Get all the data you need about the real estate market in Melbourne
This guide covers residential apartment purchase prices in Melbourne as of 2026.
We update this blog post regularly so the data you see here reflects the latest available figures.
You will find a full neighborhood breakdown, a ranked comparison table, and key insights to help you understand how Melbourne apartment prices vary across the city.
And if you're planning to buy a property in this place, you may want to download our real estate pack about Melbourne.
A quick summary table
| Metric | Value |
|---|---|
| Most expensive Melbourne neighborhood for apartments | Albert Park |
| Most affordable Melbourne neighborhood for apartments | Prahran |
| Average price per square meter across Melbourne neighborhoods | AUD 9,800 |
| Median apartment price across Melbourne | AUD 720,000 |
| Lowest realistic starting budget to buy a Melbourne apartment | AUD 310,000 |
| Most expensive Melbourne apartment type | Two-bedroom apartments |
| Most affordable Melbourne apartment type | Studio apartments |
| Average price for a studio apartment in Melbourne | AUD 370,000 |
| Average price for a one-bedroom apartment in Melbourne | AUD 455,000 |
| Average price for a two-bedroom apartment in Melbourne | AUD 748,000 |
| Price gap between Melbourne's most and least expensive neighborhoods | AUD 575,000 (studio comparison: Albert Park vs Prahran) |
| Price dispersion across Melbourne apartment neighborhoods | Wide: price per sqm ranges from AUD 8,080 to AUD 11,430 |
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Melbourne neighborhoods in 2026 ranked by apartment purchase price
This table ranks the top neighborhoods in the Melbourne apartment market by purchase price, from the most expensive to the most affordable.
For each neighborhood, the table includes the average price per square meter, the median property price, the starting budget, the average price for a studio apartment, a one-bedroom apartment, and a two-bedroom apartment, the typical buyer profile, the key advantages, the key drawbacks, and the market segment.
Finally, please note you will find much more detailed data in our real estate pack about Melbourne.
| Rank | Neighborhood | Average Price per Square Meter | Median Property Price | Starting Budget | Average Price for a Studio Apartment | Average Price for a One-Bedroom Apartment | Average Price for a Two-Bedroom Apartment | Typical Buyers | Key Pros | Key Cons | Market Segment |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Albert Park | AUD 11,430 | AUD 885,000 | AUD 421,000 | AUD 421,000 | AUD 514,000 | AUD 957,000 | Beach-and-city upgraders | Beachfront feel, village streets, and easy CBD access keep owner-occupier demand unusually strong and resilient | Very low stock and heritage constraints mean limited choice, and entry prices can jump quickly when good apartments come up | Luxury |
| 2 | Fitzroy | AUD 11,150 | AUD 775,000 | AUD 435,000 | AUD 435,000 | AUD 530,000 | AUD 835,000 | Lifestyle-led professionals | Walkable culture, proximity to hospitals and universities, and boutique apartment stock support strong long-term demand | Noise, nightlife, and limited larger-unit supply can make Fitzroy apartments less suitable for families | Premium |
| 3 | East Melbourne | AUD 10,940 | AUD 700,000 | AUD 426,000 | AUD 426,000 | AUD 520,000 | AUD 820,000 | Medical precinct buyers | Parkland setting, CBD edge position, and scarce apartment stock support premium resale appeal over the long term | Very thin transaction volumes make pricing less predictable, and finding good stock can take time | Premium |
| 4 | Toorak | AUD 10,900 | AUD 1,104,000 | AUD 422,000 | AUD 422,000 | AUD 514,000 | AUD 829,000 | Wealthy downsizers | Prestige reputation, established streets, and larger older apartments attract affluent downsizers and status-driven buyers | Service charges on premium Toorak buildings can be high, and prestige pricing stretches value for smaller apartments | Luxury |
| 5 | Port Melbourne | AUD 10,230 | AUD 711,000 | AUD 404,000 | AUD 404,000 | AUD 492,000 | AUD 745,000 | Bay-side professionals | Beach access, warehouse conversions, and easy CBD commuting create strong liveability for Melbourne apartment buyers | Some towers face oversupply competition, and busy arterial roads can weaken the appeal of quieter-street apartments | Premium |
| 6 | Brighton | AUD 10,210 | AUD 1,210,000 | AUD 365,000 | AUD 365,000 | AUD 445,000 | AUD 905,000 | Bay-side downsizers | Beachside prestige, village shopping, and larger low-rise stock suit downsizers wanting space near Port Phillip Bay | Apartment supply in Brighton is thin, so buyers often end up paying a premium for scarce quality stock | Luxury |
| 7 | Middle Park | AUD 10,200 | AUD 865,000 | AUD 361,000 | AUD 361,000 | AUD 440,000 | AUD 920,000 | Village-style downsizers | Tiny supply, beach proximity, and a calm village feel make Middle Park apartments tightly held and consistently in demand | Very few listings mean buyers may wait longer and sometimes need to compromise on layout or floor plan | Premium |
| 8 | South Melbourne | AUD 9,190 | AUD 592,000 | AUD 367,000 | AUD 367,000 | AUD 447,000 | AUD 652,000 | CBD-fringe professionals | Market precinct, tram access, and mixed low-rise stock offer a strong Melbourne lifestyle without Toorak-level pricing | Traffic corridors and mixed building quality create a wider gap between the best and worst South Melbourne apartments | Mid-Market |
| 9 | Richmond | AUD 8,550 | AUD 640,000 | AUD 331,000 | AUD 331,000 | AUD 404,000 | AUD 650,000 | Urban upgrader buyers | City-edge convenience, sports precinct access, and strong local amenity support fast apartment turnover in Richmond | Busy roads, patchy building quality, and nightlife spillover can reduce the appeal for quieter owner-occupier buyers | Mid-Market |
| 10 | St Kilda | AUD 8,220 | AUD 504,000 | AUD 319,000 | AUD 319,000 | AUD 389,000 | AUD 622,000 | Lifestyle-first first-home buyers | Beach access, nightlife, and a broad range of unit stock keep entry prices relatively accessible for inner-bay Melbourne living | Older St Kilda stock varies sharply in quality, and tourist and nightlife pockets are not for everyone | Affordable |
| 11 | South Yarra | AUD 8,210 | AUD 548,000 | AUD 312,000 | AUD 312,000 | AUD 380,000 | AUD 650,000 | Investor-owner occupiers | Retail, rail, and river proximity keep South Yarra apartment demand deep across many apartment formats and price points | Heavy high-rise supply means buyers must be selective on building quality and long-term resale prospects | Mid-Market |
| 12 | Prahran | AUD 8,080 | AUD 510,000 | AUD 312,000 | AUD 312,000 | AUD 380,000 | AUD 620,000 | First-home urban buyers | Chapel Street energy, rail access, and broad stock give Prahran apartment buyers a wide range of choice at accessible prices | Noise, older walk-up buildings, and uneven block quality make thorough due diligence especially important in Prahran | Affordable |
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Key insights about apartment purchase prices in Melbourne
Insights
- Albert Park, Fitzroy, and East Melbourne are the three most expensive Melbourne neighborhoods by price per square meter for apartments, all sitting above AUD 10,900 per sqm, which means you pay a significant premium for each additional square meter you gain.
- Toorak and Brighton have the highest suburb-wide apartment medians in Melbourne (AUD 1,104,000 and AUD 1,210,000 respectively), but their price per square meter is actually lower than Albert Park and Fitzroy, because larger apartments are more common in those two suburbs and bigger apartments bring down the per-sqm figure.
- Middle Park apartment prices stay firmly in premium territory despite having one of the smallest apartment markets on this list. Low supply, not high demand volume, is what drives prices there.
- South Yarra has almost exactly the same price per square meter as St Kilda (around AUD 8,210 vs AUD 8,220), yet many buyers assume South Yarra is significantly more expensive. The high-rise supply in South Yarra is what keeps its per-sqm figure lower than you might expect.
- Richmond delivers a better price per square meter than South Yarra despite similar one-bedroom prices, which means Richmond buyers typically get more floor area for the same budget.
- The gap between the cheapest entry point (Prahran, AUD 312,000) and the most expensive (Fitzroy, AUD 435,000) is about AUD 123,000 for a studio apartment in inner Melbourne. That is a meaningful difference for a first-home buyer stretching to get into the market.
- Melbourne apartment prices rose strongly in late 2025, but early 2026 market conditions are giving buyers more room to negotiate, especially in tower-heavy suburbs like South Yarra where supply is deeper.
- First-home buyers in Melbourne have the broadest apartment choice in four suburbs: Prahran, St Kilda, South Yarra, and South Melbourne, all of which offer entry points below AUD 370,000 for a studio.
- Port Melbourne sits just below Toorak in price per square meter but offers a very different lifestyle, centered on bay access and warehouse-conversion apartments rather than prestige heritage streets. Buyers who do not need the Toorak name can save meaningfully by looking at Port Melbourne instead.
- East Melbourne is a scarcity market with very thin transaction volumes. This makes each good apartment more competitive when it comes to market, and it also makes pricing harder to read from public data alone compared to higher-volume suburbs like Richmond or South Yarra.
- In prestige Melbourne suburbs, a small number of large luxury sales can pull the suburb-wide median well above what most apartments actually sell for. This is why comparing one-bedroom and two-bedroom apartment prices across neighborhoods gives a more reliable picture than looking at the suburb median alone.
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About our methodology
This guide focuses specifically on residential apartment purchase prices in Melbourne. It covers twelve inner and middle-ring neighborhoods where apartment buying activity is most active, and it is built from the most recent public and private market data available as of early 2026.
We also believe it is important to show our reasoning. It is one of the ways we make our work solid, transparent, and rigorous, just as you will see in our real estate pack about Melbourne.
First, please note that this data is updated regularly, so what you see here reflects the current values as of today.
In order to get reliable data, we applied a strict source filter. We only used authoritative, verifiable sources, not random listings or unsupported figures. More on that point below.
For each Melbourne neighborhood, we aggregated the freshest apartment purchase price data available. When possible, we cross-checked multiple sources to confirm the same price range.
This allowed us to estimate the average price per square meter and the median property price for each neighborhood.
We also calculated the starting budget, which represents the lowest realistic entry point to buy an apartment in that neighborhood. This is not the cheapest possible listing, but a real, achievable floor for a standard apartment purchase in Melbourne.
For each apartment category, we estimated an average purchase price based on local Melbourne market conventions. The typical size and layout of a studio, a one-bedroom, and a two-bedroom apartment can vary across neighborhoods, so we adapted our estimates accordingly. As a reference, we used standard size conventions of 35 sqm for a studio, 50 sqm for a one-bedroom, and 80 sqm for a two-bedroom. Studio prices were modeled at 82% of the one-bedroom median, based on inner-Melbourne listing patterns.
These estimates were not applied as one flat number across the city. They were adjusted by neighborhood and apartment type to better reflect local Melbourne ownership conditions and price levels.
This table should therefore be read as a structured market estimate, not as an exact guarantee of transaction prices. Honesty, quality, and rigor are at the core of our work, and they are also what you will find in our real estate pack about Melbourne.
What sources have we used to write this blog article?
Whether it is in our blog articles or the market analyses included in our real estate pack about Melbourne, we rely on verifiable sources and a transparent methodology.
We also aim to be fully transparent, so below we have listed the authoritative sources we used, and explained how we used them and the methods behind our estimates.
| Source | Why it is authoritative | How we used it |
|---|---|---|
| Land.Vic Property Sales Statistics | It is the Victorian government's own official property sales statistics platform, making it the primary public source for suburb-level unit sales data in Victoria. | We used it as the official anchor for suburb-level unit sales reporting across Melbourne neighborhoods. We also used it to confirm that Victorian Government Valuer quarterly and annual suburb medians are the correct baseline public dataset for Melbourne apartment prices. |
| Data.gov.au: Victorian Property Sales Report | It republishes the Victorian government dataset through Australia's national open-data portal, providing an independent access point to the same official figures. | We used it to confirm the structure and recency of the official suburb-level median unit dataset. We also used it to verify that the latest available quarterly file for this article was the September 2025 quarter, released in March 2026. |
| Domain House Price Report, December 2025 | Domain is one of Australia's two major national property portals, and its quarterly house price report is widely cited by media and industry alike. | We used it to benchmark the broader Melbourne apartment market before drilling into individual neighborhoods. We also used it to frame the citywide context around recent Melbourne apartment price momentum leading into 2026. |
| PropTrack Home Price Index, February 2026 | PropTrack is a major Australian property data provider backed by REA Group, and its monthly index is one of the most current automated valuation datasets available. | We used it to sense-check the early 2026 direction of Melbourne unit markets and borrowing-capacity conditions. We also used it to avoid over-reading older 2025 suburb data without current Melbourne market context alongside it. |
| Property.com.au: Toorak suburb profile | Property.com.au is a mainstream Australian residential listings and suburb-data platform with consistent suburb-level sold-price snapshots. | We used it for Toorak apartment-type medians by bedroom count and rental-yield context. We also used it to cross-check Toorak apartment pricing against other sources before finalizing the neighborhood figures in the table. |
| Property.com.au: Brighton suburb profile | It provides suburb-specific sold-price snapshots in a consistent and publicly accessible format across Melbourne suburbs. | We used it for Brighton apartment median prices and one-bedroom and two-bedroom pricing splits. We also used it to cross-check Brighton's positioning as a premium bayside Melbourne apartment market. |
| Property.com.au: Albert Park suburb profile | It provides suburb-level apartment market summaries in a consistent format, making cross-neighborhood comparisons straightforward. | We used it for Albert Park apartment-type medians and rental context. We also used it to compare Albert Park's small, prestige apartment market with other inner Melbourne neighborhoods in the same dataset. |
| Property.com.au: Richmond suburb profile | It is a mainstream suburb-data source with apartment-type medians and rental-yield figures updated regularly from recent sales activity. | We used it for Richmond apartment-type medians and rental-yield context. We also used it to anchor Richmond's role as a fast-turnover inner-east Melbourne apartment market in the neighborhood comparison. |
| Property.com.au: South Melbourne suburb profile | It provides suburb-level apartment medians and bedroom-price splits in a format consistent with other Melbourne suburb profiles on the same platform. | We used it for South Melbourne one-bedroom and two-bedroom apartment pricing. We also used it to keep South Melbourne's inner-south apartment market comparable on the same basis as the other neighborhoods in the table. |
| Time Out Melbourne: Most Popular Suburbs 2025 | It directly reports Domain's year-end suburb-view data, naming the Melbourne neighborhoods attracting the most buyer attention in 2025. | We used it to help select neighborhoods that are genuinely in active buyer focus, not just statistically expensive or data-rich. We also used it to keep the shortlist centered on real Melbourne search interest and residential appeal rather than purely on price rankings. |
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