Richest Suburbs in Melbourne: A Guide to the City’s Most Affluent Neighbourhoods

I’m Joaquin Trapero, owner of North Removals, and after decades in the moving business, I know Melbourne’s affluent suburbs like the back of my hand. I’ve personally helped countless families move in and out of these exclusive neighbourhoods, whether relocating to Toorak for a grand mansion or moving into Brighton for a beachside villa. Through all those moves, I’ve gained a unique perspective on what makes these areas so special – and I’m excited to share that insider knowledge with you.

The first thing you notice about Melbourne’s upmarket neighbourhoods is their unmistakable prestige. Every street seems to tell a story, whether it’s tree-lined avenues full of heritage homes or bustling shopping strips brimming with luxury boutiques. As someone who’s in and out of these areas daily, I can assure you it’s not just about the price tags on the houses. It’s also about a lifestyle of comfort, community, and convenience that’s immediately felt.

In this guide, I’ll walk you through the richest suburbs in Melbourne and what sets them apart. Think of it as a tour with a friendly local who’s seen it all: the hidden parks, the morning school run in well-heeled districts, the weekend buzz at local cafes. Whether you’re considering a move to one of these affluent neighbourhoods or just curious, I’ll give you a thorough rundown of Melbourne’s most sought-after postcodes, among the best suburbs in Melbourne to call home.

Defining an “Affluent” Melbourne Suburb

In my view, an “affluent” Melbourne suburb is essentially one where property values and incomes sit at the top end of the scale. We’re talking neighbourhoods with median house prices in the multi-millions (often above $2 million) and a clear air of exclusivity. These places are frequently dubbed “prestigious” or “expensive” – terms used interchangeably with “affluent”.  In Melbourne, that usually points to blue-chip areas like Toorak or Brighton, where homes sell for eye-watering sums and the overall cost of living (and lifestyle) is notably high.

One key marker of affluence is astronomical property values. Melbourne’s top suburbs routinely have house prices in the stratosphere – Toorak, for example, commands around a $5.16 million average house price. Several others, like Brighton ($3.52 million) and Canterbury ($3.28 million), also sit firmly in the multi-million range. Equally, these areas boast some of the highest incomes in Australia. Postcode 3142 (Toorak/Hawksburn) reported an average taxable income of about $266,000 per year, placing it among the five highest-earning postcodes nationally. By comparison, the average Australian earns roughly $72,000 – a staggering difference.

Money aside, there’s also a lifestyle component to being an elite suburb. These neighbourhoods are known for exclusive amenities and an enviable way of life. Think prestigious private schools, trendy shopping strips, fine dining, and manicured parks – all the trappings of prosperity. Many affluent suburbs also feature heritage architecture and leafy, well-kept streets, adding to their prestige. Families (and plenty of investors) prize these postcodes for the high quality of life they offer. Essentially, a “rich” suburb in Melbourne promises not just expensive homes but an entire premium lifestyle to match.

Top 5 Wealthiest Suburbs in Melbourne by Property Value

When thinking about Melbourne’s wealthiest suburbs, Toorak consistently tops my list, and the latest data confirms this. In 2025, Toorak’s median house price reached a remarkable $5,160,000, clearly setting it apart. Known for grand estates, historic mansions, and its elite reputation, Toorak continues to embody Melbourne’s luxury property scene. Following Toorak, East Melbourne comes next, with a median price of $3,750,000. Its historic Victorian terraces, proximity to major parks, and the medical precinct make it an attractive choice for affluent urbanites who desire a prestigious city lifestyle.

Kooyong, another exclusive suburb, boasts a median house price of $3,680,000. Renowned for its quiet exclusivity, Kooyong is also celebrated for its sports heritage, particularly through the iconic Kooyong Tennis Club. Canterbury, often referred to as the “Toorak of the East,” records a median price of $3,280,000. It’s highly sought after for its impressive heritage homes, prestigious schools, and traditional charm that appeals strongly to affluent families seeking both comfort and status.

Brighton completes this elite list, showcasing a median house price of $3,520,000. This bayside suburb has long been synonymous with coastal luxury, attracting executives, sports stars, and families looking to move into Brighton for its exclusive amenities and beachfront lifestyle. With prestigious schools, stunning beaches, and the iconic Brighton bathing boxes, it epitomises the best of luxurious bayside living.

Looking at the visual, it’s immediately clear how Toorak significantly surpasses the other suburbs in terms of median house price, highlighting its undisputed status as Melbourne’s most prestigious residential location. The visual reinforces the considerable premium buyers pay for properties in these suburbs, reflecting not just the physical homes but also the lifestyle, exclusivity, and status attached. Canterbury and Brighton are closely positioned, indicating strong competition among affluent families seeking prestigious schooling options, coastal amenities, and community prestige.

Wealthiest Areas in Melbourne by Household Income

We often measure a suburb’s “richness” by property values, but we can also look at the earning power of its residents. In Melbourne, a few neighbourhoods stand out for exceptionally high incomes. Unsurprisingly, Toorak (postcode 3142) leads the pack. The affluent Toorak–Hawksburn area boasts an average taxable income of about $266,000 per year, more than triple the national average. That means many Toorak locals take home a paycheque on par with top executives, reinforcing the suburb’s status as Melbourne’s most moneyed enclave. Inner-east neighbours like Kew and Hawthorn also rank among the highest earners, making planning a move to Kew or settling in Hawthorn an attractive option for affluent families.  Kew’s median household brings in about $2,497 per week (roughly $130k annually) according to the 2021 Census. It’s clear that these blue-chip suburbs aren’t just rich in real estate – they’re rich in income too.

Melbourne’s wealthiest postcodes by income align closely with its prestigious postcodes on the map. Toorak/Hawksburn is officially one of Australia’s top-earning areas (the 4th-highest nationally in a recent tax report). I find it fascinating – and a little daunting – that nearly 10,000 taxpayers in that postcode averaged a quarter-million dollars each in yearly taxable income. Right behind Toorak is Portsea (3944), a seaside retreat for Victoria’s elite. Despite Portsea’s small population, its residents logged average incomes around $222,000 a year. That figure surprised me at first, but considering the Millionaires’ Row of holiday homes down on the Mornington Peninsula, it tracks. These income statistics underscore why locals consider Toorak and even quieter enclaves like Portsea to be Melbourne’s “richest” – the people there simply earn more than everyone else, by a long shot.

Several other high-income districts reinforce this pattern. The genteel inner-eastern suburbs, such as Hawthorn, have long been associated with old money, now supported by data revealing their high median household incomes. For affluent families thinking about settling in Hawthorn, this suburb offers a sophisticated lifestyle, excellent schools, and lush greenery along the Yarra River, making it a consistently attractive choice. Meanwhile, on the bay, Brighton (3186) also consistently makes the rich lists. A couple of years ago, Brighton’s average income was reported just shy of $140,000 – among the top in Victoria – and its median household earnings are similarly lofty. These stats reinforce the pecking order of Melbourne’s affluent areas.

They also reveal a few quirks: notably, Portsea shows up as an income heavyweight despite being a distant coastal community with fewer full-time residents. It might not crack the top five for house prices (simply because there are fewer sales out there on the peninsula), but Portsea’s wealth is very real when judged by what people earn. In other words, if Toorak is where Melbourne’s CEOs live during the week, Portsea is where they relax on summer weekends – and in both postcodes, the cash flows abundantly.

The table highlights Toorak/Hawksburn as Melbourne’s wealthiest suburb, with average annual incomes exceeding $250,000, firmly establishing it as the city’s top affluent area. Portsea follows closely, confirming its status as a genuinely high-income community rather than just a luxury retreat. Brighton, Kew, and Hawthorn represent the next tier, still boasting impressive incomes well above Australia’s average (~$74k). Interestingly, while some suburbs like Toorak lead in both property values and incomes, others like Portsea excel primarily in earnings. Overall, Melbourne’s elite suburbs consistently showcase their financial dominance, reflecting both property and income-based measures of wealth.

Lifestyle Features of Melbourne’s Most Affluent Suburbs

Melbourne’s elite suburbs blend heritage prestige with modern liveability. Strolling through leafy Toorak or along Brighton’s beachfront, I’m struck by how these areas feel both exclusive and welcoming.  Grand homes and manicured streets are matched by an ultra-safe environment. Toorak and Brighton boast some of the city’s lowest crime rates, making them among the safest suburbs in Melbourne. Upscale conveniences abound: Toorak Village and Church Street Brighton host designer boutiques and gourmet eateries catering to well-heeled locals. Living here carries a price tag, but the payoff is a serene atmosphere and first-class amenities, from private schools to bespoke shopping, all nestled in Melbourne’s most coveted postcodes.

Families prize suburbs like Kew, Hawthorn, Malvern, and Armadale for their top-tier education and verdant parks. These areas are brimming with quality schools and green space – Kew and Hawthorn score 9/10 for school quality and feature abundant gardens along the Yarra River and Gardiners Creek. As a parent, you’d find peace of mind in their safety (Hawthorn’s safety is rated 8/10, reflecting low crime). Weekends involve family bike rides through leafy avenues or picnics in parks like Alexandra Gardens or Malvern Public Gardens. It’s no wonder Malvern is described as a “serene suburb popular with families” for its **plentiful cafés, lush green spaces, and well-regarded schools. Even smaller upscale enclaves such as Armadale are “very safe…and surrounded by some of Victoria’s best schools,” offering something for residents of every age.

Leisure and luxury go hand in hand in these postcodes. South Yarra pulses with culture and style – the famed Chapel Street fashion strip delivers high-end shopping by day and buzzing bars by night. This suburb sits on the CBD’s doorstep yet adjoins the Royal Botanic Gardens, giving residents both urban excitement and tranquil green refuge. By contrast, Brighton’s privilege is its seaside vibe: locals enjoy morning jogs past the iconic Brighton Bathing Boxes and weekends sailing from the yacht club. In Armadale, elegant High Street galleries and antique boutiques satisfy the art-and-design crowd, while Hawthorn’s cozy cafés and the Hawthorn Arts Centre add a creative touch in a traditionally quiet area. Be it golfing at an exclusive club in Kew or attending a charity gala in a Toorak mansion, Melbourne’s affluent suburbs offer a rich palette of cultural and recreational amenities to suit their discerning residents’ tastes.

Lifestyle Factors Compared Across Elite Suburbs

The comparison table highlights how Melbourne’s most affluent suburbs excel across multiple lifestyle metrics. Virtually all these areas rate very highly for safety and schooling – a testament to their family-friendly, secure environments. Subtle differences reflect each suburb’s character: for example, bayside Brighton’s coastal setting boosts its Parks & Outdoors appeal, including Brighton bathing boxes, while South Yarra’s cosmopolitan buzz earns it a perfect 10 for shopping and dining. Yet even the “quieter” locales maintain strong cultural and leisure scores, thanks to local cafés, clubs, and community amenities. In essence, the data confirms the narrative: living in a prestige Melbourne suburb means enjoying top-notch safety, education, and amenities all at once, with each neighbourhood offering its flavour of luxury lifestyle.

Trends and Changes in Melbourne’s Elite Suburbs

In Melbourne’s top-tier suburbs, I’ve observed some interesting shifts. Some once middle-tier neighbourhoods are now turning into the new “elite” enclaves. Gentrification is in full swing across the middle-ring – for example, Bentleigh and McKinnon in the south-east, Reservoir and Preston in the north, and Mount Waverley out east have all attracted more affluent buyers in recent years. Even unexpected areas are booming: Tyabb, a sleepy town on the Mornington Peninsula, actually saw house prices surge by about 26 % in 2025 as more families relocating to Mornington Peninsula snap up property there. It’s clear that the idea of which suburbs are “wealthy” is expanding beyond the traditional few.

Interestingly, I’ve been surprised to see a few of Melbourne’s long-established prestige suburbs hitting a rough patch recently. Over the past year, some ritzy inner-city areas lost value. Toorak’s median tumbled by roughly 21% – a drop of over $1.2 million– and South Yarra wasn’t far behind with about a 17% fall. Higher interest rates and cautious buyers meant even the top end of town felt the pinch. Yet not all blue-chip areas suffered. For example, the bayside suburb of Middle Park defied the trend with values jumping around 18.5% (adding nearly $445,000) in 2025. It’s been a mixed bag: some elite suburbs softening, while others still soared.

The preferences of wealthy buyers are also changing with the times. While many still gravitate to Melbourne’s traditional luxury precincts, I see more of the well-heeled spreading out, both upwards into the city skyline and outwards to greener pastures. Some are trading inner-city bustle for more space – think a leafy acre in Eltham, a beachside retreat in Mount Eliza, or even exploring the best suburbs in Geelong, where the median house price now sits above $1.6 million. On the other hand, plenty of downsizers and professionals are embracing upscale urban living. They’re snapping up luxury penthouses and high-end apartments instead of maintaining mansions. Demand for these premium city pads is so strong that analysts predict Melbourne’s penthouse prices could double in the next few years as cashed-up downsizers seek them out. In short, whether it’s a quiet bayside enclave or a swish city penthouse, Melbourne’s well-off are broadening their horizons.

This visual snapshot reinforces how dynamic Melbourne’s “elite” suburbs have become. We see huge gains in a fringe area like Tyabb (+26 %) and an established inner suburb like Middle Park (+18.5 %), illustrating that both outer lifestyle locales and blue-chip city neighbourhoods can boom. At the same time, traditional bastions of wealth such as Toorak and South Yarra registered double-digit declines – echoing the trend I discussed of top-end markets softening, and creating opportunities for those settling in South Yarra. Even Sorrento’s 8 % dip shows that some pandemic-era coastal hot spots are cooling. Overall, the table highlights that high-end property fortunes are no longer confined to a few old-money suburbs; the wealthy are diversifying where they live, and even prestige markets rise and fall with broader economic currents.

Trust North Removals for Your Move to Melbourne’s Premier Suburbs

After exploring Melbourne’s most affluent neighbourhoods, one thing is clear: these wealthy suburbs offer more than just expensive real estate. Places like Toorak, East Melbourne, and Brighton pair their multi-million-dollar homes with top-notch amenities, safety, and a strong sense of community. In short, a high-end suburb isn’t defined by property prices alone – it’s the premium lifestyle and prestige that come with living in these elite postcodes.

From my perspective as a removalist, every move tells a story. I still remember helping a young family relocate to a beautiful heritage home in Canterbury – the joy on their faces as they unpacked in that prestigious suburb was unforgettable. Moments like that make all the hard work worthwhile. I’ve moved many families in and out of these elite areas, and seeing their excitement always reminds me why these neighbourhoods are so special.

Now, if you’re planning a move to one of these upscale suburbs (or anywhere in Melbourne), I’d be honoured to help make it a success. And as you prepare, remember to update your address details – our Change of Address Checklist (VIC) covers all the key steps for a smooth transition. My team at North Removals brings experience, care, and a friendly touch to every relocation. When you’re ready, go ahead and book your upcoming move with highest-rated furniture movers Melbourne – we’ll handle the heavy lifting so you can settle in and start enjoying your new community right away.