Melbourne's most expensive suburbs

Melbourne currently has 39 suburbs with a median value in excess of one million dollars with the list predictably topped by Toorak.

The list of the city’s most expensive suburbs is very stable due to their sought after location and high quality housing.

Using the median value measure Toorak is almost twice as expensive as the second on the list, East Melbourne. The median value of a house in Toorak is $3.5 million compared to $1.88 million in East Melbourne and $1.82 million in Brighton.

The top ten is rounded out by Canterbury, Deepdene, Middle Park, Hawthorn East, Kew, BALWYN and Malvern.

When viewed from the perspective of the overall value of all house sales in the past year Brighton tops the list with $604 million worth of homes sold compared to $473 million in Kew and $410 million in Toorak. Deepdene is a very small suburb and has only seen $25.5 million worth of houses sold in the past year.

With the exception of Canterbury and Malvern sales data over the past 12 months shows that either less expensive homes have been offered for sale or the prices being paid are generally below the underlying values.

There are six suburbs whose values are nearing a million and if the market continues to appreciate will reach that level soon. Ashburton, Ormond, St Kilda East, McKinnon, Prahran and Park Orchards have values between a million and $950,000.