Top 5 most expensive Melbourne suburbs (within 10km of the CBD)

Whether you’re a Melbourne local or you’re taking the great exodus to the cultural capital of Australia, where you choose to live will play a huge part in your Melbourne experience. If convenience and high-end living are your jam, these suburbs won’t disappoint.

From apartments to terrace homes, converted warehouses to Californian Bungalows, the sheer variety of rooms available to share house renters in Melbourne is hard to beat. But in one of Australia’s tightest rental markets, properties in the most sought-after locations don’t always come cheap.

Flatmates.com.au has run new data on suburb rental prices. Over the coming weeks we’ll be bringing you articles on the cheapest and most expensive suburbs to rent a private room in a share house in each capital city. If you love your trams, your Keep Cup and your footy club (and money is no issue), check out the five most expensive suburbs within 10km of Melbourne’s CBD below.

DOCKLANDS

Distance: 1km from the CBD
Rent average: $350/week private room

Sometimes maligned as being a little ‘soulless’, given it’s a newer community that was created from almost nothing, the Docklands precinct is now finding its feet, as well as an audience with renters.

With a heavy focus on apartments, rooms in Docklands have the rare quality of being both on the water and in the city, with a level of convenience that’s hard to match anywhere else in town.

Southern Cross Station is your gateway to the rest of Melbourne and greater Victoria, while the CBD, entertainment and retail including DFO South Wharf, are all on the doorstep.

At $350 on average for a room per week, it’s significantly more expensive than any other Melbourne suburb, but if you’re an apartment lover who puts convenience above all else, it’s the place for you.

MELBOURNE CITY

Distance: 0km from the CBD
Rent average: $320/week private room

Skip across Spencer Street from Docklands and you’ll find yourself in the hustle and bustle of Melbourne’s CBD, which ranks as the city’s second most expensive location to rent a room.

As expected, apartments dominate the CBD, but for the ease of being able to walk to work or uni, it’s a lifestyle that many renters are happy to live with.

A lack of parking in the CBD means you’ll likely want to ditch the car, but as a trade-off you’ll have Chinatown, theatres, hundreds of bars, restaurants and easy public transport in your backyard.

You’ll also find yourself spoiled for choice, with hundreds of rooms constantly available at any given time on our site. See here for more.

SOUTHBANK

Distance: 1km from the CBD
Rent average: $310/week private room

Mention “Melbourne” to anyone and the first image that enters their head will most likely be the view from the banks of the Yarra River; trees lining the bridges in the background, skyscrapers silhouetted against the sunset and bars and restaurants overlooking the water.

Welcome to Southbank, where a world-famous promenade takes centre stage, along with Crown Casino and the city’s Arts Centre precinct.

High-rises make up the vast majority of rooms on offer in this pocket south of city, which offers all of the convenience of the CBD but with an average extra $10 a week in your pocket.

Also convenient is the M1 Freeway for those with cars, while Flinders Street Station is just across the water.

SOUTH MELBOURNE

Distance: 2.8km from the CBD
Rent average: $300/week private room

It’s not hard to see why rooms in South Melbourne attract similar premiums to suburbs in and around the CBD.

Shifting only slightly further out gives you access to standalone houses, including the sought-after period homes that are a signature to the streets of South Melbourne.

There are plenty of trams that take your straight to the CBD, while the famous South Melbourne Market remains one of the area’s biggest draw cards. $1 freshly shucked oysters anyone?

It’s easy to forget that you’re only one suburb removed from the beach, while South Melbourne also borders the Melbourne Sports and Aquatic Centre and Albert Park Lake. Just make sure you have ear plugs for when the Grand Prix comes to town.

PORT MELBOURNE

Distance: 5km from the CBD
Rent average: $295/week private room

Given its a major freight entry point for Melbourne, you’d expect Port Melbourne to be both busy and noisy.

But in the residential parts of the suburb that couldn’t be further from the truth.

With tree-lined streets and one of the city’s most revered shopping strips on Bay Street, the suburb presents itself as very much as an exclusive beachside enclave, albeit one less than 10 minutes from the CBD.

The Light Rail splits Port Melbourne and provides easy access to the city, while parks are plentiful and the foreshore is always right there.

Established homes are attractive and keenly sought amongst share house renters, while there is also a good selection of new and older apartments for those who prefer low-maintenance living.

If these suburbs are a little pricey for your budget, never fear! You can check out our top 5 cheapest Melbourne suburbs (within 10Km of the CBD).