Melbourne remains a popular place to call home. Toorak continues to rank the most expensive suburb with a median house price of $4,455,000. Canterbury and Middle Park come in over $1,200,000 to take second and third spot. Rounding the top 5, you have Brighton and East Melbourne forth and fifth respectively.
The majority of suburbs are within a 20km radius of the Melbourne CBD representing the bulk of suburbs surpassing the million dollar price.
Here is a current list of the suburbs that have home prices above a million as at the December 2020:
| TOORAK | $4,455,000 |
| CANTERBURY | $3,250,000 |
| MIDDLE PARK* | $3,197,500 |
| BRIGHTON | $2,970,000 |
| EAST MELBOURNE* | $2,475,000 |
| MALVERN* | $2,450,000 |
| PORTSEA* | $2,450,000 |
| MONT ALBERT* | $2,365,000 |
| KEW | $2,350,000 |
| EAGLEMONT* | $2,310,000 |
| BALWYN | $2,300,000 |
| HAWTHORN EAST | $2,300,000 |
| GLEN IRIS | $2,200,000 |
| HAMPTON | $2,187,500 |
| MALVERN EAST | $2,185,000 |
| CAULFIELD NORTH | $2,145,500 |
| ALPHINGTON* | $2,125,000 |
| CAMBERWELL | $2,120,000 |
| HAWTHORN | $2,102,000 |
| BRIGHTON EAST | $2,101,250 |
| IVANHOE EAST* | $2,055,000 |
| ELWOOD | $2,050,000 |
| ALBERT PARK* | $2,015,000 |
| SOUTH YARRA | $2,005,000 |
| SORRENTO | $2,000,000 |
| BLACK ROCK* | $1,980,000 |
| FLINDERS* | $1,960,000 |
| SURREY HILLS* | $1,927,500 |
| SANDRINGHAM* | $1,920,500 |
| ARMADALE* | $1,900,000 |
| BALWYN NORTH | $1,850,000 |
| MCKINNON* | $1,850,000 |
| KEW EAST* | $1,840,000 |
| PARK ORCHARDS* | $1,800,000 |
| ELSTERNWICK* | $1,785,000 |
| PORT MELBOURNE | $1,720,000 |
| RESEARCH* | $1,720,000 |
| SOUTH MELBOURNE | $1,715,000 |
| MOUNT ELIZA | $1,710,000 |
| PLENTY* | $1,702,500 |
| BEAUMARIS | $1,700,000 |
| ASHBURTON* | $1,667,000 |
| CARLTON* | $1,662,500 |
| ESSENDON | $1,657,500 |
| PRAHRAN | $1,638,500 |
| IVANHOE* | $1,620,000 |
| ST KILDA EAST* | $1,616,000 |
| CAULFIELD SOUTH | $1,610,000 |
| FITZROY NORTH | $1,596,000 |
| MONT ALBERT NORTH* | $1,592,000 |
| CLIFTON HILL* | $1,585,000 |
| CARLTON NORTH* | $1,570,000 |
| WONGA PARK* | $1,564,000 |
| BLACKBURN | $1,550,000 |
| WARRANDYTE* | $1,550,000 |
| BRUNSWICK EAST* | $1,540,000 |
| BENTLEIGH* | $1,532,500 |
| FITZROY | $1,522,000 |
| BOX HILL* | $1,510,000 |
| ORMOND* | $1,502,500 |
| BLAIRGOWRIE* | $1,496,000 |
| HIGHETT* | $1,470,000 |
| STRATHMORE* | $1,455,000 |
| WINDSOR* | $1,455,000 |
| NORTHCOTE | $1,442,000 |
| RICHMOND | $1,440,000 |
| CARNEGIE* | $1,421,000 |
| HAMPTON EAST* | $1,420,000 |
| TEMPLESTOWE | $1,405,000 |
| DONVALE | $1,400,000 |
| MOUNT MARTHA | $1,400,000 |
| FAIRFIELD* | $1,389,250 |
| MURRUMBEENA* | $1,372,500 |
| OAKLEIGH* | $1,350,500 |
| ST KILDA | $1,349,500 |
| MOONEE PONDS | $1,342,500 |
| DONCASTER | $1,340,000 |
| GLEN WAVERLEY | $1,326,000 |
| PARKDALE* | $1,325,000 |
| BENTLEIGH EAST | $1,322,000 |
| HEIDELBERG* | $1,320,000 |
| BOX HILL SOUTH* | $1,319,000 |
| MOUNT WAVERLEY | $1,314,000 |
| BALACLAVA* | $1,311,000 |
| DONCASTER EAST | $1,310,000 |
| THORNBURY | $1,307,000 |
| BURWOOD | $1,300,000 |
| WILLIAMSTOWN | $1,300,000 |
| MORDIALLOC* | $1,280,000 |
| ASHWOOD* | $1,268,500 |
| BRUNSWICK WEST* | $1,260,000 |
| KENSINGTON* | $1,256,000 |
| NORTH WARRANDYTE* | $1,256,000 |
| ASCOT VALE | $1,255,000 |
| ABBOTSFORD* | $1,250,000 |
| VERMONT SOUTH* | $1,220,000 |
| NIDDRIE* | $1,205,000 |
| WHEELERS HILL | $1,202,000 |
| YARRAVILLE | $1,200,000 |
| CHELTENHAM | $1,196,580 |
| COBURG | $1,175,000 |
| ROSANNA* | $1,171,000 |
| BURWOOD EAST* | $1,170,000 |
| TEMPLESTOWE LOWER | $1,165,750 |
| BOX HILL NORTH* | $1,161,500 |
| NORTH MELBOURNE* | $1,151,500 |
| SEDDON* | $1,151,000 |
| BLACKBURN SOUTH* | $1,147,500 |
| PASCOE VALE SOUTH | $1,133,000 |
| KINGSVILLE* | $1,132,778 |
| FLEMINGTON* | $1,132,000 |
| NUNAWADING* | $1,132,000 |
| BRUNSWICK | $1,131,000 |
| PRESTON | $1,130,000 |
| MOORABBIN* | $1,128,500 |
| LYSTERFIELD* | $1,115,013 |
| ASPENDALE* | $1,105,000 |
| NEWPORT | $1,100,000 |
| OAKLEIGH EAST* | $1,100,000 |
| WARRANWOOD* | $1,100,000 |
| ESSENDON NORTH* | $1,091,500 |
| BLACKBURN NORTH* | $1,090,000 |
| ELTHAM | $1,085,000 |
| RINGWOOD NORTH* | $1,080,500 |
| CLAYTON* | $1,075,500 |
| MITCHAM | $1,075,000 |
| HUGHESDALE* | $1,067,000 |
| ELTHAM NORTH* | $1,065,000 |
| MORNINGTON | $1,065,000 |
| BULLEEN* | $1,060,000 |
| MENTONE* | $1,052,000 |
| VIEWBANK* | $1,046,750 |
| FOREST HILL* | $1,015,000 |
| WANTIRNA SOUTH | $1,010,000 |
| ASPENDALE GARDENS* | $1,000,000 |
Note: These are based on quarterly median house figures
* Denotes less than 30 sales in the quarter for the suburb
Source – This information has been collected by the Real Estate Institute of Victoria Ltd (REIV). The most authoritative source for information on the Victorian property market. * denotes less than 30 sales in the quarter
While we have taken care to ensure the information above is true and correct at the time of publication, changes in circumstances and legislation after the displayed date may impact the accuracy of this article. If you want to learn more, please contact us. We welcome the opportunity to assist you.
December 2020
