Fitzroy’s property market runs on scarcity. The suburb is one square kilometre with no room to expand, heritage overlays on most of the housing stock, and a location that’s four tram stops from the CBD. Supply is permanently constrained. Demand is persistent.
Here’s what the market looks like in 2026.
Median Prices — March 2026
| Property Type | Median Price | 12-Month Change | 5-Year Change |
|---|---|---|---|
| House | $1.55M | +3.2% | +18% |
| Townhouse | $1.1M | +2.8% | +15% |
| 2-bed apartment | $620K | +1.5% | +8% |
| 1-bed apartment | $420K | +1.2% | +6% |
Houses in Fitzroy rarely sell below $1.2M. The $1.55M median is dragged up by renovated Victorian terraces on Napier Street and Gore Street that routinely clear $2M+. The entry point for a house that needs work is around $1.2–$1.4M — and “needs work” in Fitzroy means $200–$400K in renovations.
What You’re Actually Buying
Victorian terraces dominate the housing stock. Double-fronted terraces on Napier, Gore, and George Streets are the blue-chip play — heritage facades, rear extensions, and gardens. These sell $1.5–$2.5M depending on condition and lot size.
Workers’ cottages on the smaller streets between Johnston and Gertrude offer more affordable entry — $1.2–$1.6M. Single-fronted, typically 100–130sqm of land. Most have been renovated at least once.
Warehouse conversions are a Fitzroy speciality. Former industrial spaces converted to loft-style apartments, typically 80–150sqm. These range from $700K to $1.2M and appeal to buyers who want open-plan living and character without garden maintenance.
Purpose-built apartments are the entry point. A one-bedroom in a newer building runs $380–$450K. A two-bedroom is $550–$700K. Check body corporate fees carefully — some buildings charge $4,000–$6,000 per year.
The Streets That Matter
- Napier Street: The premium residential street. Quiet, tree-lined, heritage terraces. Median above $2M.
- Gore Street: Similar to Napier but slightly more mixed. Terraces and cottages, $1.5–$2.2M.
- George Street: Runs past Fitzroy Primary. Families like it. $1.4–$2M.
- Gertrude Street (residential end): East of Smith Street, quieter than the restaurant strip. Terraces $1.3–$1.8M.
- Brunswick Street frontage: Cheaper because of noise. Apartments above shops. Commercial zoning adds complexity.
Auction Reality
Fitzroy runs hot at auction. Clearance rates sit around 72–78% in 2026, above the Melbourne average of 65%.
- Most houses sell at auction, not before
- Expect 3–5 registered bidders on a good property
- Under-quoting remains an issue — add 10–15% to the quoted range as your realistic guide
- Building and pest inspections must be done before auction day (unconditional sale)
- Stamp duty on a $1.5M house: approximately $82,000
Who’s Buying
- Owner-occupiers make up around 60% of house purchases — people who want to live in Fitzroy, not just invest
- Investors target apartments for rental yield (gross yields around 3.5–4% for apartments, lower for houses)
- Renovators buy unrenovated cottages and terraces, add $200–$400K in work, and either live in or sell
- Downsizers from Kew, Hawthorn, and Camberwell buying quality apartments — trading garden for location
Common Mistakes
- Budgeting purchase price only — Add stamp duty ($50–$82K), conveyancing ($1,500–$3,000), building inspection ($500–$800), and moving costs
- Underestimating renovation costs on heritage properties — Council overlays add 20–30% to renovation budgets. Heritage architects aren’t cheap
- Ignoring body corporate for apartments — $4,000–$6,000/year is common. Check the sinking fund balance
- Buying on Brunswick Street or Smith Street — Cheaper for a reason. Noise, foot traffic, and resale difficulty
- Not checking City of Yarra planning overlays — Heritage, design, and development overlays affect what you can build
More from Fitzroy: Cost of Living · Rent Guide · Neighbourhood Guide
Market data sourced from REIV, Domain, and local agent reports. March 2026.
Explore More of Fitzroy
- Fitzroy History
- Fitzroy Things To Do This Weekend
- Fitzroy Cheap Eats
- Fitzroy Rent Guide
- Fitzroy Suburb Roast
- Fitzroy Date Night Guide
- Fitzroy New Openings
- Fitzroy Things To Do
