If you take a look at the recent property prices ending December 2020, you’ll see Toorak has extended its lead as the most expensive suburb in Melbourne.
Melbourne’s Million Dollar Suburbs – December 2020 shows Toorak ranked the most expensive suburb with a median house price of $4,455,000. Canterbury and Middle Park come in $1,200,000 less to take second and third spot. Rounding the top 5, you have Brighton and East Melbourne fourth and fifth respectively.
Why is Toorak so expensive?
Toorak is known to be home to many high-end corporate juggernauts, entrepreneurs and business people. The suburb has been one of the most affluent locations in Melbourne for decades. Over the years, this hot spot has only grown in demand, with many purchases exceeding $10,000,000. You’ll see indoor/outdoor swimming pools, private car basements, lifts, home gymnasiums, wine cellars and tennis courts.
Many homes are heritage listed, while we have seen some world-class architecture in recent times. But what else makes Toorak so expensive to the rest of the pack? It also comes down to amenities, schools, low crime rates and proximity to the Melbourne CBD (city).
With over 270 shops and businesses, Toorak Village is famous for its fashion boutiques, cafes, restaurants, beauty therapy and hair salons. There are also many highly reputable cosmetic and medical clinics.
You have Chapel street at your doorstep. Chapel Street Precinct has sophisticated lounge bars, restaurants, cafes and famous shopping brands from around the world.
St. Kevin’s College is an independent Roman Catholic, all-boys primary and secondary school. Founded in 1918 it is known to be one of the most prestigious schools in Melbourne.
