PropTrack: Most affordable and expensive streets in Melbourne including where celebrities live

A little-known road in Melbourne’s west is the city’s only street where a typical house can be snapped up for less than $400,000. See the cheapest and most expensive.

Alesha Capone

4 min read

January 13, 2024 - 5:00AM

News Corp Australia Network

Sports stars Ricky Ponting and wife Rianna (left) and ex-Collingwood player Chris Tarrant and wife Lauren (right) own homes in some of Melbourne’s most expensive streets.

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A little-known road in Melbourne’s outer west is the city’s only street where a typical house can be snapped up for less than $400,000.

Ray White analysis shows Melbourne’s most affordable street is Onslow Walk, Wyndham Vale, and it’s one of just 10 Melbourne addresses where half the homes sell for under $425,000.

About 5km from Werribee, the relatively new address has recorded a $396,715 median house value across the past three years.

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By contrast, in Melbourne’s four most expensive streets the majority of homes last sold for more than $11m.

Linlithgow Rd, Toorak, topped the priciest streets list with a whopping $14.9m median.

Nearby Clendon Rd, St Georges Rd and Albany Rd rounded out the four exxiest streets.

The Toorak heavy hitters’ owners include famous faces from former Australian cricket captain Ricky Ponting to ex-AFL player Chris Tarrant and his interior designer wife Lauren and co-founder of the music festival Stereosonic Richie McNeill.

Ponting and wife Rianna splashed $20.75m on a Toorak mansion last year.

Tile magnate Frank Walker sold his Clendon Rd, Toorak, mansion for $23.35m in July 2023.

Co-founder of the music festival Stereosonic Richie McNeill is selling his St Georges Rd, Toorak, house with a $23m-$25m price tag.

Ponting and wife Rianna splashed $20.75m on a six-bedroom Toorak mansion last year, while the Tarrants spent about $10m on two neighbouring houses in the affluent suburb in May.

McNeill has had his St Georges Rd abode on the market with a $23m-$25m asking range since October last year.

An unfinished mansion at 29-31 St Georges Rd set the state’s $80,000,088 house-price record when internet casino co-founder Ed Craven purchased in 2022.

OUR MOST EXPENSIVE STREETS

Morrell and Koren buyer’s advocate David Morrell, who has worked on many top-end Melbourne deals, said a handful of high-priced individual sales in a street – such as St Georges Rd’s unfinished mansion – could inflate its overall median value.

“Buying prestige real estate in Melbourne 3142 (Toorak’s postcode) is a good move because there’s not much land available there any more,” Mr Morrell said.

“For Australian-based people, your principal place of residence is tax-free and is the best investment you can possibly have so the bigger the house, the better off you will be.”

Cryptocurrency casino co-founder Edward Craven paid more than $80m for 29-31 St Georges Road, Toorak, in 2022. The unfinished mansion holds the Victorian house price record. Picture: Jake Nowakowski.

Named Huntingfield, the stately mansion at 55 Albany Rd, Toorak, sold for more than $60m last year. It was sold by the family of late motor racing identity and ex-Lord Mayor of Melbourne, Ron Walker.

The Ray White data crunch of 2020-2023 Valuer-General statistics, covering roads with a minimum of six sales across the time frame, revealed Melbourne’s most affordable streets were mostly concentrated in the outer western suburbs including Melton, Kurunjang, Tarneit and Werribee.

PropTrack figures show Greater Melbourne’s median house price was $916,000 in December.

Ray White data analyst William Clark said buyers looking to gain a foothold in the market could target cheaper streets as an “entry strategy”.

“We have seen a lot of these suburbs grow quickly in capital gains, suburb-level data shows you certainly get good growth in median prices,” Mr Clark said.

Across the past three years, median house values across Melbourne’s 10 most affordable streets have increased between 14.9 per cent and 20.4 per cent.

The house at 12 Stem St, Kurunjang, sold for $430,000 in October 2023. Stem St is one of Melbourne’s most affordable streets.

And 48 Penguin St, Melton, was another bargain, fetching $411,000 in December 2023. The street is another of the city’s cheapest places to buy a house.

60 St Vincent Place, Albert Park, sold for $13.845m in July 2023. The street is one of Melbourne’s costliest to buy a house in.

YPA Melton’s Junior MuBashar said the population growth corridor attracted a diverse range of buyers including investors and first-home buyers with the state government’s $900m+ commitment to build a new Melton Hospital by 2029 driving demand.

“People realise there is going to be a lot of value in the area,” Mr MuBashar said.

“If you go 40km east from Melbourne, prices are very expensive but if you go 40km west they’re much cheaper – it’s only an amount of time before it evens out.”

OUR MOST AFFORDABLE STREETS

In the Geelong region, Point Lonsdale Rd, Point Lonsdale, was the priciest street with a $3.2m median house value, according to Ray White’s research.

Bellbird Ave, Norlane, was cheapest at $380,000.

The statistical area spanning about 150km around Bendigo logged Wedge St, Kyneton’s $1,476,250 median as the most expensive and Vernon St, Korong Vale, as the cheapest address at $110,000.

For Ballarat and surrounds, Wendouree Pde, Lake Wendouree, had a $2.3m median and

Inkerman St, Dunolly, came in at $240,000.

LOVE WHERE YOU LIVE

Sue Tantaro with pet dog Teddy at her home on Parkleigh Drive, Kurunjang, which is for sale. Picture: Aaron Francis.

The kitchen features plenty of storage, stainless-steel appliances, a 900mm gas oven and cooktop, stone benchtops and a spacious pantry. Ms Tantaro has upgraded the kitchen since moving in about two years ago.

The spacious rear garden provides room for children and pets to run around, or even to extend the house.

Kurunjang homeowner Sue Tantaro said the suburb has a “very country” feel although it’s just over 40km from Melbourne’s CBD.

The grandmother is selling her three-bedroom house at 21 Parkleigh Drive with plans to move closer to family and friends in Werribee.

Ms Tantaro said the house would suit a family or downsizer who likes having relatives and friends come to stay. Picture: Aaron Francis.

Inside the home’s living area.

The house is located on a corner block.

Ms Tantaro said her tree-lined street features a range of small to big houses with some blocks, formerly farmland, measuring up to 2000sq m.

She bought her Hamptons-style home attracted by the large back yard with plenty of space for her Maltese Shih tzu dog Teddy to run around, plus corridors wide enough for her grandson’s wheelchair to navigate.