its CBD and inner-city suburbs look a lot different than most Australian capital cities, as Melbourne has a fine blend of both concrete and green areas. Elegant cafes, designer boutiques, and fantastic street art are only some of the attractions that Melbourne has to offer.

Melbourne is also home to many overseas immigrants. Over 30 per cent of the city's population was born overseas but decided to migrate to Melbourne. Most migrants come from China, Greece, India, Italy, and other worldwide nations.

However, not all suburbs in Melbourne are equally affordable. Those with deep pockets might want to check out these five wealthiest areas in Melbourne mentioned below, according to CoreLogic's recent findings:

#1 – Toorak

Toorak is an inner-city suburb in Melbourne that also features on the list of the wealthiest areas in the entire continent.

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Toorak is one of the oldest suburbs in Melbourne with a long tradition of being glamorous. If one would like to buy a house in an Instagram-worthy place, Toorak might be just the right choice.

This suburb is a luxurious destination for all high-end buyers who enjoy shopping for European designs. Most shops are located next to each other, interspersed with plenty of brunch and wine places.

Apart from being a food and a shopping destination for the elite, Toorak is also home to perfectly trimmed gardens and patios. Private schools of the highest level, elegant walks, and nice outfits are common sight for Toorak locals and add a sophisticated touch to the entire suburb.

If Toorak and its perks have caught your fancy, you should be well acquainted with the median house price in the area, that is, a gigantic A$4 million. Seventy-nine residences have been sold in the area to the new elite locals.

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#2 – Brighton

Being the second most prestigious place in Melbourne, Brighton might be a more affordable option for individuals eyeing a move to Melbourne's finest locations.

Everyone knows that Aussies love their sandy beaches and are proud of them. Brighton might be the best choice for those with deep pockets, who desire to wake up to a blue ocean every day or fancy a swim or a surf during lunch break.

Brighton is located right next to the Port Phillip and is surrounded by Elwood and Hampton.

Similar to Toorak, Brighton is known for exclusive boutiques that tend to have a more personal vibe compared to that of big shopping centres. However, Brighton does have large cinemas, supermarkets and shopping centres for those who do not mind being in crowded areas.

Also, fashionistas are especially fond of Brighton because it is known for a mix of elegant designer shops and food corners, exuding utmost luxury.

However, buying a house in Brighton is not cheap and one would need to fork out A$2.9 million on average. Even though it is not so affordable a price for most Australians, 167 houses were sold in Brighton in 2020.

#3 – Deepdene

Deepdene is one of the lesser famous suburbs; however, the place boasts of ultra-affluence. Until April 2010, Deepdene was not even recognised as a separate suburb, but it eventually earnt its independence from Balwyn.

The area is known for its fine dining and high-end shopping. Italian cuisine, expensive bars, and exclusive shops with all necessary apparel can be found within walking distance in Deepdene.

Moreover, Deepdene is a place where some of the best primary and secondary schools are, besides housing a prestigious private tennis court. After all, tennis is deemed to be a rich person’s sport.

Even though Deepdene’s popularity has soared since it became a separate suburb, only 13 houses were sold to new residents, with a median house price of A$2.85 million in 2020.

#4 – Canterbury

Another Inner East suburb, Canterbury has bagged the fourth place on the list of the most affluent areas in Melbourne.

Canterbury is a suburban heaven for those who want private schools and fine dining within walking distance. Small in size, the suburb is highly convenient for those who prefer to have everything luxurious near their home.

The eastern area is even home to some Victorian politicians, but Minogue sisters might be the most famous Canterbury residents.

Those who like to party might want to move closer to Melbourne CBD, as Canterbury is more known for its quietness and high privacy.

Large mansions are a usual sight for Canterbury residents. The median price for a mansion is around A$2.6 million, which  to NSW mansions is not as much. Seventy-four high-end houses were sold in the area, according to the report.

#5 – Malvern

When it comes to the wealthiest areas of the Melbourne suburbia, South and East suburbs have undoubtedly come to dominate the list.

Malvern residents are also big on cute cafes and fine dining restaurants, as well as perfectly maintained green areas close to the street.

Highly coveted by sports lovers, Malvern also has many parks available for healthy recreation.

A home in Malvern could be bought for a median price of A$2.57 million and in 2020, 73 houses were purchased.