Melbourne is frequently recognised as one of the top cities to live in | Source: Getty Images

Prime Property: The Best Suburbs Melbourne

Frequently finding itself in the world’s most liveable cities list, Melbourne has rightfully earned a reputation of being a culturally vibrant, exciting and beautiful place to live. Characterised by a thriving cafe culture and dining scene, Melbournians tend to lead cosmopolitan lifestyles and are well-connected by one of the largest tram systems outside of Europe. In terms of culture, housing, entertainment and overall liveability, these are some of the best postcodes in Melbourne.


Home to the bustling cafe and restaurant strip of Melbourne’s ‘Little Italy’, otherwise known as Lygon Street, Carlton is recognised as the birthplace of cafe culture in Melbourne and as a lively, multicultural and youthful suburb. With a large portion of the postcode’s population attending the nearby University of Melbourne and RMIT University, more than half of Carlton’s residents fall in the 12 to 25 age bracket. Well connected to the heart of Melbourne, the suburb has trams running along Swanston Street through to Carlton North and offers a cultured and vibrant inner-city lifestyle.

In terms of homes, Carlton is filled with beautiful Victorian-era terrace houses and apartment buildings. According to, the median property price in Carlton is A$1.5 million and rental properties account for a large portion of the suburb’s housing profile.

North Melbourne

Located just two kilometres from the city, North Melbourne offers proximity to Melbourne’s bustling centre without the inflated property prices and impossible parking. Listed as one of Domain’s top 20 suburbs for residential property investors, North Melbourne is filled with charming Victorian terrace homes, workers’ cottages and industrial-style renovated apartments. According to, the median house price for a home in this postcode sits at around A$1.16 million.

While North Melbourne is considered a quieter suburb with a more suburban feel, the suburb’s main strip, Errol Street, is lined with cafes and restaurants and is crowned by North Melbourne Town Hall; the home of plenty of art productions.

South Yarra

Perched along the Yarra River, this upmarket suburb is one of the most sought-after postcodes in Melbourne. With a median house price of A$2.18 million, riverside living will cost you a pretty penny here, but with leafy parks, the lively shopping and dining strips of Chapel Street and Toorak Road and proximity to prestigious schools like Scotch College and Christ Church Grammar, residents say the cost is worth the luxurious South Yarra lifestyle.

Just four kilometres out from the city, South Yarra is well-connected by tram, train and bus, but with shopping destinations like The Como Centre on the doorstep of your historic mansion, Art Deco apartment building or Victorian terrace home, there’s little reason to have to leave this prestigious and highly liveable locale.


Situated alongside the Maribyrnong River just five kilometres from Melbourne’s CBD, Footscray is another outer-city suburb that is climbing the ranks in terms of liveability, quickly establishing itself as a value-for-money postcode. Filled with renovated warehouses, and increasingly more modern apartment buildings, the median house price in Footscray is A$922,500 while the median rental price is A$460 per week, according to

Recognised as a multicultural hub, Footscray is filled with Vietnamese, Ethiopian, Indian and Italian restaurants and retailers, just to name a few. Well connected by public transport and continuing to develop its distinct vibrant and bustling feel, Footscray has transformed into one of Melbourne’s top suburbs to buy-in.

St Kilda

If coastal living is more your style, heading seven kilometres southeast of Melbourne into the bohemian and beachside suburb of St Kilda is the way to go. Boasting attractions like the iconic Luna Park, the idyllic St Kilda Pier and the Palais Theatre, there’s no shortage of things to do in St Kilda. As for where residents can get their all-important caffeine fix, locals head to East St Kilda’s bustling Carlisle Street or the popular cafe strip of Acland Street.

As for properties in the area, St Kilda is filled with plenty of beautiful heritage homes, ranging from Victorian terraces to Spanish Mission-style homes. Along with being well connected by public transport St Kilda offers stunning parklands, accounting for the area’s median house price of A$1.67 million.


The inner-city suburb of Collingwood is another postcode that is gaining recognition for its vibrant shopping and dining scene and cosmopolitan lifestyle. Defined by converted warehouses, graffiti art, live music and historic public buildings, Collingwood has evolved into an eccentric and exciting area to live in, moving further and further away from its ‘colourful’ reputation.

While residents tend to compromise on the property size, they do gain plenty of restaurants, bars and retail options on their doorstep as well as the convenience of being a direct bus ride away from Melbourne’s CBD. Filled with renovated workers cottages, trendy factory conversions and chic modern apartments, the median house price in Collingwood is A$1.16 million, according to

If you’re interested in reading more about Australia’s best suburbs, check out the top areas in the Gold Coast, Brisbane, Canberra, Perth and Sydney.

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