10 Richest Suburbs in Melbourne: The 2025 Luxury Property Guide

The richest suburbs in Melbourne are known for their luxurious lifestyle, beautiful homes, elite schools, and access to some of the city’s best amenities. Living in these affluent suburbs means enjoying leafy streets, excellent recreational facilities, and a strong sense of community—all while watching property values grow over time. 

If you’re planning to buy a home in one of these expensive suburbs, the mortgage brokers at LM Connect can guide you through the home loan process with expert advice tailored to your goals. Working with a broker gives you access to a wide range of lenders and competitive rates, saving you time and stress during your homebuying journey. 

Now, let’s explore the 10 richest Melbourne suburbs that truly define prestige and luxury — and discover what makes them so desirable.

#1  Toorak

Toorak stands as Melbourne’s wealthiest suburb, known for its mansions, exclusive streets, and elite lifestyle. Landmarks like the Toorak Village shopping strip and the Yarra River contribute to its charm. Families are drawn to its proximity to prestigious schools and boutique shopping. 

Toorak offers unmatched luxury and privacy, making it the gold standard of Melbourne’s affluent suburbs.

• Average House Price: $5,160,000
• Average Unit Price: $940,000
• Average House Rent: $1,400 per week
• Average Unit Rent: $525 per week

#2  Brighton

Brighton is a bayside suburb offering beachside living and stunning views of Port Phillip Bay. It’s known for Brighton Beach’s colourful bathing boxes, beautiful homes, and excellent schools. Residents enjoy the vibrant Church Street shopping strip filled with cafes and boutique shops. Brighton perfectly blends coastal lifestyle with luxurious living.

• Average House Price: $3,520,000
• Average Unit Price: $1,020,000
• Average House Rent: $1,100 per week
• Average Unit Rent: $590 per week

#3  East Melbourne

Nestled next to the city centre, East Melbourne features historic residences, leafy streets, and iconic landmarks like the MCG. It boasts proximity to the Central Business District and is home to elegant Victorian terraces. The suburb offers a relaxed lifestyle while being minutes from Melbourne’s business hubs. Its blend of history and convenience makes East Melbourne a top-tier address.

• Average House Price: $3,325,000
• Average Unit Price: $815,000
• Average House Rent: $1,250 per week
• Average Unit Rent: $560 per week

#4  Canterbury

Canterbury is renowned for its Golden Mile, lined with grand historic homes and leafy streets. It's an aspirational lifestyle suburb known for prestigious schools like Camberwell Grammar and many parks. Residents enjoy access to Maling Road shopping strip filled with boutique shops and cafes. Canterbury remains a popular destination for Melbourne’s elite families.

• Average House Price: $3,275,000
• Average Unit Price: $925,000
• Average House Rent: $1,075 per week
• Average Unit Rent: $560 per week

#5  Kew

Kew combines natural beauty with a strong sense of community, offering wide tree-lined streets and historic homes. It’s home to elite schools like Xavier College and offers excellent amenities and beautiful parks. The suburb’s proximity to the Yarra River and the CBD adds to its desirability. Kew’s strong owner-occupier demand keeps it among Melbourne’s wealthiest suburbs.

• Average House Price: $2,960,000
• Average Unit Price: $800,000
• Average House Rent: $950 per week
• Average Unit Rent: $540 per week

#6  Camberwell

Camberwell offers a family-friendly environment with a mix of heritage homes and modern architecture. Its iconic Camberwell Sunday Market and shopping centres attract both locals and visitors. Camberwell High and access to private schools make it a suburb among families. The area’s leafy streets and excellent amenities make it a stable suburb with historical growth.

• Average House Price: $2,540,000
• Average Unit Price: $765,000
• Average House Rent: $900 per week
• Average Unit Rent: $550 per week

#7  Surrey Hills

Surrey Hills is known for its Victorian suburb charm, tree-lined streets, and beautiful parks. The suburb features historic homes and is close to some of Melbourne’s excellent schools and lifestyle facilities. Residents love its relaxed lifestyle, cycling trails, and proximity to shopping centres. It remains a strong choice for families seeking natural beauty and convenience.

• Average House Price: $2,365,000
• Average Unit Price: $850,000
• Average House Rent: $830 per week
• Average Unit Rent: $540 per week

#8  Balwyn

Balwyn is a leafy suburb known for its reputable schools, tree-lined streets, and strong sense of community. The area features the popular Balwyn Cinema and easy access to public transport and shopping centres. 

Balwyn’s prestigious schools and family-friendly environment drive its strong owner-occupier demand. It remains a popular choice for families looking for a relaxed yet luxurious lifestyle.

• Average House Price: $2,812,500
• Average Unit Price: $800,000
• Average House Rent: $950 per week
• Average Unit Rent: $520 per week

#9  Hampton

Hampton combines beachside living with boutique shopping, beautiful beaches, and a relaxed lifestyle. It’s a bayside suburb popular among families for its great schools and village atmosphere. Residents enjoy easy access to the city centre while living moments from the beach. Hampton offers a strong standard of living and future long-term growth.

• Average House Price: $2,435,000
• Average Unit Price: $890,000
• Average House Rent: $1,050 per week
• Average Unit Rent: $530 per week

#10  Glen Iris

Glen Iris is a gentrifying middle-ring suburb offering a wide range of beautiful homes, leafy streets, and recreational facilities. The suburb provides convenient access to the CBD, reputable schools, and numerous coffee shops. Gardiners Creek Trail is a local highlight, perfect for cycling and weekend walks. Glen Iris blends aspirational lifestyle suburbs appeal with solid property markets performance.

• Average House Price: $2,570,000
• Average Unit Price: $770,000
• Average House Rent: $900 per week
• Average Unit Rent: $480 per week

Note: All prices and rental figures are current as of March 2025 from Realestate.com.au Suburb Profiles. Other sources include Domain and CoreLogic. Actual prices may vary depending on property features and market conditions.

Ready to buy in one of Melbourne’s richest suburbs? Chat with our expert mortgage brokers at LM Connect to access competitive home loan options tailored to your goals. Call 03 7020 1159 or visit LM Connect.

Why These Melbourne’s Most Expensive Suburbs Stand Out

Melbourne’s richest suburbs are highly sought after due to their strong property markets and luxurious lifestyle offerings. These affluent suburbs provide a mix of excellent schools, beautiful homes, and a high standard of living, making them a popular choice for families and investors alike.

1. Architectural Heritage: Many of these suburbs feature historic homes, including well-preserved Victorian suburb mansions, adding to their charm and exclusivity.
2. Educational Institutions: Proximity to prestigious schools and private schools makes these suburbs a popular choice among families seeking top-tier education.
3. Lifestyle Amenities: From recreational facilities to exclusive shopping centres, these areas provide a wealth of amenities for residents.

Partner with expert mortgage brokers to save time and unlock better home loan deals in Melbourne’s richest suburbs. Enjoy personalised advice and a free consultation to maximise your buying power.

Frequently Asked Questions (FAQs)

What is the best suburb to live in Melbourne?

The eastern suburbs like Kew and Canterbury are often considered the best due to their stunning architecture, historic mansions, and strong real estate market. These areas offer a high sale price and excellent weekly rent returns.

Where do middle class people live in Melbourne?

Middle-class families often live in eastern suburbs such as Camberwell and Glen Iris, where the median unit price remains more affordable. These suburbs balance historical charm, access to schools, and a stable housing market.

What is the most expensive city to live in in Melbourne?

Toorak is the most expensive, known for luxurious mansions, beautiful real estate, and historic mansions lining the streets. Its high sale price and weekly rent reflect Melbourne’s elite housing market.

Where do billionaires live in Melbourne?

Billionaires typically live in eastern suburbs like Toorak and East Melbourne, famous for their luxurious mansions and stunning architecture. These areas offer unmatched historical charm and dominate Melbourne’s high-end real estate market.

What are the wealthiest suburbs in Melbourne?

Toorak, East Melbourne, and Brighton are among Melbourne’s wealthiest suburbs, known for their expensive houses, high-end boutiques, and strong owner-occupier demand.

What are the highest-rated suburbs in Melbourne?

Suburbs like Kew, Balwyn, and Canterbury are highly rated due to their elite schools, historical growth, and excellent amenities.

What is the richest estate in Melbourne?

The Golden Mile in Canterbury is one of Melbourne’s most expensive estates, featuring luxurious lifestyle properties.

Are Melbourne’s wealthy suburbs good for investment?

Yes, these stable suburbs offer impressive price tags, rental demand, and historical growth, making them strong investment choices.

Final Thoughts - Investing in Melbourne’s Richest Suburbs

Melbourne’s richest suburbs continue to attract families and investors in 2025 with their luxurious mansions, historic charm, and strong property markets. Whether you’re drawn to stunning architecture, prestigious schools, or the lifestyle that comes with living in these exclusive areas, working with the right mortgage broker makes all the difference. 

At LM Connect, our mortgage brokers are here to help you explore your options and find the right loan — offering a free consultation to get you started. Reach out today at 03 7020 1159 or visit LM Connect and take the first step toward your dream home.