Melbourne’s prestige housing market remained resilient through the December quarter of 2025, with the number of million-dollar suburbs continuing to highlight the depth and maturity of the city’s upper-end market. Despite ongoing affordability pressures and a cautious lending environment, buyer demand for high-quality homes in established, tightly held locations helped support median values across many of Melbourne’s most expensive suburbs.
While activity remained selective, the upper tiers of the market demonstrated stability, particularly in blue-chip inner-east and bayside locations. Suburbs at the very top end of the price spectrum continued to record strong medians, underscoring the long-term appeal of prestige locations even in a more measured market cycle.
Lifestyle and Scarcity Continue to Drive Performance
Lifestyle-driven suburbs led the million-dollar rankings, with areas offering premium school zones, proximity to the CBD, established streetscapes, and coastal amenity continuing to attract buyer interest. Limited stock availability in these tightly held pockets remains a key supporting factor, helping to underpin values despite fewer transactions taking place.
Sales volumes across many prestige suburbs remained relatively low during the quarter, with several areas recording modest numbers of house sales. As a result, quarterly movements should be viewed in context, particularly at the upper end of the market where smaller sample sizes can contribute to sharper percentage shifts. Nonetheless, the breadth of suburbs maintaining median house prices above the $1 million mark reinforces Melbourne’s position as a mature and diverse prestige property market.
Where Are the Million-Dollar Suburbs?
The majority of suburbs surpassing the $1 million mark remain within Melbourne’s established inner and middle rings, or across the bayside corridor. These lifestyle-rich locations continue to set the pace for the city’s prestige market, highlighting their enduring popularity with both local buyers and investors.
Million Dollar Suburbs – December Quarter 2025
| Suburb | Median House Price | Quarterly Change |
|---|---|---|
| Toorak* | $4,860,000 | 14.20% |
| Hawthorn | $3,222,500 | 12.10% |
| Brighton | $3,180,000 | -2.80% |
| Canterbury* | $3,165,000 | -15.70% |
| East Melbourne* | $3,125,000 | 38.90% |
| Middle Park* | $3,075,000 | 0.80% |
| Hawthorn East | $3,065,000 | 22.60% |
| Deepdene* | $2,950,000 | 0.00% |
| Balwyn | $2,789,000 | 6.50% |
| Red Hill* | $2,750,000 | 0.00% |
| Eaglemont* | $2,665,500 | 7.50% |
| Glen Iris | $2,660,500 | 1.50% |
| Yarrambat* | $2,625,000 | 0.00% |
| Kew | $2,510,000 | -6.90% |
| Sandringham* | $2,495,000 | 12.40% |
| Albert Park | $2,492,500 | -2.30% |
| Black Rock* | $2,487,500 | 15.70% |
| Malvern* | $2,420,000 | -22.20% |
| Camberwell | $2,412,500 | -0.70% |
| Alphington* | $2,410,000 | 9.50% |
| Ivanhoe East* | $2,387,500 | -5.10% |
| Balwyn North | $2,355,000 | 8.80% |
| Kew East* | $2,330,000 | 8.60% |
| Elsternwick* | $2,300,000 | 3.00% |
| Armadale* | $2,267,500 | 5.50% |
| Mont Albert* | $2,265,000 | -15.80% |
| Malvern East | $2,200,000 | 16.70% |
| Brighton East | $2,200,000 | -11.70% |
| Hampton | $2,181,000 | -10.70% |
| Surrey Hills | $2,180,000 | -6.40% |
| Balnarring | $2,173,000 | 34.60% |
| Mckinnon | $2,132,500 | 13.70% |
| Elwood* | $2,100,000 | -2.30% |
| South Yarra | $2,100,000 | -8.20% |
| South Melbourne | $2,060,000 | 37.40% |
| Ivanhoe | $1,998,000 | -5.80% |
| Ashburton* | $1,990,500 | 0.50% |
| Flinders* | $1,970,000 | 0.00% |
| Caulfield North | $1,954,000 | -6.40% |
| Ormond* | $1,911,500 | 34.10% |
| Mount Eliza | $1,887,500 | 12.40% |
| Beaumaris | $1,884,444 | -17.20% |
| Essendon | $1,871,000 | 1.10% |
| Aberfeldie* | $1,840,000 | 0.50% |
| Park Orchards* | $1,825,000 | -6.90% |
| Sorrento* | $1,818,500 | -1.70% |
| Glen Waverley | $1,818,000 | 0.10% |
| Caulfield South | $1,817,500 | 5.60% |
| Caulfield* | $1,805,000 | 0.70% |
| Beaconsfield Upper | $1,800,000 | 0.00% |
| Northcote | $1,800,000 | 1.80% |
| Plenty* | $1,800,000 | -30.10% |
| Fitzroy North | $1,788,000 | 10.40% |
| Carlton North | $1,782,500 | 9.80% |
| Donvale | $1,781,500 | 1.30% |
| Bentleigh | $1,762,000 | 0.30% |
| St. Kilda* | $1,760,000 | 21.40% |
| Templestowe | $1,750,000 | 9.40% |
| Parkville* | $1,746,500 | 0.00% |
| Waterways* | $1,737,500 | 0.00% |
| Carnegie | $1,735,000 | -1.10% |
| Hughesdale | $1,735,000 | 23.50% |
| Murrumbeena* | $1,720,000 | 3.00% |
| St. Kilda East* | $1,701,500 | -6.00% |
| Moonee Ponds | $1,675,000 | 12.40% |
| Fairfield* | $1,675,000 | -3.20% |
| Doncaster East | $1,671,900 | -0.50% |
| Box Hill* | $1,652,500 | -10.70% |
| Lysterfield* | $1,650,000 | 15.90% |
| Parkdale* | $1,645,000 | 5.70% |
| Blackburn | $1,640,000 | 4.80% |
| Wonga Park* | $1,640,000 | -18.50% |
| Port Melbourne | $1,635,000 | -4.60% |
| Shoreham* | $1,635,000 | 0.00% |
| Windsor* | $1,635,000 | 17.60% |
| Mont Albert North* | $1,620,000 | 15.60% |
| Mount Waverley | $1,615,500 | -4.80% |
| Clifton Hill* | $1,602,500 | 4.20% |
| Williamstown | $1,595,000 | -0.60% |
| Bentleigh East | $1,585,000 | 6.90% |
| Somers* | $1,575,000 | 0.00% |
| Aspendale* | $1,575,000 | -1.70% |
| Vermont South | $1,565,000 | -1.30% |
| Doncaster | $1,560,000 | -4.00% |
| Wheelers Hill | $1,548,000 | 0.70% |
| Carlton* | $1,547,500 | 7.30% |
| Warrandyte* | $1,545,000 | 1.60% |
| Box Hill South* | $1,542,000 | 7.80% |
| North Warrandyte* | $1,530,000 | -5.00% |
| Brunswick East | $1,520,000 | 7.80% |
| South Kingsville | $1,520,000 | 53.50% |
| Blairgowrie* | $1,520,000 | 10.50% |
| Heidelberg* | $1,512,750 | -6.30% |
| Burwood | $1,511,000 | 5.50% |
| Thornbury | $1,510,000 | -1.30% |
| Mount Martha | $1,501,000 | 7.00% |
| North Melbourne* | $1,500,000 | 10.30% |
| Research* | $1,500,000 | 41.40% |
| Essendon North* | $1,495,000 | 6.80% |
| Prahran | $1,492,500 | 14.70% |
| Blackburn North | $1,480,000 | 4.60% |
| Strathmore | $1,480,000 | -3.00% |
| Ashwood* | $1,460,000 | -2.30% |
| Mentone* | $1,460,000 | 10.60% |
| Narre Warren North* | $1,450,000 | -14.70% |
| Chadstone* | $1,430,000 | 4.40% |
| Oakleigh* | $1,430,000 | -2.40% |
| Burwood East | $1,426,000 | 5.60% |
| Williamstown North* | $1,425,000 | 0.00% |
| Highett | $1,412,750 | 1.60% |
| Box Hill North | $1,410,500 | -0.50% |
| Fitzroy* | $1,402,500 | -19.90% |
| Bulleen | $1,401,500 | 4.60% |
| Lower Plenty* | $1,390,000 | -20.70% |
| Patterson Lakes* | $1,390,000 | 19.30% |
| Templestowelower | $1,390,000 | 2.10% |
| Ascot vale | $1,382,500 | 0.20% |
| Hampton East* | $1,382,500 | 0.90% |
| Rosanna* | $1,375,000 | -6.80% |
| Clayton | $1,370,000 | -6.50% |
| Blackburn South | $1,360,000 | -1.70% |
| Aspendale Gardens* | $1,360,000 | 6.10% |
| Brunswick West | $1,350,000 | -1.60% |
| Niddrie* | $1,350,000 | 0.20% |
| Abbotsford* | $1,348,500 | -6.40% |
| Collingwood* | $1,345,000 | 5.30% |
| Brunswick | $1,335,250 | 1.50% |
| Newport | $1,335,000 | 25.10% |
| Wantirna South | $1,334,500 | -1.90% |
| Edithvale* | $1,330,500 | -2.30% |
| Viewbank* | $1,330,450 | 3.70% |
| Richmond | $1,330,000 | -4.00% |
| Cremorne* | $1,330,000 | 0.00% |
| Cheltenham | $1,317,500 | -1.70% |
| Vermont | $1,310,000 | -2.80% |
| Maribyrnong | $1,302,500 | 13.80% |
| Nunawading* | $1,301,000 | 7.20% |
| Oakleigh South* | $1,292,500 | 5.70% |
| Pascoe Vale South | $1,290,000 | -1.00% |
| Bonbeach* | $1,280,000 | 5.10% |
| Coburg | $1,280,000 | 2.30% |
| Eltham | $1,276,500 | 3.80% |
| Warranwood* | $1,276,000 | 10.00% |
| Mitcham | $1,272,500 | -0.50% |
| Forest Hill | $1,272,500 | 2.20% |
| Altona* | $1,270,000 | 21.50% |
| Ringwood North | $1,270,000 | -1.40% |
| Oak Park* | $1,265,000 | 2.60% |
| Oakleigh East* | $1,255,000 | 2.90% |
| Yarraville | $1,255,000 | 8.40% |
| Preston | $1,252,500 | 1.00% |
| Belgrave South | $1,250,000 | 0.00% |
| Moorabbin* | $1,250,000 | -5.70% |
| St Helena* | $1,250,000 | 12.80% |
| Rowville | $1,240,000 | 3.90% |
| Frankston South | $1,237,500 | -0.40% |
| Kingsville* | $1,235,000 | 0.60% |
| Balaclava* | $1,235,000 | -8.50% |
| Olinda* | $1,225,000 | 5.20% |
| Dingley Village* | $1,215,000 | -4.40% |
| Keilor* | $1,203,000 | 17.30% |
| Mulgrave | $1,200,000 | 0.40% |
| Kensington | $1,185,000 | -8.50% |
| Mornington | $1,185,000 | 7.50% |
| Wantirna | $1,180,500 | -5.40% |
| Pascoe Vale | $1,175,500 | -2.40% |
| Croydon Hills* | $1,170,500 | -11.30% |
| Coburg North* | $1,170,000 | 4.50% |
| Keilor East | $1,170,000 | 9.60% |
| Spotswood* | $1,170,000 | 0.60% |
| Heathmont | $1,165,000 | 12.50% |
| Clarinda* | $1,160,000 | 0.00% |
| Croydon North | $1,151,000 | 6.30% |
| Mccrae* | $1,140,000 | -21.40% |
| Mount Dandenong* | $1,140,000 | -5.80% |
| Eltham North* | $1,137,000 | -7.80% |
| Safety Beach* | $1,122,000 | 0.00% |
| Chelsea* | $1,120,000 | 0.40% |
| Ringwood East | $1,105,500 | 6.30% |
| Macleod | $1,101,000 | -13.30% |
| Beaconsfield* | $1,090,000 | 9.00% |
| Keysborough | $1,090,000 | 2.30% |
| Seddon* | $1,090,000 | -5.60% |
| Sandhurst* | $1,085,000 | 11.30% |
| Flemington* | $1,085,000 | -9.80% |
| Avondale Heights | $1,082,500 | 6.10% |
| Upper Ferntree Gully* | $1,080,000 | 31.50% |
| Ringwood | $1,072,500 | 4.10% |
| Airport West | $1,070,000 | -4.50% |
| Knoxfield* | $1,070,000 | 8.60% |
| West Footscray | $1,067,500 | 0.70% |
| Montmorency | $1,060,000 | -12.80% |
| Dromana | $1,055,000 | 18.40% |
| Kalorama* | $1,055,000 | 1.20% |
| Croydon South* | $1,054,000 | 10.40% |
| Wattle Glen* | $1,051,500 | 0.00% |
| Bellfield* | $1,050,000 | 7.10% |
| Lyndhurst* | $1,040,000 | 9.50% |
| Greensborough | $1,030,000 | 0.50% |
| Watsonia* | $1,030,000 | -7.30% |
| Hurstbridge* | $1,027,500 | 3.80% |
| Yallambie* | $1,018,750 | 5.70% |
| Heidelberg Heights* | $1,015,000 | 14.90% |
| Wesburn* | $1,015,000 | 2.50% |
| Carrum* | $1,012,000 | -4.10% |
| Footscray | $1,005,000 | 1.10% |
| Reservoir | $1,005,000 | 2.60% |
| Diamond creek | $1,000,000 | -10.50% |
Note: These are based on quarterly median house figures
* Denotes less than 30 sales in the quarter for the suburb
Source – This information has been collected by the Real Estate Institute of Victoria Ltd (REIV). The most authoritative source for information on the Victorian property market. * denotes less than 30 sales in the quarter
While we have taken care to ensure the information above is true and correct at the time of publication, changes in circumstances and legislation after the displayed date may impact the accuracy of this article. If you want to learn more, please contact us. We welcome the opportunity to assist you.
