Melbourne’s Million-Dollar Suburbs – Q1 2025
Despite challenging conditions in Melbourne’s property market — including continued interest rate pressures — the first quarter of 2025 has shown strong price growth in many suburbs. Several locations across the city have seen substantial increases in median house prices, with some even pushing well above the $2 million mark.
Price Resilience Amid Market Headwinds
While interest rates have made it more difficult for some buyers, demand in many pockets of Melbourne remains strong. In Q1 2025, a number of suburbs surpassed the $1 million median house price, highlighting a resilient market despite tighter lending conditions.
Toorak, a long-standing high-performer, continues to lead the way in prestige pricing. However, with less than 30 sales recorded over the March quarter, its quarterly median is currently reporting slightly below its long-term average — a reminder of how low sales volumes can affect short-term figures.
In fact, eight of the top ten most expensive suburbs for Q1 2025 recorded fewer than 30 house sales — so while their prestige remains, quarterly medians may not reflect long-term pricing trends.
Where Are the Million-Dollar Suburbs?
The majority of Melbourne’s $1 million-plus suburbs continue to cluster within a 20km radius of the CBD, or along Victoria’s sought-after bayside. These lifestyle-rich locations remain highly desirable for both owner-occupiers and investors.
Below is a list of suburbs that had a median house price above $2 million as of March 2025:
Here is a current list of the suburbs that have home prices above a $ 2 million as at the March 2025:
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.
