All 24 neighborhoods in Melbourne ranked by cost of living index. Updated 2026.
| # | Neighborhood | 1BR Rent | Index | vs Avg |
|---|---|---|---|---|
| 1 | Toorak | $2,340/mo | 1.30x | +30% |
| 2 | South Yarra | $2,196/mo | 1.22x | +22% |
| 3 | Brighton | $2,196/mo | 1.22x | +22% |
| 4 | CBD | $2,160/mo | 1.20x | +20% |
| 5 | Albert Park | $2,070/mo | 1.15x | +15% |
| 6 | Malvern | $2,070/mo | 1.15x | +15% |
| 7 | Docklands | $2,016/mo | 1.12x | +12% |
| 8 | Kew | $2,016/mo | 1.12x | +12% |
| 9 | Fitzroy | $1,980/mo | 1.10x | +10% |
| 10 | St Kilda | $1,944/mo | 1.08x | +8% |
| 11 | Prahran | $1,944/mo | 1.08x | +8% |
| 12 | Hawthorn | $1,944/mo | 1.08x | +8% |
| 13 | Carlton | $1,890/mo | 1.05x | +5% |
| 14 | Camberwell | $1,890/mo | 1.05x | +5% |
| 15 | Collingwood | $1,836/mo | 1.02x | +2% |
| 16 | Northcote | $1,836/mo | 1.02x | +2% |
| 17 | Caulfield | $1,800/mo | 1.00x | Avg |
| 18 | Richmond | $1,764/mo | 0.98x | -2% |
| 19 | Thornbury | $1,710/mo | 0.95x | -5% |
| 20 | Brunswick | $1,656/mo | 0.92x | -8% |
| 21 | Preston | $1,476/mo | 0.82x | -18% |
| 22 | Box Hill | $1,476/mo | 0.82x | -18% |
| 23 | Footscray | $1,404/mo | 0.78x | -22% |
| 24 | Sunshine | $1,296/mo | 0.72x | -28% |
Rent estimates based on city average of $1,800/mo adjusted by neighborhood cost index. Index 1.00 = city average.
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Open a Wise Account →The most expensive neighborhood in Melbourne is Toorak, with an estimated 1-bedroom rent of $2,340/month — 30% above the city average.
Toorak is approximately 30% more expensive than the Melbourne average. 1-bedroom rent is $2,340/mo vs $1,800/mo city-wide.
Our database covers 24 neighborhoods in Melbourne, each with detailed cost-of-living and salary data.