Even though the property market in Sydney is already starting to cool down these past few years, the property market in Melbourne is still at its peak and there are a few certain suburbs that are always at the top of the list. In this article we’re going to take a close look at the most expensive suburbs in the Melbourne property market today.
This place used to be a swamp and has been considered to be quite a chameleon because it used to be a busy port in the early 1900s as well. After that, it was abandoned and later on became the warehouse rave scene. During the 1990s, this place was then renewed through the efforts of the Kennett government.
Today, Docklands is one of the most sought after business locations in Melbourne according to Melbourne home builders. It has a good number of retailers and banks, which most have their headquarters there. This suburb is only 2 kilometers away from the CBD and most of its properties are composed of apartments. This is the reason why there are only a few houses available in this area, which in turn is the reason for their rapid increase in value for the past 12 months. According to our data, the prices for homes in Docklands have shot up by 70% in value over that time.
This is located 10 kilometers east of the city and is very famous for its leafy boulevards and historic, luxurious homes. On top of that, Canterbury is also the home of most of the best schools in Melbourne. The iconic Maling Road shopping precinct can also be found in this suburb.
Some of the famous residents of Canterbury are Coles Myer, Kylie Minogue, and AMP chairman Stan Wallis. Properties aren’t cheap here because they average at $1.1 million.
Among all of the suburbs on the list, Kooyong is considered to be the most expensive one according to the available current sales data gathered by Canny Builders. This suburb is located 7 kilometers southeast of the CBD and houses here average at $3.5 million.
This suburb is the home of the famous Kooyong Lawn Tennis Club, which is one of the original venues where the Australian Open used to be held at. Today, the stadium has been turned into a hard court facility which is used to host the Kooyong Classic every year. The values of properties in Kooyong have increased by 15.5% over the past year, which is proof that the inner Melbourne property market still has a lot of life left in it.
This suburb is located in the inner east part of Melbourne and is just 2 kilometers away from the city center. Since East Melbourne is one of the oldest suburbs on the list, it serves as the home of a number of different important health, religious, and government institutions.
Most of the houses you can find in this area are heritage-listed mansions; those that have gentrified terraces; art deco buildings; and the famous Queen Bess Row, which is an apartment building that was built in the 1880s.