Suburb Snapshot Series – Toorak

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Luxury living epitomised

06 June 2024

Toorak, an exclusive suburb just five kilometres southeast of Melbourne's CBD, has long been synonymous with luxury living and prestige real estate. This leafy enclave, with its tree-lined streets and grand mansions, consistently holds its position as one of Australia's most sought-after postcodes. Toorak's real estate market includes a mix of stately heritage homes, architecturally designed contemporary residences, and elegant apartments.  

According to recent data from the Real Estate Institute of Victoria (REIV), the median house price in Toorak stands at an impressive $3.07 million, with the median price for apartments at $1.1 million. Despite the high entry point, demand for properties remains strong, driven by its reputation, location, and amenities. 

Recent sales have seen properties fetching upwards of $30 million, highlighting the strong demand and limited supply in this exclusive market. The suburb also offers luxury apartments and townhouses, catering to those seeking a more modern living space within this elite locale. 

REIV data also reveals that the suburb's rental market has a low vacancy rate of around 1.3%, indicating strong demand for rental properties. Toorak's housing market features high levels of owner-occupancy, with 64.3% of homes owned outright or with a mortgage, reflecting the long-term commitment of its residents to the area. 

One of the key drawcards for families in Toorak is its access to some of Melbourne's finest educational institutions such as St. Catherine's School, St Kevin’s College, and Geelong Grammar School. Residents can also access top-tier schools such as Loreto Mandeville Hall and Melbourne Grammar School.  

The suburb's dining scene is equally impressive, with a range of culinary options to suit every palate, from local institutions like Café Latte to refined dining experiences at Bistro Thierry. 

Toorak Village, located in the heart of the suburb, offers a charming collection of boutiques, cafes, and gourmet food stores. High-end fashion labels intermingle with artisanal providores, creating a unique shopping experience. For more extensive retail therapy, residents can visit the nearby Hawksburn Village or venture to the world-class shopping precincts of South Yarra and Prahran. 

Green spaces are plentiful with beautifully manicured gardens and leafy parks like Victoria Gardens, Como House and Garden, and Sir Robert Menzies Reserve dotting the landscape. 

Transportation links in Toorak are excellent, with trams running along Toorak Road and trains from nearby Hawksburn and Toorak stations providing easy access to the CBD and beyond. The suburb's proximity to major arterial roads makes it convenient for residents to travel to other parts of Melbourne. 

Toorak's population of around 12,909 has a median age of 46 years, reflecting its appeal to mature, established individuals and families. The suburb has a high proportion of professionals, with 37.2% of residents employed in professional occupations. The average household income in Toorak is significantly higher than the Melbourne average, further emphasising the affluence of this suburb.  

With its combination of opulence and convenience, it's no wonder that Toorak continues to attract discerning buyers and investors. This blue-chip suburb offers an unparalleled living experience for those seeking the finest in luxury living, making it a highly sought-after destination for both locals and international buyers alike.