Melbourne’s Million-Dollar Suburbs – Q2 2025 Update
Melbourne’s prestige market continued to show resilience in the second quarter of 2025, despite ongoing economic headwinds and cautious buyer sentiment. While interest rate pressures and tighter lending conditions remain a challenge, many premium suburbs across the city are still commanding strong prices — with several now exceeding $2 million in median house value.
Price Strength Holds Firm in Key Suburbs
The $1 million price threshold remains a solid benchmark, with more suburbs reaching or maintaining this mark in Q2. This reflects continued demand in desirable pockets of Melbourne, especially in areas known for their lifestyle appeal, school zones, and proximity to key amenities.
Toorak, Melbourne’s hallmark of prestige, again topped the list – although its Q2 median was slightly below its long-term average, largely due to a lower number of recorded sales. This trend was echoed across the board, with eight of the ten most expensive suburbs registering fewer than 30 house sales for the quarter. It’s a reminder that limited transaction volumes can skew quarterly medians and should be viewed in context.
Where Are the Million-Dollar Suburbs?
The majority of Melbourne’s $1 million-plus suburbs continue to cluster within a 20km radius of the CBD, or along Victoria’s sought-after bayside. These lifestyle-rich locations remain highly desirable for both owner-occupiers and investors.
Below is a list of suburbs that had a median house price above $1 million as of June 2025:
Here is a current list of the suburbs that have home prices above a $1 million as at the June 2025:
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.
