Nestled among the prime inner-eastern suburbs of Kew, Camberwell, Balwyn and Hawthorn, one of Melbourne’s most expensive suburbs is probably one you haven’t heard of. The suburb of Deepdene ranks as Melbourne’s second most expensive, with a median house value of $3,518,115, on figures from property data firm Cotality’s 2025 Best of the Best report. Deepdene is Melbourne’s second-most expensive suburb. Credit: Marshall White BoroondaraFormerly a neighbourhood within Balwyn, Deepdene was recognised as a bounded locality in April 2010 and is now one of Melbourne’s smallest – 85 hectares – and most exclusive pockets. Melbourne’s most expensive suburb is Toorak, with a median house value of $4,155,231.