Where to find the cheapest streets in Melbourne’s most expensive suburbs

How much does it really cost to buy a home in Melbourne’s most exclusive suburbs, such as Toorak and Brighton?

The most expensive and most affordable pockets of Melbourne’s most expensive suburbs have been revealed in granular new data from CoreLogic, showing how far price points can vary within a postcode.

Paul Little’s Coonac estate in Toorak was Melbourne’s first sale north of $100 million.Credit: Craig Abraham

Toorak’s top end has been reset this year with Melbourne’s first sale north of $100 million. But as recently as last month a buyer picked up a single-level house for less than $2.1 million.

CoreLogic head of research Tim Lawless said that in some precincts of Toorak, the typical land size might be more than 1000 square metres, making blocks more valuable.

Homes on higher elevations with views tend to attract higher prices, as do sought-after school zones.

But busy roads or streets next to train lines could discount value.

“The most affordable pocket of Toorak is affordable for a reason,” he said.

He acknowledged that values could vary over time, especially when analysing small sample sizes.

“There’s also going to be inherently at this really small, granular level, some volatility,” he said.

The most expensive precinct in Toorak has a median house value of $8.48 million, CoreLogic research showed. It’s at the north end of the suburb, between the Yarra River, Lansell Road and Towers Road, and includes part of grand boulevard St Georges Road, widely regarded as one of Melbourne’s best streets.

The other best street in Melbourne, Albany Road, forms a boundary to Toorak’s second-most expensive pocket, also bounded by Hopetoun Road in the east and Toorak Road in the north. The precinct has a median house value of $8.21 million and includes the Macquarie Road mansion that sold for close to $70 million last year, as well as retail billionaire Solomon Lew’s family home.

By contrast, the most affordable pocket of Toorak is bounded by Malvern Road and the train line, and has a median house value of $2.64 million. It is home to last month’s sub-$2.1 million sale, marketed as “full of potential”.

Marshall White director and auctioneer Marcus Chiminello named the most sought-after streets in Toorak as Albany Road, St Georges Road, Irving Road and Clendon Road, especially for buyers moving into Toorak.

St Georges Road is one of Toorak’s top streets.Credit: PENNY STEPHENS

He added that several of the courts located off the well-known boulevards are “hidden gems”, such as Kenley Court, Teringa Place, St James Place and Cole Court.

“Toorak itself is a brand,” he said. “Like a Mercedes you have got a Maybach and you have got a C class.

“The branded streets typically outperform the other locations when it comes to long-term gain.

“You want to try to avoid main roads, or adjacent to train lines, or adjacent to thoroughfares.”

The corner of Toorak south of the train line has a lower median house value than other parts of the suburb.Credit: PENNY STEPHENS

He said the family-home market in Toorak now starts from $7 million, and between $7 million to $10 million buyers could expect a town residence or land opportunity. It was hard to find a new or renovated family home under $15 million.

“The floor in Toorak is rising and so is the ceiling.”

Buyer’s agent David Morrell, of Morrell and Koren, named the homes in and around Albany Road and Irving Road as triple-A Toorak.

“It’s where all the big families live, it’s where all the big houses are. It’s flat land, it’s the top of the hill, it’s as good as it gets,” he said.

Albany Road is triple-A Toorak.Credit: PENNY STEPHENS

But main roads and homes on the train line attracted less demand, he said.

“Brighton’s the same – take away the beach, you’ve got nothing.”

Morrell said that three to five years ago, a budget of $12 million to $15 million would purchase “a good house” in Toorak.

“It doesn’t any more. It will get you a nice house, but not a mansion.”

Smaller homes near the train line sell for more modest sums than Toorak’s grand mansions.Credit: PENNY STEPHENS

CoreLogic’s Lawless said in coastal suburbs, homes near the waterfront attract higher values.

“Waterfront is synonymous with value, and scarcity as well,” he said.

In Brighton, median values rise in precincts closer to the shore.

The most expensive pocket has a median house value of almost $5.38 million and is bounded by Bay Street, St Kilda Street and the beach, taking in Moule Avenue and part of St Ninians Road.

A Moule Avenue, Brighton home listed for $39.9 million to $43.89 million.Credit: Kay & Burton

Nick Johnstone, of the eponymous real estate agency, said St Ninians Road was “universally regarded as the best street in Brighton”, as many of its homes are waterfront.

It is close to sought-after schools, cinemas and the train station, he said.

“It’s really been known as the premier street in Brighton for decades,” he said. “A lot of generational money, a lot of homes that have gone through generations.”

He thought Brighton buyers looking for a quality, five-bedroom home on 700 square metres or more would need to spend $10 million plus, but there were discounts for buying on main roads.

Further inland closer to Hampton Street, typical values fell below $2.5 million.