Australia’s long‑standing symbol of wealth, prestige and old‑money glamour Toorak has been overtaken by 28 suburbs across Brisbane, Perth and Sydney, according to the latest Domain House Price Report.
The inner‑Melbourne enclave, once synonymous with billionaire mansions and record‑breaking sales, now sits at 29th place nationally. Please confirm all property‑market information with a trusted source.
Toorak’s median house price of $3.67 million has been eclipsed by a wave of ultra‑expensive suburbs, including 24 in Sydney, reflecting shifting demand and the rise of new prestige pockets across Australia. In one case, even a unit market surpassed Toorak’s median.
The data shows Toorak is now 30% more affordable than it was five years ago a rare opening for buyers hoping to enter one of Australia’s most exclusive postcodes. While trophy estates still command enormous sums, prolonged price softening has made some properties unexpectedly accessible.
Local agent Sarah Case of RT Edgar (Stonnington) said buyer interest has surged. “I wouldn’t have believed it, but I am getting so many calls about properties now being so much more affordable,” she said. She added that interstate buyers are flying in to inspect homes: “I just had a guy fly down from Brisbane and another one from Sydney to see properties as they represent such good value.”
Toorak’s shift marks a significant moment in Australia’s prestige market a reminder that even the country’s most iconic luxury suburb is not immune to broader market recalibrations.
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