The 10 most expensive suburbs in Melbourne

This year in February, Melbourne housing values hit an all-time high following a 17.3% increase since the pandemic began. Melbourne's average house price for August dropped 1.6% to $964,950 while units prices decreased 1.2% to $614,351.

The influx of properties going on the market are slowing and buyers are taking their time and contemplating their decisions. FOMO (fear of missing out) is no more and buyers are not willing to take shortcuts or compromise like they were last year.

These are the suburbs with the highest median house prices in Melbourne, using data from Domain and Realestate.com.au.

1. Toorak – $5.18m
2. Canterbury – $3.49m
3. Kooyong – $3.4m
4. Brighton – $3.377m
5. Malvern – $3.28m
6. East Melbourne – $3.127m
7. Middle Park – $2.93m
8. Balwyn – $2.8m
9. Camberwell – $2.65m
10. Kew – $2.58m