Toorak Village is famous for its fashion boutiques, sunny street cafes, fine dining, luxurious beauty parlours and hair salons, the best in medical and professional business advice, and the annual Toorak Village Sculpture Exhibition.
Key economic indicators
- 14,000 people live nearby, and approximately 700 work in the precinct.
- 17 per cent of people are aged 35 to 49.
- 42 per cent of households are high-income, with a median weekly income of $2,538.
- 192 businesses in Toorak Village generated $295M spend, with the largest sector being retail (44 per cent).
- Residents of Toorak spent $75.9M locally in Toorak Village in 2021, with visitors spending $128.6M.
Read the Place Activation Plan for Toorak Village or find out more about Toorak Village in the economic snapshot below.
Economic snapshot
October 2024 to March 2025(PDF, 249KB)
What's happening in this precinct?
Toorak Village’s strengths lie in servicing the local area, with by far the largest share of expenditure taking place in the food retailing sector. Nearly 60% of money spent in the precinct is by people who live there. The village has seen nearly 8% less customers than for the same period of last year, but spend in the precinct is up slightly, increasing by 1.6%. Food retailing is the strongest sector, accounting for approximately triple the spend of either discretionary retail or tourist and entertainment. Shopfront occupancy rates remain steady, with 11.02% of premises vacant as of the January 2025 vacancy audit.
The economy
- Daytime spend – $44.9M
- Night-time spend – $10.2M
- Total local spend – $55M (down 1.6% from last year)
- Total customers – 61K (down 7.8% from last year)
- Highest spend day – 9 February 2025
- Highest weekly spend day – Fridays
- Spend origin – 59% residents, 41% visitors
| October-March monthly spend |
|
2023-24 |
2024-25 |
| October |
$9,046,859 |
$9,074,000 |
| November |
$9,154,985 |
$9,274,000 |
| December |
$10,172,448 |
$10,264,000 |
| January |
$7,821,822 |
$7,814,000 |
| February |
$8,424,581 |
$9,048,000 |
| March |
$9,579,840 |
$9,599,000 |
|
October 2024 - March 2025 top spend categories
|
|
Category
|
Subcategory
|
Total spend
|
|
Discretionary retail
|
Other discretionary retail
|
$6,154,000
|
|
Department stores, clothing and accessories
|
$2,550,000
|
|
Food retailing
|
Supermarkets
|
$18,460,000
|
|
Groceries and other food retailing
|
$8,615,000
|
|
Tourism and entertainment
|
Takeaway and fast-food outlets
|
$427,000
|
|
Restaurants
|
$4,543,000
|
|
Cafes
|
$849,000
|
|
Attractions, events and recreation
|
$579,000
|
Vacancy and occupancy
- Vacancies now filled – 7 since August 2024
- Changed tenancies - 12 since August 2024
- Newly vacant premises - 6 since August 2024
|
|
Jan 25 vacancy rate
|
Change
|
|
Toorak Village
|
11.02%
|
Steady – 0%
|
Street activity
- Busiest days – Saturdays
- Busiest times – Midday
Visitor demographics
- Top customer age band – 25-34, 27.1% of visitors
- Top customer life stage – Young singles and couples, 28.7% of visitors
|
Top 5 non-Stonnington spend origin locations
|
|
South Yarra – West
|
$1.1M
|
|
Richmond (South) – Cremorne
|
$685K
|
|
Caulfield North
|
$650K
|
|
Brighton
|
$511K
|
|
Albert Park
|
$502K
|
Data sourcing: Pedestrian activity data current as of 2 April 2025. Source: City of Stonnington Pedestrian counters. Spend data current as of 20 April 2025 and is subject to revisions. Sourced from banking transaction data. Vacancy data current as of January 2025. Source: Vacancy Review, prepared by E3 valuations and commissioned by City of Stonnington.
Previous snapshots