"MELBOURNE'S most walkable suburbs are also some of our most valuable for homeowners.
Carlton and Fitzroy have topped a list of the city's most walkable suburbs.
A trend shows if your suburb is even slightly more pedestrian-friendly than a neighbouring suburb, it can add hundreds of dollars per square metre to the value of your property.
Walk Score, an international group that judges how "walkable" an area is, rates Carlton 97 out of 100. Fitzroy scored 96.
Further research by buyer's advocate firm Secret Agent reveals prices can rise as much as $298 per square metre for a five-point rise on the Walk Score scale.
It is seeing wealthy buyers favour areas that offer local lifestyle, with walking distance to amenities.
Once working-class areas such as North Melbourne, Richmond, Collingwood and Fitzroy, which all rated highly on the Walk Score rankings, have had substantial price jumps in recent years - and the growth isn't expected to stop, according to Secret Agent founder Paul Osborne.
"The wealthy people once wanted to be situated a little bit out of town and away from those areas, and now the wealthy are trying to get into those former working-class areas," Mr Osborne said.
He said that in as little as five years there was potential for Toorak, which scored a 74, to be usurped as the city's wealthiest suburb by a more walk-friendly Albert Park (85), or South Yarra or East Melbourne, both with 92.
Mr Osborne said well-heeled buyers were increasingly following London's trend, away from Wimbledon to the more central Chelsea.
"We are starting to see those values in those lifestyle suburbs that are moving ahead faster than those in Toorak," Mr Osborne said.
"Albert Park would be, I think, the suburb that could be top of the tree.
"Toorak won't disappear, but you are going to get a lot of people who turn around and say: 'we spend a lot of time overseas, we don't have a lot of kids and we like eating out at restaurants'."
But the link between "walkability" and price disappears beyond inner Melbourne.
Deakin University chairman of property and real estate Professor Richard Reed said homeowners more than 5km from the CBD shouldn't get their hopes up.
"The suburbs located more than approximately 5km from the CBD are not considered to be walkable and are perceived as requiring vehicle access," Prof Reed said.