October 2026 data · Melbourne · VIC
Melbourne house prices: median price and growth
- Median house
- $550k ▼ −56.4% in 12 months
- Median unit
- $460k ▲ +0.9% in 12 months
The median house price in Melbourne is $550k (October 2026), down 56.4% over 12 months. Units have a median of $460k, up 0.9% over 12 months. That puts Melbourne below the typical Inner Melbourne suburb ($1.63m) and number 20 of the 20 suburbs around it.
Median house price
- $2.25M+
- $2M–$2.25M
- $1.75M–$2M
- $1.5M–$1.75M
- $1.25M–$1.5M
- $1M–$1.25M
- $750K–$1M
- $500K–$750K
- <$500K
Melbourne price changes
| Type | Median | 3 mo | 6 mo | 12 mo |
|---|---|---|---|---|
| House | $550k | ▲ +14.7% | ▲ +25.9% | ▼ −56.4% |
| Unit | $460k | 0.0% | 0.0% | ▲ +0.9% |
Changes compare the median with three, six and twelve months earlier. A dash means too few sales for a reliable figure. How these figures are worked out.
Melbourne compared with nearby suburbs
Suburbs within about 1 km of Melbourne, dearest house median first. Select a column heading to sort.
| House | Unit | |||||||
|---|---|---|---|---|---|---|---|---|
| Middle Park | $3.02m | ▼ −3.5% | ▲ +1.0% | ▲ +18.6% | $694k | ▼ −4.4% | ▼ −15.9% | ▼ −33.0% |
| East Melbourne | $2.95m | ▲ +0.1% | ▼ −3.2% | ▲ +0.1% | $703k | ▼ −2.7% | ▲ +1.5% | ▼ −3.7% |
| Albert Park | $2.37m | ▼ −4.1% | ▼ −0.8% | ▼ −3.2% | $934k | 0.0% | ▲ +13.2% | ▲ +33.4% |
| St Kilda West | $2.31m | 0.0% | ▼ −1.1% | 0.0% | $575k | ▲ +2.7% | ▲ +3.6% | ▲ +4.1% |
| South Yarra | $2.02m | ▲ +1.8% | ▼ −2.2% | ▼ −8.0% | $530k | ▼ −1.9% | ▼ −7.0% | ▼ −7.8% |
| Parkville | $1.79m | ▲ +1.4% | ▲ +1.3% | ▲ +3.6% | $456k | ▼ −4.6% | ▼ −3.1% | ▼ −10.7% |
| South Melbourne | $1.65m | ▲ +7.6% | ▼ −2.3% | ▲ +12.7% | $605k | ▼ −1.4% | ▲ +1.0% | ▲ +0.8% |
| Prahran | $1.63m | ▲ +1.1% | ▲ +1.6% | ▼ −3.9% | $475k | ▲ +0.6% | ▼ −5.0% | ▼ −6.9% |
| St Kilda | $1.59m | ▲ +4.5% | ▼ −4.0% | ▼ −0.4% | $518k | ▲ +0.6% | ▲ +2.6% | ▲ +1.6% |
| Carlton North | $1.56m | ▲ +0.3% | ▼ −2.8% | ▼ −9.3% | $660k | ▼ −2.9% | ▼ −7.4% | ▼ −5.7% |
| Windsor | $1.54m | ▲ +10.8% | ▲ +9.8% | ▲ +10.0% | $550k | ▲ +3.8% | ▲ +0.9% | ▲ +4.4% |
| Fitzroy | $1.42m | ▼ −6.8% | ▼ −8.3% | ▼ −20.5% | $828k | ▲ +10.0% | ▲ +7.1% | ▲ +7.1% |
| Carlton | $1.35m | ▲ +1.2% | ▼ −4.6% | ▼ −0.4% | $335k | ▲ +4.4% | ▲ +8.1% | ▲ +3.1% |
| Richmond | $1.34m | ▼ −0.4% | ▼ −2.0% | ▼ −2.9% | $549k | ▼ −3.5% | ▼ −2.0% | ▼ −3.7% |
| Cremorne | $1.33m | ▲ +10.8% | ▲ +7.7% | ▲ +7.9% | $620k | ▼ −0.2% | ▼ −7.5% | ▲ +2.1% |
| West Melbourne | $1.32m | ▲ +1.8% | ▼ −3.7% | ▲ +2.6% | $530k | ▼ −1.0% | ▲ +2.1% | ▲ +6.0% |
| North Melbourne | $1.23m | ▼ −2.8% | ▼ −4.7% | ▼ −2.4% | $503k | ▼ −1.4% | ▲ +0.6% | ▲ +2.7% |
| Docklands | $1.18m | ▼ −14.2% | ▼ −13.2% | ▼ −32.2% | $580k | 0.0% | ▼ −0.9% | ▼ −3.4% |
| Southbank | $1000k | – | – | – | $540k | ▼ −0.9% | ▲ +0.9% | ▼ −2.7% |
| Melbourne | $550k | ▲ +14.7% | ▲ +25.9% | ▼ −56.4% | $460k | 0.0% | 0.0% | ▲ +0.9% |
| South Wharf | – | – | – | – | $805k | – | – | – |
Living in Melbourne
From the 2021 ABS Census: Melbourne against the Melbourne council area and VIC. Council and state percentages count all their residents; their medians are the middle suburb by population.
Locked figures are free with an account, for the area your plan covers. Sign in or create a free account
| Figure | Melbourne | Melbourne (council) | VIC |
|---|---|---|---|
| People | |||
| Population | 54,941 | 185,721 | 6,503,500 |
| Median age | 29 | 31 | 39 |
| Families with children | 🔒 | 🔒 | 🔒 |
| Born overseas | 64.0% | 50.9% | 30.0% |
| Language other than English at home | 🔒 | 🔒 | 🔒 |
| Work and education | |||
| Median household income | $1,448/wk | $1,717/wk | $1,856/wk |
| Median personal income | 🔒 | 🔒 | 🔒 |
| Professionals and managers | 🔒 | 🔒 | 🔒 |
| Unemployment | 🔒 | 🔒 | 🔒 |
| Bachelor degree or higher | 🔒 | 🔒 | 🔒 |
| Completed Year 12 | 🔒 | 🔒 | 🔒 |
| Housing | |||
| Owned outright | 🔒 | 🔒 | 🔒 |
| Owned with a mortgage | 🔒 | 🔒 | 🔒 |
| Rented | 71.0% | 64.0% | 28.5% |
| Separate houses | 🔒 | 🔒 | 🔒 |
| Flats and apartments | 🔒 | 🔒 | 🔒 |
| Median weekly rent | 🔒 | 🔒 | 🔒 |
| Median mortgage repayment | 🔒 | 🔒 | 🔒 |
| Advantage | |||
| SEIFA advantage (IRSAD), Australian decile | 🔒 | 🔒 | 🔒 |
🔒 Age, occupation and ancestry breakdowns for Melbourne, its council and VIC
Source: ABS Census of Population and Housing 2021. More figures, maps and the 2016 Census are in Location Insights.
Common questions
What is the median house price in Melbourne?
The median house price in Melbourne was $550k in October 2026, down 56.4% on a year earlier. The typical Inner Melbourne suburb median was $1.63m.
What is the median unit price in Melbourne?
The median unit price in Melbourne was $460k in October 2026, up 0.9% over 12 months.
Is Melbourne more expensive than nearby suburbs?
Of the 19 neighbouring suburbs with a median house price, 19 are dearer than Melbourne and 0 are cheaper or the same.
Where does this data come from?
Prices come from REA sales data for October 2026, all bedroom counts, refreshed monthly. Medians cover sales over the past 12 months; changes are shown only where at least 10 homes of that type sold.