The Richest Streets in Melbourne: A Guide to the City’s Most Expensive Properties
Melbourne is renowned for its diverse property market, which ranges from trendy inner-city apartments to sprawling country estates. However, it’s the city’s wealthiest suburbs and their exclusive streets that truly steal the spotlight. From iconic Toorak to the tranquil bayside properties, Melbourne offers some of Australia’s most desirable and expensive addresses.
In this article, we’ll delve deeper into Melbourne’s luxury property market, explore the streets where the city’s elite reside, and examine what makes these areas so coveted by buyers both locally and internationally.
The Dominance of Toorak
Toorak has long been Melbourne’s benchmark for wealth and luxury. Situated just 5 km southeast of the CBD, the suburb is a haven for the city’s most affluent residents. With its tree-lined streets, large blocks, and proximity to some of Melbourne’s best private schools, Toorak is the place to be for those seeking a prestigious address.
Some of the most expensive homes in Melbourne are located along Toorak’s most exclusive streets, such as Grant Avenue, Edzell Avenue, and Lansell Road. These streets regularly see properties sell for prices that exceed $10 million, with the most luxurious mansions reaching even higher values.
Top 10 Most Expensive Streets in Melbourne
When it comes to Melbourne’s luxury property market, certain streets stand out. Toorak leads the pack, but other affluent suburbs like Portsea, Kew, and South Yarra also feature on the list of Melbourne’s priciest addresses.
The 2023/24 financial year saw some astounding property transactions. Notable sales included St Georges Road and Albany Road in Toorak, both of which reached the $40 million mark, as well as a $23 million property in Portsea, located on Point Nepean Road.
Here are the top 10 most expensive streets based on recent property sales:
- St Georges Road, Toorak – $40 million
- Albany Road, Toorak – $40 million
- Lansell Road, Toorak – $31 million
- Clendon Road, Toorak – $23.35 million
- Point Nepean Road, Portsea – $23.23 million
- Sackville Street, Kew – $22.5 million
- Ottawa Road, Toorak – $21.25 million
- Whernside Avenue, Toorak – $21 million
- Hopetoun Road, Toorak – $21 million
- Frankston-Flinders Road, Flinders – $20.5 million
Why Toorak Reigns Supreme
Toorak’s longstanding reputation as Melbourne’s wealthiest suburb is built on a few key factors. First and foremost, it’s the sheer size and luxury of its homes. Many of the mansions in Toorak are multi-million-dollar estates, offering expansive land, state-of-the-art facilities, and impeccable designs.
Beyond the properties themselves, Toorak offers proximity to Melbourne’s best schools, such as Toorak Primary and St. Kevin’s College, as well as cultural landmarks, exclusive shopping districts, and fine dining options. For many, it’s not just about owning a beautiful home, but about embracing an elite lifestyle.
A Look Beyond Toorak: Other Affluent Areas
While Toorak unquestionably dominates Melbourne’s luxury real estate scene, other suburbs also boast high-end properties that attract the city’s elite.
Suburbs like South Yarra, Kew, and Brighton feature highly sought-after streets, with properties regularly reaching prices upwards of $5 million. For example, streets like Edzell Avenue in Toorak, Scotsburn Grove in Kew, and Webb Street in Brighton are also renowned for their exclusive homes.
Moreover, the Mornington Peninsula, with its scenic views and beachside locations, has seen a significant surge in interest from wealthy buyers, particularly in areas like Portsea and Flinders. These regions offer the perfect blend of seaside luxury and close proximity to Melbourne.
Melbourne’s Luxury Market Booms Amid Shortages
The luxury property market in Melbourne has seen a sharp rise in prices, driven largely by a shortage of high-end properties. As demand continues to outstrip supply, luxury homes have become even more sought after. International and interstate buyers have flocked to Melbourne, particularly from cities like Sydney, where property prices have skyrocketed.
The scarcity of luxury properties has meant that those on the market can command premium prices, with many high-profile buyers eager to secure their piece of the city’s most prestigious real estate.
What Makes These Streets So Desirable?
It’s not just the size of the homes that make these streets so desirable. Melbourne’s richest areas offer a lifestyle that’s second to none. From private parks and walking trails to breathtaking views of the city skyline or bay, these locations are designed to provide comfort, privacy, and convenience.
Moreover, proximity to elite schools, high-end shopping precincts, and renowned restaurants ensures that these suburbs remain a haven for Melbourne’s wealthy. Toorak, in particular, is known for its leafy atmosphere, providing a serene and peaceful environment while still being just a short drive from Melbourne’s bustling CBD.
The Future of Melbourne’s Property Market
Despite some challenges in the market, including stagnant prices over the past year, Melbourne’s property values are expected to rise in the coming years. As other capital cities, such as Sydney, continue to experience rapid price growth, Melbourne’s property market is anticipated to catch up.
Melbourne offers significant upside potential, particularly in the luxury property market. As demand continues to grow, it’s likely that property prices in Melbourne’s most exclusive streets will continue their upward trajectory.
Investors who enter the market now, particularly in areas with strong growth potential, could see substantial returns as the city’s economy stabilises and interest rates begin to fall.
Why Investing in Melbourne’s Luxury Real Estate Is a Smart Move
For property investors, Melbourne offers opportunities that are not found in other parts of Australia. The city’s relatively lower property prices compared to Sydney, combined with its potential for future growth, make it an appealing prospect for those looking to diversify their portfolios.
Additionally, the influx of international buyers and the continued demand for high-end properties means that there is likely to be sustained interest in Melbourne’s elite suburbs. As the city’s luxury market recovers and grows, those who have invested in key areas will likely see impressive returns.
Melbourne’s most expensive streets offer more than just a luxurious home—they provide a lifestyle, an investment opportunity, and a glimpse into the future of the city’s property market.
By exploring these rich and highly coveted addresses, it becomes clear why Melbourne remains one of the most desirable places to live for the ultra-wealthy. Whether you’re considering buying a property or simply admiring from afar, these streets exemplify the very best that Melbourne’s property market has to offer. With strong growth potential and an ever-increasing demand for luxury homes, the future of Melbourne’s real estate looks bright.