Toorak is located about five kilometres southeast of the Central Business District (CBD) with a range of luxury properties. The locale is well-known for its elite property prices. With a median property price of approximately $4.2 million, many homes in the area feature swimming pools, private car basements, lifts, home gymnasiums, wine cellars, tennis courts, botanical gardens and luxury fit-outs. It is a suburb home to Melbourne’s wealthy and elite. So why is Toorak one of the most prestigious suburbs in Melbourne?
A distinguished history
Toorak's name comes from on of the suburb’s oldest buildings, Toorak House, an Italianate residence built by a wealthy merchant James Jackson in 1849. By 1854, the house became the residence of Victoria's first Governor and his successors. It is also thought that the name Toorak may have originated from the Woiwurrung language, in which it means "black crow" or "reedy swamp".
In the modern era, as Melbourne's most affluent neighbourhood, Toorak exudes a sense of tranquil elegance and privacy. As a well-planned suburb, Toorak has pleasant, broad, gentle topography and heritage-listed homes that have survived since the turn of the 20th century.
The home prices
Home to many high-ranking professionals, Toorak has the second-highest average income of residents in Australia. For decades, Toorak has been one of the most affluent locations in Melbourne. The median house sale price is currently at $5,360,000, with rent costing an average of $1,075 per week. The median sale price of units sits at approximately $1,300,000, with an average weekly rent of $475. The area is home to world-class architecture, with many purchases exceeding $10,000,000.
Prestigious private schools
Inside this quiet suburb are an array of some of Melbourne’s most prestigious private schools. These include St. Catherine's School, a non-denominational Christian school for girls, and Loreto Toorak, a Catholic girls' school. St. Kevins College, an independent Catholic, all-boys primary and secondary school, is located in the suburb, as is Geelong Grammar School’s ELC to Year 6 campus. These schools are known to be some of the best schools in Melbourne.
The sights and entertainment
Toorak is home to more than 270 shops and businesses ranging from fashion boutiques, cafes, restaurants, beauty therapy, and hair salons. There are also many highly reputable cosmetic and medical clinics inside Toorak Village, located between Wallace Ave and Grange Road. You can enjoy a range of bars, restaurants, and cafes on Chapel Street for entertainment.
This area is also made for walking and can keep you occupied with its unique style, personality, and diversity. For nature lovers, you can visit Yarra Ranges National Park approximately 200 km to the east. This stunning park possesses a wide variety of wildlife including kangaroos, wallabies, and wombats.
While Toorak is one of the most expensive suburbs in Melbourne, it is also one of the most beautiful and historic. Its prestige stems from years of history and a curated array of local amenities and opportunities. All of these factors combine to make Toorak one of Melbourne’s most prestigious suburbs.
For more on lifestyle, news, and market insights, click here.
Header image of Clendon Toorak. Click here to enquire.