Let’s skip the vague “Melbourne is expensive” commentary and give you actual numbers. Here’s what it costs to live in Melbourne in 2026, broken down by scenario.
Rent — The Big One
Studio/1-Bedroom Apartments (per week)
| Suburb | Studio | 1-Bed | Change (YoY) |
|---|
| CBD | $350-420 | $420-550 | +8% |
| South Yarra | $380-450 | $450-600 | +6% |
| Fitzroy | $350-420 | $400-520 | +10% |
| St Kilda | $320-400 | $380-500 | +7% |
| Brunswick | $300-360 | $350-450 | +9% |
| Richmond | $330-400 | $400-500 | +7% |
| Footscray | $260-320 | $300-380 | +12% |
| Preston | $280-340 | $320-400 | +11% |
The honest take: Inner-city rents jumped 8-12% in 2025-2026. Footscray and Preston are where the value is moving — but even “affordable” suburbs are hitting $300+ for studios.
Sharehouse (per room, per week)
| Area | Price Range | Bills Included? |
|---|
| Inner North (Fitzroy, Brunswick) | $220-300 | Usually yes |
| Inner South (St Kilda, Prahran) | $240-320 | Sometimes |
| CBD | $250-350 | Varies |
| Middle suburbs (Preston, Footscray) | $180-250 | Usually yes |
| Outer suburbs | $150-200 | Usually yes |
Monthly Budget Breakdown
Budget Lifestyle ($2,800-3,500/month)
| Category | Monthly Cost |
|---|
| Rent (sharehouse, inner) | $1,000-1,200 |
| Food (cook 5x/week, eat out 2x) | $400-500 |
| Transport (myki monthly) | $165 |
| Utilities (share split) | $80-120 |
| Phone (prepaid) | $30-50 |
| Entertainment/social | $200-300 |
| Total | $1,875-2,335 |
Comfortable Lifestyle ($4,500-6,000/month)
| Category | Monthly Cost |
|---|
| Rent (1-bed apartment, inner) | $1,800-2,400 |
| Food (cook + eat out 4x/week) | $600-800 |
| Transport (myki + occasional Uber) | $200-250 |
| Utilities | $150-200 |
| Phone + internet | $80-120 |
| Gym/fitness | $60-100 |
| Entertainment/dining | $400-600 |
| Total | $3,290-4,470 |
The Hidden Costs Nobody Mentions
- Bond on rental: 4 weeks rent upfront. On a $500/week place, that’s $2,000 locked away.
- Electricity in summer: Aircon June bills vs January bills — expect $200+ in peak summer if you’re running aircon.
- Parking permits: $200-400/year in inner suburbs. Street parking is competitive.
- The “one coffee a day” tax: At $5/coffee, that’s $150/month. Melbourne gets you.
- Uber surge pricing: Friday/Saturday nights 11pm-2am, expect 2-3x normal rates. Budget $30-50 per ride home.
Salary Reality Check
| Role | Avg Salary (2026) | After Tax/Month | Can Afford |
|---|
| Junior developer | $70K | $4,500 | Comfortable inner |
| Teacher (grad) | $65K | $4,200 | Comfortable middle |
| Retail/hospo | $45-55K | $3,100-3,600 | Budget inner |
| Student (20hrs/week) | $25-30K | $1,800-2,200 | Sharehouse outer |
| Mid-career professional | $90-120K | $5,500-7,000 | Very comfortable |
All figures March 2026. Rent data from Domain/REA median listings. Salary data from Seek/ABS.
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