Melbourne is often described as Australia’s cultural capital, with a lifestyle that attracts professionals, families, and investors from around the globe. But if you’re wondering which is the richest suburb in Melbourne, the city has more than one contender. From heritage-lined leafy streets to ultra-modern riverfront mansions, the Melbourne richest suburbs showcase luxury living at its finest. Whether you’re curious about the richest suburbs Melbourne offers or exploring the richest part of Melbourne, this guide will walk you through the top 20 richest suburbs in Melbourne where the elite truly live.
When people ask about the richest suburb in Melbourne, the answer almost always points to Toorak. Located just 5 km southeast of the CBD, Toorak is synonymous with luxury and prestige. From multi-million-dollar mansions to elite private schools and exclusive shopping strips, it has long been regarded as the richest area in Melbourne.
Toorak is also home to Australia’s wealthiest business leaders, celebrities, and international investors. Large estates with private tennis courts, designer interiors, sprawling gardens, and cutting-edge architectural designs dominate the landscape. Beyond property, the lifestyle here reflects elegance, exclusivity, and influence.
Prestige Properties – Mansions valued from $5 million to well over $40 million.
Education Hub – Close to elite schools like St Catherine’s and Loreto Mandeville Hall.
Luxury Retail – Toorak Village offers boutique shopping, fine dining, and European-style cafes.
Leafy Streets – Wide boulevards lined with heritage mansions and contemporary builds.
Global Magnet – Popular with high-profile business figures, international investors, and foreign dignitaries.
Luxury Lifestyle – Expect to see Lamborghinis, Bentleys, and Teslas cruising daily.
Snapshot of Toorak
South Yarra is one of the most stylish and dynamic rich suburbs in Melbourne, offering a unique mix of old-world charm and modern sophistication. From heritage terraces and art-deco apartments to sleek new high-rises, this suburb perfectly balances tradition with luxury.
At the heart of South Yarra is Chapel Street, Melbourne’s premier fashion and lifestyle strip. Here, you’ll find international designer boutiques, high-end dining, rooftop bars, and buzzing nightlife, making it a cultural hub for those who thrive on energy and elegance.
Its close proximity to the Royal Botanic Gardens, the Yarra River, and the CBD adds to its appeal, making it one of the best suburbs to live in Melbourne for both lifestyle seekers and investors.
Diverse Luxury Homes – From grand Victorian houses to cutting-edge apartments with city views.
Shopping & Fashion Capital – Chapel Street is a magnet for luxury shoppers and trendsetters.
Outdoor Living – Walking distance to the Royal Botanic Gardens, Yarra trails, and parklands.
Culinary Hotspot – Fine dining restaurants, cafes, and nightlife spots that attract locals and tourists alike.
Excellent Connectivity – Just 4 km from the CBD with trains, trams, and easy city access.
South Yarra offers the best of both worlds: a vibrant, cosmopolitan lifestyle alongside the peace of leafy streets and riverside escapes. It’s no wonder it remains one of the richest suburbs Melbourne has to offer.
Brighton is instantly recognizable for its iconic colorful bathing boxes, but this bayside gem offers far more than Instagram-worthy views. Beyond its sandy shoreline lies some of the priciest real estate in Melbourne, making Brighton one of the most desirable addresses for the wealthy.
With sprawling beachfront mansions, modern architectural homes, and leafy avenues, Brighton combines natural beauty with luxury living. It’s a suburb where prestige meets relaxation, and where families thrive in a safe, community-focused environment.
Bayside Luxury – Waterfront properties with sweeping views of Port Phillip Bay.
Prestigious Real Estate – Multi-million-dollar homes and architect-designed residences.
Elite Education – Access to some of Melbourne’s best private schools.
Great Connectivity – Excellent transport links to the CBD (only 11 km away).
Lifestyle Appeal – Leafy streets, vibrant cafes, boutique shopping, and a strong community vibe.
Brighton perfectly blends seaside relaxation with urban sophistication. For families, professionals, and investors, it remains one of the richest suburbs Melbourne has to offer, balancing prestige with lifestyle like no other.
When people talk about the richest part of Melbourne that blends history with elegance, East Melbourne always stands out. This suburb is where heritage charm meets modern prestige, making it one of the most desirable addresses in the city.
Known for its stunning Victorian-era mansions, East Melbourne attracts politicians, top executives, medical specialists, and families with generational wealth. The suburb’s close proximity to Parliament House and the CBD makes it both politically and socially significant.
It’s also famous for housing the Melbourne Cricket Ground (MCG), one of Australia’s most iconic landmarks, which adds another layer of prestige to the neighborhood. Beyond heritage, East Melbourne offers leafy gardens, cultural landmarks, and easy access to world-class medical facilities.
Historic Homes – Stunning Victorian and Edwardian mansions with heritage significance.
Political Prestige – Close to Parliament House, attracting politicians and public figures.
Sporting Landmark – Home to the MCG, a global sporting icon.
Green Spaces – Fitzroy Gardens and Treasury Gardens provide a tranquil escape.
Healthcare Hub – Proximity to major hospitals and medical specialists.
Prime Location – Walking distance to the CBD while retaining a quiet, residential charm.
Living in East Melbourne isn’t just about convenience—it’s about embracing tradition, prestige, and a unique lifestyle that connects history with modern-day luxury.
Malvern is a suburb where heritage charm meets modern luxury. With its wide, leafy boulevards, this prestigious area is one of the most desirable and richest suburbs Melbourne offers. Here, you’ll find elegant Edwardian mansions standing proudly alongside cutting-edge contemporary builds, creating a perfect balance between tradition and modern sophistication.
Malvern isn’t just about homes—it’s about lifestyle. Families are drawn to its prestigious private schools, lush green parks, and boutique shopping strips. The suburb also boasts easy access to Melbourne’s tram and train networks, making it as convenient as it is prestigious. Its combination of old-world elegance and modern vibrancy firmly cements Malvern as one of the rich suburbs in Melbourne where families aspire to live.
Elegant Architecture – Edwardian and Victorian mansions blended with contemporary designer homes.
Education Hub – Proximity to top-tier private and public schools.
Green Living – Beautiful parks like Malvern Gardens and Central Park.
Upscale Shopping – Glenferrie Road and Malvern Central shopping precinct.
Great Connectivity – Excellent public transport options with trams and trains to the CBD.
Malvern is more than just a suburb—it’s a prestige lifestyle destination where families enjoy the perfect mix of community, elegance, and convenience.
Hawthorn is one of Melbourne’s most prestigious addresses, often celebrated as both academic and affluent. Home to Swinburne University and some of the city’s most elite private schools, it’s a suburb where education and wealth go hand in hand. With leafy boulevards, heritage-listed mansions, stylish apartments, and buzzing dining strips, Hawthorn comfortably sits among the richest suburbs in Melbourne.
Diverse Housing – From stately Victorian homes to sleek modern apartments.
Education Hub – Renowned private schools like Scotch College and Melbourne Girls’ College, plus Swinburne University.
Vibrant Lifestyle – Cafés, boutique shopping, and Glenferrie Road’s bustling restaurant scene.
Green Spaces – Beautiful parks and Yarra River trails offering outdoor leisure for families.
Convenience – Excellent transport links to the CBD make it ideal for professionals and families alike.
Quick Snapshot of Hawthorn
Hawthorn’s unique mix of education, culture, and luxury living makes it stand out as one of the richest parts of Melbourne—a suburb where prestige meets accessibility.
Canterbury is one of Melbourne’s most elegant suburbs, widely recognized as a richest area in Melbourne. Known for the iconic “Golden Mile,” it combines heritage charm, luxury living, and serene streets, making it a favorite for affluent families who value privacy and tranquility.
Heritage Mansions – Stunning period homes with grand facades, spacious gardens, and timeless architectural designs.
Leafy, Tree-Lined Streets – Quiet avenues that create a peaceful and private neighborhood atmosphere.
Top-Rated Schools – Elite private schools attract families seeking high-quality education.
Boutique Shopping & Cafes – Small luxury boutiques, fine dining restaurants, and local cafes offer a refined lifestyle.
Convenient Transport – Easy access to Melbourne CBD via Canterbury and Camberwell train stations.
Exclusive Community – Known for privacy and prestige, it attracts business leaders, professionals, and celebrities.
Canterbury isn’t just about beautiful homes—it’s about a lifestyle. With a mix of classic elegance, green spaces, and a community of like-minded affluent residents, it’s a suburb that perfectly balances luxury with tranquility.
Kew is one of the richest suburbs Melbourne families gravitate toward, known for its leafy streets, historic architecture, and a strong focus on education. This suburb perfectly balances old-world charm with modern luxury, making it a favorite for professionals and established families.
Top-Ranked Schools – Home to some of Melbourne’s oldest and most prestigious private schools, including Xavier College and Carey Baptist Grammar School.
Spacious Homes – Grand heritage mansions and modern luxury properties on expansive blocks.
Leafy Streets & Parks – Beautiful, tree-lined avenues and proximity to parks such as Studley Park and Yarra River trails.
Historic Charm – Victorian-era and Edwardian homes give Kew a sense of prestige and timeless elegance.
Local Amenities – Boutique shopping, gourmet cafes, and easy access to the CBD.
Kew is not just a suburb—it’s a lifestyle choice. Its combination of historic prestige, educational excellence, and serene environment ensures it remains a top pick among the Melbourne richest suburbs.
Albert Park blends coastal beauty with proximity to the CBD. The suburb offers heritage Victorian terraces and modern luxury homes, ranking high among the top 20 richest suburbs in Melbourne. Its beach, lake, and cafes make it especially attractive to young professionals and families.
Beachside Living – Stunning views of Port Phillip Bay with access to pristine beaches.
Diverse Housing Options – From heritage Victorian terraces to modern luxury apartments and townhouses.
Active Lifestyle – Beautiful parks, walking trails, and the iconic Albert Park Lake for jogging, cycling, and water activities.
Café & Dining Culture – Trendy cafés, fine dining restaurants, and boutique shops create a vibrant community atmosphere.
Family-Friendly & Professional Appeal – Great schools, safe neighborhoods, and proximity to the city attract both young professionals and families.
Events & Recreation – Home to the Australian Grand Prix circuit and regular community events.
Albert Park perfectly exemplifies why rich suburbs in Melbourne combine both natural beauty and premium urban living. Whether you’re looking for a heritage home or a modern apartment with bay views, Albert Park is a top choice for those seeking a luxury yet active lifestyle.
Often overshadowed by its neighbors, Middle Park quietly holds its spot as a rich suburb in Melbourne. With its Victorian-era houses and proximity to the beach, it is both charming and luxurious.
Bayside Living – Just a short stroll to the beach, perfect for relaxing walks and sunset views.
Heritage Homes – Victorian-era terraces and period houses with elegant architectural details.
Green Spaces – Proximity to Albert Park Lake and well-maintained parks.
Walkable Lifestyle – Cafes, boutique shops, and gourmet eateries within walking distance.
Family-Friendly – Close to top schools, making it ideal for affluent families.
Despite being a smaller suburb, Middle Park balances luxury and tranquility, making it a hidden jewel among Melbourne’s richest suburbs. Its combination of bayside beauty, historic character, and elite lifestyle makes it a coveted spot for those seeking understated sophistication.
Armadale is one of the richest parts of Melbourne for those who love boutique shopping, galleries, and stylish homes. With an atmosphere of understated elegance, it’s a magnet for affluent families and investors alike.
Stylish Homes – Victorian terraces, modern townhouses, and luxury apartments create a unique streetscape.
Boutique Shopping & Galleries – High-end fashion, art galleries, and gourmet cafes along High Street.
Green Spaces – Peaceful parks and tree-lined streets provide a serene, family-friendly environment.
Excellent Connectivity – Armadale Station and trams offer easy access to the CBD.
Prestigious Schools Nearby – Attracting families who value both luxury and education.
Armadale isn’t just about luxury—it’s about a lifestyle that balances refinement, culture, and convenience. Whether you’re strolling along tree-lined streets, visiting an art gallery, or enjoying a gourmet coffee, this suburb offers understated prestige in every corner.
Balwyn is one of the rich suburbs in Melbourne where elegance meets community living. Known for its spacious properties, tree-lined streets, and prestigious schools, Balwyn has long attracted affluent families who value both luxury and lifestyle. This suburb perfectly balances high-end living with a warm, family-friendly atmosphere.
Spacious Homes – From grand period houses to modern luxury builds, Balwyn offers a variety of premium properties.
Top Schools – Home to some of Melbourne’s most sought-after private and public schools, making it ideal for families.
Leafy Streets & Parks – A green, serene environment that feels peaceful yet close to the city.
Local Amenities – Boutique shopping, cafes, and restaurants that cater to the affluent lifestyle.
Excellent Connectivity – Easy access to the CBD via train or car, perfect for professionals.
Family-Friendly Community – A suburb where neighbors know each other, fostering a welcoming vibe.
Balwyn isn’t just a suburb; it’s a symbol of classic suburban wealth in Melbourne. Whether you’re looking for a long-term family home or a secure property investment, Balwyn delivers the perfect combination of luxury, community, and accessibility.
Camberwell is a suburb that perfectly balances elegance with practicality, making it one of the richest suburbs Melbourne families prefer for long-term living. Known for its leafy streets, grand period homes, and strong community spirit, Camberwell offers both luxury and lifestyle.
Grand Homes – Wide streets lined with Victorian and Edwardian-era houses, many fully renovated to modern standards.
Leafy Environment – Mature trees, parks, and gardens give the suburb a serene, family-friendly atmosphere.
Prestigious Schools – Home to some of Melbourne’s top private and public schools, ideal for families with children.
Shopping & Amenities – The Camberwell Junction is a vibrant hub for boutiques, cafes, and fine dining.
Accessibility – Excellent train and tram links to the CBD, making it convenient for professionals.
Community & Lifestyle – Strong community vibe with regular local events, sports clubs, and green spaces.
Camberwell isn’t just about owning a beautiful home—it’s about enjoying a lifestyle where luxury meets community, making it a top choice among Melbourne richest suburbs.
Elwood is a hidden gem among the rich suburbs in Melbourne, offering a perfect mix of relaxed coastal living and modern luxury. Just a short drive from the CBD, it attracts professionals, families, and retirees who value space, style, and a strong sense of community.
Beachside Lifestyle – Steps away from Elwood Beach, perfect for swimming, jogging, or sunset walks.
Luxury Apartments & Bayside Homes – From modern townhouses to stylish waterfront properties, there’s something for every affluent resident.
Cafes & Dining – Trendy local cafes and fine dining options make it a hub for socializing and leisure.
Active Lifestyle – Bike paths, parks, and sports facilities support a healthy, outdoor lifestyle.
Education & Community – Access to quality schools and a friendly, family-oriented community.
Green Spaces – Beautiful parks like Elwood Park provide space for recreation and relaxation.
Elwood combines the tranquility of seaside living with the convenience of being close to the city, making it one of the most desirable rich suburbs in Melbourne. Its unique mix of leisure, luxury, and lifestyle makes it a standout choice for those seeking both comfort and prestige.
Nestled northeast of Melbourne, Ivanhoe has earned its place among the top 20 richest suburbs in Melbourne. Known for its leafy streets, spacious properties, and top-tier schools, Ivanhoe offers the perfect balance of suburban calm and city accessibility.
Spacious Homes & Large Blocks – From classic family estates to modern luxury houses, space is a luxury here.
Prestigious Schools – Ivanhoe Grammar and other elite institutions make it a hotspot for families seeking quality education.
Leafy, Serene Streets – Quiet avenues lined with mature trees offer a peaceful suburban lifestyle.
Easy CBD Access – Just 10 km from Melbourne’s city center, with excellent public transport links.
Local Amenities – Boutique shopping, cafes, parks, and recreational facilities enhance lifestyle.
Family-Friendly Community – Safe, welcoming, and well-established neighborhoods ideal for raising children.
Ivanhoe is perfect for professionals and families who want the prestige of Melbourne’s rich suburbs without the hustle of inner-city living. It combines convenience, exclusivity, and a strong sense of community—a true northern jewel among the city’s elite suburbs.
Glen Iris is the perfect blend of traditional charm and modern elegance, making it one of the richest suburbs Melbourne has to offer. Known for its leafy streets, family-friendly environment, and well-planned infrastructure, Glen Iris appeals to professionals, families, and investors alike.
Diverse Housing – From heritage period homes to contemporary luxury houses, Glen Iris offers a wide range of premium real estate.
Green Spaces – Well-maintained parks like Gardiners Creek Reserve provide outdoor recreation for families and fitness enthusiasts.
Excellent Transport Links – With multiple train stations and tram services, commuting to Melbourne CBD is convenient.
Education Hub – Several top-rated public and private schools attract families looking for quality education.
Local Amenities – Boutique shopping, cafes, and dining spots enhance the suburb’s lifestyle appeal.
Investment Potential – Property values here are strong, making it a smart choice for long-term wealth.
Glen Iris proves that luxury doesn’t always need to be flashy. With its understated elegance, leafy streets, and top-notch amenities, it’s a rich suburb in Melbourne that offers both comfort and prestige.
Essendon is one of Melbourne’s richest parts, blending history, elegance, and modern comfort. Known for its stately mansions and leafy avenues, it’s a suburb that effortlessly combines luxury with a welcoming, family-oriented atmosphere.
Elegant Homes – Heritage mansions, modern luxury houses, and tree-lined streets define the suburb.
Top Schools – From public to private institutions, Essendon attracts families seeking quality education.
Parks & Recreation – Abundant green spaces, walking trails, and sports clubs cater to active lifestyles.
Local Amenities – Cafes, boutique shops, and community markets provide convenience without the city chaos.
Connectivity – Excellent public transport links to the CBD and surrounding areas, making it ideal for professionals.
Essendon appeals to families and professionals alike, offering the perfect mix of luxury, convenience, and a sense of belonging. It’s a suburb where historic charm meets contemporary living, making it a standout among rich suburbs in Melbourne.
Surrey Hills is one of the rich suburbs in Melbourne that perfectly blends heritage charm with modern comfort. Known for its leafy streets, historic homes, and quiet ambiance, it’s a suburb that appeals to established families and professionals seeking a refined lifestyle.
Heritage Homes – Victorian and Edwardian architecture dominate, with beautifully maintained period properties.
Leafy Streets & Parks – Tree-lined avenues and small parks make it ideal for families and outdoor enthusiasts.
Top Schools – Access to highly-rated public and private schools makes it popular with families.
Local Amenities – Boutique shops, cafes, and markets add convenience without losing charm.
Easy Commute – Well-connected by trains and trams to Melbourne CBD.
Surrey Hills is perfect for those who appreciate classic elegance and a peaceful suburban lifestyle while still being close to the heart of Melbourne.
Mont Albert may be one of Melbourne’s smaller suburbs, but it packs a punch when it comes to exclusivity and prestige. Known for its boutique wealth, this suburb attracts families and professionals who value both luxury and tranquility. Its tree-lined streets, period homes, and proximity to top-tier schools make it a hidden gem among the richest suburbs Melbourne offers.
Heritage & Period Homes – Stunning Edwardian and Victorian houses with timeless charm.
Elite Schools Nearby – Close to some of Melbourne’s best private schools, perfect for families.
Peaceful Environment – Quiet, leafy streets ideal for those seeking a serene suburban lifestyle.
Excellent Connectivity – Easy access to the CBD via train or car, balancing calm living with city convenience.
Exclusive Community – Boutique suburb with a tight-knit, affluent community.
Mont Albert proves that you don’t need to be large to be luxurious. Its combination of heritage charm, educational excellence, and peaceful streets make it one of the richest areas in Melbourne for discerning families and investors alike.
Caulfield North rounds off the top 20 richest suburbs in Melbourne with a unique blend of cultural diversity and high-end living. This suburb appeals to those who want both the comforts of luxury and the vibrancy of a multicultural community.
Luxury Residences – Spacious mansions and modern apartments offering premium amenities.
Cultural Diversity – A rich mix of communities, festivals, and cultural experiences.
Shopping & Dining – Boutique stores, fine dining restaurants, and popular local cafes.
Green Spaces – Parks and recreational areas for family-friendly living.
Connectivity – Easy access to Melbourne CBD via trains and trams.
Caulfield North is more than just a wealthy suburb—it’s a community where modern luxury meets cultural richness, making it one of the richest suburbs in Melbourne that truly has something for everyone.
The richest area in Melbourne isn’t defined solely by property prices. These suburbs stand out due to:
Access to prestigious schools and universities
Exclusive shopping and dining districts
Proximity to Melbourne’s CBD and cultural hubs
Heritage homes and architectural landmarks
A history of housing Melbourne’s business elite, professionals, and celebrities
For many, these suburbs aren’t just about living—they’re about status, investment, and lifestyle.
If you’re considering moving to Melbourne, you might be curious about the best place to live in Australia. While not everyone will settle in the richest suburbs Melbourne has to offer, many aspire to. These neighborhoods offer world-class living, strong property values, and an unmatched lifestyle.
For migrants and students, a migration consultant in Australia can guide you if you dream of settling in one of these elite suburbs long-term.
The top 20 richest suburbs in Melbourne are more than just locations—they’re lifestyle statements. From Toorak’s opulent mansions to Brighton’s seaside elegance and East Melbourne’s historic prestige, the richest suburbs Melbourne has to offer continue to attract the wealthy and ambitious.
Whether you’re a visitor exploring the richest area in Melbourne or a local dreaming of upgrading, these suburbs symbolize the pinnacle of Australian living.
Q1: What is the richest suburb in Melbourne?
The richest suburb in Melbourne is Toorak, known for its multi-million-dollar mansions and luxury lifestyle.
Q2: What is the richest part of Melbourne?
The inner southeast, including Toorak, South Yarra, and Malvern, is widely regarded as the richest part of Melbourne.
Q3: Are bayside suburbs among Melbourne richest suburbs?
Yes, Brighton, Albert Park, and Elwood are bayside suburbs that rank among the richest suburbs in Melbourne.
Q4: Which suburb is best for families among the top 20 richest suburbs in Melbourne?
Kew, Balwyn, and Camberwell are especially family-friendly while still being prestigious.
Q5: Do the richest suburbs Melbourne offers have cultural attractions?
Absolutely. Suburbs like South Yarra and East Melbourne combine luxury living with cultural landmarks and shopping districts.
