Melbourne’s cheapest and most expensive streets revealed | Ray White

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26A Linlithgow Rd, Toorak - for herald sun real estate

Cricketing great Ricky Ponting is one of many sports stars and business big wigs who live in Melbourne’s most-expensive streets.

Melbourne’s cheapest streets are giving prospective homeowners a chance to get a house for bargain prices less than $400,000.

At the other end of the market, millionaire home hunters could rub shoulders with business big wigs, sporting greats and the super wealth in Toorak’s St Georges Rd, Linlithgow Rd and Hopetoun Rd — the city’s priciest streets.

Ray White analysis has revealed the cheapest and most expensive streets across Melbourne after analysing sales data in the three years to November 30 to determine the median home value of city’s streets.

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Last year, crypto casino boss Ed Cravan paid more than $80m for a home in St Georges Rd, while Linlithgow Rd is home to cricketing great Ricky Ponting who splashed about $20m on an abode at the end of 2023.

AFL star Chris Tarrant also purchased not one but two neighbouring home’s in St Georges Rd for about $10m.

A mid-century style Toorak house is on the market at 58 Hopetoun Rd with a whopping $58.5m-$64m price guide, well above the street’s $15m median street value.

And at the other end of the price gauge is Laruso Lane, Wollert, where buying a home costs just $392,500.

Ed Craven’s ‘ghost mansion’ on St George’s Rd which broke Melbourne’s residential price record when it sold for $88,000,088 in August 2022.

Now, he is undertaking multimillion-dollar home build at the address.

One of the last homes to have sold on the lane was the two-bedroom unit at number 35 for $370,000 in February 2023, property records show.

In Edith St, Epping, the typical residence costs just $398,000 and prospective buyers could be in luck with a two-bedroom unit on sale in the street with $375,000-$410,000 price hopes.

Ray White senior data analyst Atom Go Tian said the city’s cheapest streets were actually pretty expensive compared to other capital cities such as Darwin where median street prices are as low as $100,000.

“Melbourne’s cheapest streets actually go from $400,000 so that was actually pretty surprising,” he said.

“The cheapest streets, they’re farther away from the city, but there’s been a lot of development going on in those areas.”

2/11 Edith St, Epping is listed with a $375,000-$410,000 price tag.

The two-bedroom unit is located on one of Melbourne’s cheapest streets.

The Victorian capital was ranked second for the most expensive streets and second last for the cheapest streets compared to the rest of the nation’s capitals — trumped by Sydney in both instances.

Harcourts Rate & Co sales specialist Sherry Singh said there was a lot of property development happening in the Whittlesea area, where many of the city’s most inexpensive streets were located, driving down prices.

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“We have buyers come all the time … and they want to buy something under construction or off the plan where they can save a lot of money on the stamp duty,” Mr Singh said.

He said a lot of young families were moving into suburbs like Wollert and Craigieburn because they were more affordable, larger supply and new infrastructure in the works.

At the other end of the spectrum, Mr Go Tian said Melbourne’s luxury market was dominated by just one suburb unlike the rest of the nation’s major hubs.

62 Clendon Rd, Toorak - FOR HERALD SUN REAL ESTATE

The Myer family’s mansion at 62 Clendon Rd, Toorak is listed for sale with a $96m-$105m asking price.

The compound is set to break Victoria’s residential price record if it sells above Ed Craven’s St George’s Rd ‘ghost mansion’.

Of the top 10 big-budget streets, six were located in Toorak.

Buyer’s agent Matthew Cleverdon said it was no surprise the city’s most-expensive streets concentrated in Toorak, however, there were plenty of other streets with less turnover and higher property values.

He added that the mansions along the cliff in Portsea on Point Nepean Rd would be a contender, but they were tightly-held, multi-generational residences.

“Land sizes in Toorak are historically quite large,” Mr Cleverdon said.

“When you’re buying that much land and that size of a home, it certainly comes with a price tag to match.”

Mr Cleverdon said homeowners who took price in their residence — even down to maintaining their nature strip — was what made a sought-after street.