Most expensive suburbs in Melbourne by square metre. Just behind Albert Park are Middle Park and South Melbourne at $11,924 p/sqm and $10,946 p/sqm, respectively. Melbourne’s most expensive suburb according to the current sales data is Kooyong, 7km south-east of the CBD, where the median house price is a staggering $3.5 million. An example is Albert Park, which a few months ago was one of the most expensive suburbs in the city. Property prices are dropping in Melbourne, but it doesn’t mean every suburb is offering the ultimate bargain. Just two suburbs outside of NSW make the national top 10 list with, Melbourne’s Toorak ranking as the country’s seventh most expensive suburb. The highest median price in Melbourne is $4,851,242 and is located in Toorak. No suburb in the top 10 had a median house price of less than $2.75 million. Sydney is no longer the only expensive city in Australia, as you can find expensive suburbs in Melbourne as well. Here’s a look at the suburbs where well-heeled Victorians rest their weary heads at the end of a hard day… Kooyong – $3,500,000. Data by REIV reveals that buyers pay more per square metre for space in Albert Park ($12,947 per square metre) than any other suburb in metropolitan Melbourne. These figures represent the median sold price for properties in these areas and are for suburbs with at least 10 sales within that twelve month period. RELATED: Best suburbs in Sydney for schools. Most expensive suburbs in Melbourne. Affluent Melbourne suburbs have taken a particular beating. However, staggering losses of -31% has seen its value take a deep dive. All the Sydney suburbs within the top 10 share one thing in common – proximity to the city’s famed harbour and beaches. These are the suburbs with the highest median house prices in Melbourne. Maybe you’re selling a Melbourne property soon and want to know where it stacks up against the most exclusive, or you’re just curious to know where the most affluent neighbourhoods are.. It has been testing times, but some suburbs at the top have stood strong and held real sustained value for investors. Melbourne is known to be one of Australia’s most expensive cities to live in, following closely after Sydney.

Melbourne’s most expensive neighbourhoods range in price from $1.95m – $3.4million, realestate.com.au/invest data from 15 May 2015 – 15 May 2016 shows.