October 2026 data · Port Phillip · VIC
South Melbourne house prices: median price and growth
- Median house
- $1.65m ▲ +12.7% in 12 months
- Median unit
- $605k ▲ +0.8% in 12 months
The median house price in South Melbourne is $1.65m (October 2026), up 12.7% over 12 months. Units have a median of $605k, up 0.8% over 12 months. That puts South Melbourne above the typical Inner Melbourne suburb ($1.63m) and number 4 of the 8 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
South Melbourne price changes
| Type | Median | 3 mo | 6 mo | 12 mo |
|---|---|---|---|---|
| House | $1.65m | ▲ +7.6% | ▼ −2.3% | ▲ +12.7% |
| Unit | $605k | ▼ −1.4% | ▲ +1.0% | ▲ +0.8% |
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.
South Melbourne compared with nearby suburbs
Suburbs within about 1 km of South 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% |
| Albert Park | $2.37m | ▼ −4.1% | ▼ −0.8% | ▼ −3.2% | $934k | 0.0% | ▲ +13.2% | ▲ +33.4% |
| South Yarra | $2.02m | ▲ +1.8% | ▼ −2.2% | ▼ −8.0% | $530k | ▼ −1.9% | ▼ −7.0% | ▼ −7.8% |
| South Melbourne | $1.65m | ▲ +7.6% | ▼ −2.3% | ▲ +12.7% | $605k | ▼ −1.4% | ▲ +1.0% | ▲ +0.8% |
| Port Melbourne | $1.50m | ▼ −3.1% | ▼ −3.7% | ▼ −5.2% | $720k | 0.0% | ▲ +2.1% | ▲ +4.0% |
| 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 South Melbourne
From the 2021 ABS Census: South Melbourne against the Port Phillip council area and VIC. Council and state percentages count all their residents; their medians are the middle suburb by population.
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| Figure | South Melbourne | Port Phillip (council) | VIC |
|---|---|---|---|
| People | |||
| Population | 11,548 | 96,314 | 6,503,500 |
| Median age | 39 | 38 | 39 |
| Families with children | 🔒 | 🔒 | 🔒 |
| Born overseas | 35.3% | 31.3% | 30.0% |
| Language other than English at home | 🔒 | 🔒 | 🔒 |
| Work and education | |||
| Median household income | $2,101/wk | $2,096/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 | 54.9% | 50.4% | 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 South 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 South Melbourne?
The median house price in South Melbourne was $1.65m in October 2026, up 12.7% on a year earlier. The typical Inner Melbourne suburb median was $1.63m.
What is the median unit price in South Melbourne?
The median unit price in South Melbourne was $605k in October 2026, up 0.8% over 12 months.
Is South Melbourne more expensive than nearby suburbs?
Of the 7 neighbouring suburbs with a median house price, 3 are dearer than South Melbourne and 4 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.