The richest streets in Melbourne revealed


There is no shortage of idyllic streets, extravagant properties and exclusive postcodes in Victoria’s capital.

Melbourne property prices suffered because of its extended lockdowns, which severely impacted market activity, but Melbourne’s property market has been soaring lately.

Although median property prices don’t come close to those over in Sydney’s most elite postcodes, the Melbourne property market has now reached it’s previous peak of 2017 and house prices are likely to experience double digit growth this year.

So it’s unsurprising that recent data from the Australian Taxation Office (ATO) has revealed there are some postcodes in Victoria’s capital where residents are among some of the wealthiest in the country.

Here is where the richest of the rich live.

3142 (Toorak)

Hawksburn Melbourne

Average income: $196,816

Population: 10,219

Median property price: $4.3 million

The average income of residents in the 3142 postcode is among Australia’s highest at $196,816.

Victoria’s 3142 postcode, which comprises Toorak and Hawksburn and sits just five kilometers south-east of Melbourne’s CBD, is home to more of Australia’s richest millionaires and billionaires than any other suburb in the country.

In fact, a whopping 23 of the 250 richest people in Australia live in extravagant and exclusive properties in just one affluent inner-city suburb in Melbourne – Toorak.

The suburbs have large blocks, huge houses and extravagant gardens which are perfect for those who are able to splash their cash and live like a royal.

Median property prices over the last year range from $4,300,000 for houses to $870,275 for units in the area, according to data.

And it’s clear there is money in the area.

Famous Toorak residents include Collingwood Football Club President Eddie McGuire, billionaire businessman Lindsay Fox, property developer Tim Gurner and department store founder Sidney Myer.

RankingStreet nameSuburbHighest reported sale price for 2020 (million)% of properties sold over $1 million in 2020 (disclosed data only)
1St Georges RoadToorak$1.445100%
2Albany RoadToorak$6.2100%
3Towers RoadToorakn/an/a
4Clendon RoadToorak$1.849999100%
5Irving RoadToorak$10.72566%
6Hopetoun RoadToorak$8.0100%

3002 (East Melbourne)

East Melbourne

Average income: $185,437

Population: 3,709

Median property price: undisclosed

High-income earners in East Melbourne come a close second to those in Toorak and Hawksburn, earning an average $185,437 per year.

Median prices for houses are undisclosed but those currently listed for sale have price tags as high as $4 million.

Meanwhile, the median unit price in East Melbourne last year was much more affordable at around $692,000.

But with an abundance of stunning Victorian-era terrace houses, glamorous apartments European-style cafes, gorgeous gardens and high-profile amenities, it’s clear that the postcode will continue to draw attraction from Australia’s highest-income earners.

Other notable wealthy suburbs in Melbourne

While only two Melbourne suburbs made the ATO’s list of Australia’s richest postcodes, we’ve looked closer at the data and identified some other sought-after areas where the paychecks are high and the money is flowing.

3186 (Brighton)


Population: 23,254

Median property price: $2.64 million

One of the most expensive suburbs in Melbourne, Brighton, is situated 11km away from the CBD.

The area, known for its beaches and luxury real estate from Victorian and Gregorian eras has a median house price of $2.64 million or a median unit price of $1.01 million.

RankingStreet nameSuburbHighest reported sale price for 2020 (million)% of properties sold over $1 million in 2020 (disclosed data only)
7Seacombe GroveBrighton$7.25100%
8Glyndon AvenueBrighton$5.675100%

3126 (Canterbury)

Canterbury Melbourne

Population: 8,036

Median property price: $2.7 million

Median property prices over the last year range from $2,700,000 for houses to $852,500 for units, according to data. Even renting isn’t cheap at around $873 per week.

Canterbury is regarded as one of Melbourne’s most exclusive suburbs, particularly the “Golden Mile” – Mont Albert Road, running west from Balwyn Road and the avenues that connect it to Canterbury Road, specifically Monomeath Avenue, which is lined by large oak trees and mansions owned by notable wealthy people.


3206 (Middle Park)

Middle Park Melbourne

Population: 4,137

Median property price: $2.65 million

Middle Park is a bayside suburb that’s located right outside of the CBD, about 3km away.

There have been development restrictions in the area, driving up the cost of property.

Houses come in at a median of $2.6 million whereas units would cost significantly less at a median of $970,000.


This is Australia’s number one-million-dollar street

The richest streets in Sydney revealed

The richest streets in Brisbane revealed

Now is the time to take action and set yourself for the opportunities that will present themselves in the Melbourne property market as it moves on


If you’re looking to buy your next home or an investment property in Melbourne, you can trust the team at Metropole to provide you with directionguidance and results.

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Michael is a director of Metropole Property Strategists who help their clients grow, protect and pass on their wealth through independent, unbiased property advice and advocacy. He's once again been voted Australia's leading property investment adviser and one of Australia's 50 most influential Thought Leaders. His opinions are regularly featured in the media. Visit

'The richest streets in Melbourne revealed' have 2 comments

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    February 28, 2021 Dyllen

    Great blog, Michael. I love those rich suburbs of Melbourne.


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