Top 5 Expensive Suburbs, Inner Melbourne

Looking for a rental property in Melbourne's Inner suburbs? Look no further than these top 5 suburbs which offer style, convenience, and access to some of the best cafes, restaurants, and shops in the city. Here's our pick of the top 5 expensive suburbs in Inner Melbourne, along with a brief overview of each suburb.

Data from this guide come from Homes Victoria’s Rental Report December Quarter 2022.

1. Port Melbourne#

Located just 5km south-west of the CBD, Port Melbourne is a vibrant and cosmopolitan suburb with a rich history and plenty of modern amenities. With a mix of heritage buildings, modern apartments, and townhouses, Port Melbourne offers something for everyone. This beachside suburb is perfect for those who love the outdoors, with easy access to Port Melbourne Beach, South Melbourne Beach, and the Bay Trail.

Median rent for a 2-bedroom flat: $600 per week.

Median rent for a 3-bedroom house: $800 per week.

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2. Fitzroy#

Fitzroy is a trendy and eclectic suburb located just 2km north-east of the CBD. Known for its vibrant street art, boutique shops, and lively nightlife, Fitzroy is a popular destination for young professionals and creatives. This suburb is home to a mix of Victorian-era terrace houses, modern apartments, and converted warehouses.

Median rent for a 2-bedroom flat: $600 per week.

Median rent for a 3-bedroom house: $879 per week.

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3. Docklands#

Located just 1km west of the CBD, Docklands is a modern and stylish waterfront suburb that has undergone significant redevelopment in recent years. This suburb is home to a mix of luxury apartments, trendy cafes, and high-end retail stores. Docklands is perfect for those who want to be close to the city centre while enjoying a relaxed and sophisticated lifestyle.

Median rent for a 2-bedroom flat: $580 per week.

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4. South Yarra#

South Yarra is a prestigious and affluent suburb located just 4km south-east of the CBD. Known for its tree-lined streets, boutique shops, and high-end restaurants, South Yarra is a popular destination for professionals and families. This suburb is home to a mix of Victorian-era terrace houses, modern apartments, and exclusive mansions.

Median rent for a 2-bedroom flat: $540 per week.

Median rent for a 3-bedroom house: $950 per week.

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5. East Melbourne#

East Melbourne is a leafy and exclusive suburb located just 2km east of the CBD. Known for its grand Victorian-era homes, beautiful parks, and proximity to the MCG, East Melbourne is a popular destination for sports fans and families. This suburb is home to a mix of heritage-listed buildings, modern apartments, and townhouses.

Median rent for a 2-bedroom flat: $550 per week.

Median rent for a 3-bedroom house: $1,200 per week.

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FAQ#

What are some benefits of living in more expensive suburbs in Victoria?#

Some benefits of living in more expensive suburbs in Victoria include access to more amenities, such as high-end restaurants, boutique shops, and cultural attractions. These suburbs also tend to be safer and more family-friendly, with good schools and parks.

What are some tips for securing a rental in an expensive suburb?#

To secure a rental in an expensive suburb, it's important to have your documentation in order, including references from previous landlords and proof of income. It's also a good idea to be flexible with your move-in date and to be prepared to pay a higher bond or rent in advance. Finally, it's important to be proactive in your search and to act quickly when you find a property you like.

Sharehouse also provides a free a Rental Cover Letter Generator service which will improve your chances of securing a rental.

For more information see our blog post How To Stand Out In A Competitive Rental Market.

Are there any affordable suburbs in Inner Melbourne?#

Yes, there are several affordable suburbs in Inner Melbourne that offer good value for money. To learn more, check out our article on the Top 5 Affordable Suburbs in Inner Melbourne.

How can I find a rental property in Inner Melbourne?#

To find a rental property in Inner Melbourne, you can search online on websites such as realestate.com.au, Domain, or Homely. It's also a good idea to contact local real estate agents and property managers to see what properties they have available. If you’re looking to join an existing Sharehouse or teamup, then be sure to browse our listings.

Final Thoughts#

Living in an expensive suburb in Inner Melbourne may not be for everyone, but for those who can afford it, it offers a unique and highly desirable lifestyle. The suburbs we've highlighted in this article offer access to some of the best amenities and attractions in Melbourne. While the rental prices in these suburbs may be higher than in other areas, the benefits of living in a well-connected, safe, and culturally-rich area are worth it in some cases. Whether you're a young professional, or someone with expensive taste, there's something for everyone in these suburbs of Inner Melbourne.

If you're on a tight budget or simply looking for a more affordable option, don't worry - there are plenty of great suburbs in Inner Melbourne that won't break the bank. Check out our article on the Top 5 Affordable Suburbs in Inner Melbourne for some great options that offer value for money without sacrificing on location or amenities.

Table 1: Full list of suburbs#

The table below provides the full set of data uncovered by Victoria’s Rental Report, including several extra suburbs