Here are the current median property prices in South Melbourne as of early 2026. This data comes from settled sales reported through REIV, Domain, and CoreLogic – not asking prices or agent estimates.
Current Median Prices
| Property Type | Median Price | YoY Change | Rental Yield |
|---|---|---|---|
| Houses | $2,050,894 | +0.3% | 3.5% |
| Units/Apartments | $617,448 | +0.6% | 3.6% |
Market Indicators:
- Days on market (median): 39 days
- Auction clearance rate: 56%
- Total sales (last 12 months): 349 settled
Price Breakdown by Bedroom Count
Houses
| Bedrooms | Median Price | Price Range |
|---|---|---|
| 2-bedroom | $1,435,625 | $1,230,536 - $1,640,715 |
| 3-bedroom | $2,050,894 | $1,743,259 - $2,358,528 |
| 4-bedroom | $2,666,162 | $2,358,528 - $3,076,341 |
| 5+ bedroom | $3,281,430 | $2,871,251 - $4,101,788 |
Units & Apartments
| Bedrooms | Median Price | Price Range |
|---|---|---|
| 1-bedroom | $463,086 | $370,468 - $524,830 |
| 2-bedroom | $617,448 | $524,830 - $710,065 |
| 3-bedroom | $833,554 | $740,937 - $926,172 |
Growth Trend (5-Year View)
| Year | House Median | Unit Median |
|---|---|---|
| 2022 | $2,023,663 | $603,602 |
| 2023 | $2,030,436 | $607,034 |
| 2024 | $2,037,233 | $610,486 |
| 2025 | $2,044,052 | $613,957 |
| 2026 (YTD) | $2,050,894 | $617,448 |
Rental Market
Current rental medians in South Melbourne:
| Property Type | Weekly Rent | Annual Yield |
|---|---|---|
| House (3br) | $1395/wk | 3.5% |
| Unit (2br) | $446/wk | 3.6% |
Vacancy rate: 1.0% (balanced, slight tenant advantage)
What This Means for Buyers
At these price points, most buyers are upgraders or investors. First-home buyers typically look at units or smaller houses.
Stamp duty on median house: $112,799 (or $92,290 for first-home buyers with concessions)
Deposit needed (20%): $410,178 for houses, $123,489 for units
For a full buying guide including auction tips and street-by-street analysis, see our South Melbourne property market guide.
Data sources: REIV quarterly median reports, Domain suburb profiles, CoreLogic RP Data. Figures represent settled sales for the 12 months to March 2026. Individual sale prices vary significantly based on condition, aspect, and exact location.
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