Despite market predictions at the time, the onset of Covid-19 in Australia resulted in skyrocketing property prices. Knight Frank's Global House Price Index has ranked Australia the global number one for annual property price growth - marked by a 17.5% increase over the 2021 calendar year.
At its peak, Melbourne's house prices reached a record high of $1.1 million, marking the strongest annual gain since 2010. This represents an 18.6% growth or a $660 per day increase over the quarter. Apartments and townhouses increased 3.9% over the quarter to a new record of $593,387 - the strongest quarterly gain in two years.
Here is a list of Melbourne's most expensive suburbs, as reported by Metropole.
10. Camberwell - $2.55 million
Camberwell has all the qualities that a modern family can ask for in a suburb. Located just 10km east of the CBD, Camberwell offers nearly every facility at its doorstep. The streets are beautiful and tree-lined, dotted with both heritage and modern houses.
Nestled high on the hill amongst verdant treetops, Martin Rise displays the distinction expected of this blue-chip suburb courtesy of the renowned architects at Splinter Society. Offering a collection of generously proportioned two and three-bedroom apartments - with many featuring spacious courtyards spanning up to 153sqm- these homes represent the epitome of modern Camberwell luxury.
9. Kew - $2.56 million
Located just 6km east of the city, Kew is characterised by its collection of Victorian and Edwardian homes. The suburb is close enough to the city to be convenient yet removed from the hustle and bustle of city life.
Kew is embraced by extensive parkland along the Yarra River's most cultivated stretches, with famous attractions like the Collingwood Children's Farm, Studley Park Boathouse and Yarra Bend Golf Course. This affluent suburb invites you to enjoy some of the best outdoor amenities in Melbourne, with plenty of options for cycling, walking, exercising or indulging in an idyllic picnic.
Nestled within the green hills of prestigious Kew, you will find Kew Rise, designed by award-winning firm lnterlandi Mantesso Architects.
8. Balwyn - $2.78 million
Balwyn is a great suburb for young families, professionals and downsizers. There are plenty of parks, an incredible sense of community and a shopping precinct for all your daily necessities.
The suburb is highly sought-after thanks to its beautiful streetscapes, cafes and restaurants. There are many established families and couples here who enjoy easy access to some of the state's most prestigious schools, including Balwyn High School, Balwyn Primary School, Fintona Girl's School, Greythorn Primary School and many more.
Perfectly positioned in Balwyn is Boston - a collection of seven secluded and impeccably crafted luxury residences inspired by the site's intriguing history. The renowned Mim Design strongly references this local story through the selection of wine-inspired colours and materials, imbuing each home with a sense of warmth and permanence.
7. Malvern - $2.88 million
You will find Malvern just 10km south-east of the city - the suburb has lots of greenery, open spaces, boutique shopping and beautiful Victorian mansions. The suburb has a distinctly 'homely' feel and is close to Glenferrie Road's retailers.
Perfectly at home within one of Malvern's leafy streets, just a short walk from Central Park and the thriving Glenferrie Road, is the famed Ascui & Co.'s Contour. Contour offers its residents a rich lifestyle inside and out - an embodiment of its picturesque address.
6. Middle Park - $3.23 million
Middle Park is a bayside suburb located right outside the CBD, only 3km away. It has a distinct village feel and offers a tight-knit yet welcoming community. Albert Park Lake is next door, and St Kilda nightlife is just down the road.
5. Canterbury - $3.3 million
Canterbury, located between Balwyn and Camberwell, offers historic residences and some of Melbourne's oldest schools. There is also an abundance of retailers and urban amenities to ensure your day-to-day living at Canterbury is as effortless as possible.
Located on 1 Shierlaw Avenue, Meilor offers a collection of only 42 properties where every residence gets direct sunlight for large parts of the day - meaning gardens on the balcony will thrive.
4. East Melbourne - $3.3 million
East Melbourne is positioned only 2km from the CBD and gives you the convenience of city living with the added bonus of parks and greenery. The suburb's charming historic architecture is made even better by leafy gardens and wide streets. Almost everything is within walking distance, including cafes, restaurants, retailers, theatres, and supermarkets.
3. Brighton - $3.31 million
Brighton is located just 11km from the CBD and is known for its beaches and luxury real estate. The suburb is known for its vibrant beach boxes, bayside charm, Church Street shopping strip and Yacht Club.
2. Kooyong - $3.4 million
Kooyong is a small suburb about 7km south-east of the CBD, filled with apartments, parklands, ovals and fields. You will immediately notice the suburb's balance of greenery and urban amenities.
1. Toorak - $5.38 million
Often called the Beverly Hills of Melbourne, living in Toorak comes with a certain set of expectations. Toorak is one of Melbourne's most exclusive and affluent suburbs and a long-standing front runner for property prices.
Located about 5km south-east of the CBD, Toorak has a range of luxury properties on offer. The suburb is a great option for those that are either raising families or are established. It's a more expensive neighbourhood but covered with open streets that are well presented with nicely lined trees.
Situated on an elevated site on Malvern Road, Clendon celebrates timeless classic design while encompassing the nuances of a contemporary lifestyle. Set amongst a boutique collection of only 13 residences with basement parking, this development is unparalleled in its appeal.