Toorak (postcode 3142, City of Stonnington) is Melbourne’s most expensive suburb, and it has been for decades. There’s no sugar-coating this — living here costs significantly more than the Melbourne average, and the premium applies to almost everything from rent to your morning coffee. Here’s the honest breakdown.
Read our full Toorak suburb guide for the bigger picture.
Renting in Toorak
The rental market in Toorak is expensive but has consistent stock. The suburb’s mix of apartments, townhouses, and the occasional freestanding house provides options across a (high) price range.
Indicative weekly rents (2026):
- Studio/1-bed apartment: $400–$550/week
- 2-bed apartment: $550–$850/week
- 3-bed townhouse: $900–$1,400/week
- Freestanding house: $1,500+/week (often well above)
Apartments near Toorak Road and the village command the highest rents. Properties south of Toorak Road on quieter streets like Irving Road or Albany Road are sought-after family rentals and rarely stay listed long. Share houses exist but are less common than in more bohemian suburbs — Toorak’s demographic skews older and wealthier.
Buying in Toorak
Toorak’s property market caters to established buyers. First-home buyers realistically enter through apartments.
- Median house price: $4.5M+ (among Melbourne’s highest)
- Median apartment price: $700K–$1.2M depending on size and location
- Townhouses: $1.5M–$3M
The market here is resilient — Toorak prices dip less in downturns and recover faster than most suburbs. The land value on the grand residential streets (Irving Road, St Georges Road, Albany Road) drives prices that can exceed $10M for period homes on large blocks.
Day-to-Day Costs
Coffee: $5–$6.50 at Toorak Road cafes. Standard Melbourne pricing — the postcode doesn’t add to a flat white.
Groceries: The village has a Coles and specialty food shops. The delis on Toorak Road are premium — artisan bread, European cheeses, organic produce — and priced accordingly. For standard supermarket shopping, costs are in line with other inner suburbs.
Eating out: Above Melbourne average. A weeknight dinner at a village restaurant runs $50–$80 per person. France-Soir on Toorak Road is $70–$100 per head for a proper dinner with wine. Kazuki’s tasting menu on Canterbury Road is $120–$150.
Transport: Myki pricing is standard zone-based — no premium for the postcode. Parking in the village is time-restricted. If you drive, the Monash Freeway via Kooyong Road is your eastern corridor.
How Toorak Compares
| Suburb | 1-bed rent/week | Median house | Vibe |
|---|---|---|---|
| Toorak | $400–$550 | $4.5M+ | Old money, polished |
| South Yarra | $380–$500 | $2.5M+ | Younger, buzzier |
| Hawthorn | $350–$450 | $2.2M+ | Family-oriented |
| Prahran | $350–$480 | $1.8M+ | Grittier, more diverse |
Who Can Afford Toorak?
Dual-income professional households, established families with significant equity, and downsizers selling larger properties elsewhere. Single-income renters can manage an apartment if earning well, but this isn’t a stretch suburb — the numbers need to work comfortably.
Tips for Managing Costs
- Canterbury Road and side streets — cafes and shops slightly off Toorak Road are often better value
- Cook at home — the village supermarket and delis make it easy, and you’ll save hundreds monthly
- Use the train — Toorak station on the Glen Waverley line is faster and cheaper than driving to the CBD
- Share if starting out — a room in a Toorak share house is cheaper than a solo studio in South Yarra
FAQ
Is Toorak the most expensive suburb in Melbourne? Yes, consistently. Median house prices have topped Melbourne’s rankings for most of the past two decades.
Can you live in Toorak on a normal salary? In a share house or a modest apartment, yes — if your salary is solid. A household earning under $100K will find it tight.
What’s the cheapest way to rent in Toorak? A studio or one-bedroom apartment away from Toorak Road, or a room in a share house. Budget $350–$450/week minimum for solo living.
Verdict
Toorak costs what it costs, and it makes no apologies for it. You’re paying for Melbourne’s most prestigious postcode, excellent schools, quiet streets, and a village strip with genuine quality. The question isn’t whether it’s expensive — it is — but whether what you get justifies the premium. For many residents, it does.
More on Toorak:
Nearby suburbs: South Yarra · Hawthorn · Prahran · Richmond
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