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In this article, we explain the current housing prices in Melbourne in 2026, using the latest data available for June 2026.
We constantly update this blog post so buyers can understand the Melbourne residential property market with fresh numbers and simple explanations.
You will see average prices, median prices, price per square metre, neighbourhood differences, taxes, fees, and what different budgets can buy in Melbourne.
And if you’re planning to buy a property in this place, you may want to download our pack covering the real estate market in Melbourne.
Insights
- The middle of the Melbourne housing market in 2026 is around A$813,000, but the “average home” budget feels closer to A$900,000 once larger houses are included.
- Melbourne houses and Melbourne apartments are two very different markets: a typical house is near A$960,000 to A$1 million, while a typical unit is closer to A$640,000.
- Melbourne property prices in 2026 are softer than in Perth, Brisbane, and Adelaide, mainly because higher interest rates have reduced borrowing power.
- A buyer looking at an A$800,000 Melbourne property should usually think closer to A$855,000 to A$920,000 once taxes, fees, and light work are included.
- The Melbourne entry market starts around A$400,000, but this usually means an older apartment, a small unit, or a property with clear compromises.
- Melbourne price per square metre changes a lot by area, from about A$4,000 in outer suburbs to more than A$20,000 in prestige inner areas.
- New homes in Melbourne often cost 10% to 18% more than similar established homes, but some buyers save part of the upfront duty with off-the-plan rules.
- For foreign buyers reading in US dollars, US$500,000 buys about A$708,000 in Melbourne, which is enough for a good apartment or a modest townhouse.
What is the average housing price in Melbourne in 2026?
The median housing price in Melbourne is more useful than the average price because it shows the middle of the market and is less distorted by very expensive homes in Toorak, Brighton, or South Yarra.
We are writing this as of 2026 with the latest data collected from authoritative sources that we manually double checked.
In 2026, the median housing price in Melbourne is about A$813,000, which is about US$574,000 or €497,000.
The estimated average housing price in Melbourne in 2026 is closer to A$900,000, which is about US$635,000 or €550,000.
For 80% of normal residential properties in Melbourne in 2026, a realistic price range is about A$520,000 to A$1.85 million, or about US$367,000 to US$1.31 million, or €318,000 to €1.13 million.
A realistic entry range in Melbourne in 2026 is about A$400,000 to A$650,000, or about US$282,000 to US$459,000, or €245,000 to €397,000, and this usually buys an older 1-bedroom apartment or compact 2-bedroom apartment in Footscray, Flemington, Preston, Sunshine, Dandenong, Glenroy, Melbourne CBD, or Docklands.
A realistic luxury property range in Melbourne in 2026 is about A$2 million to A$8 million, or about US$1.41 million to US$5.65 million, or €1.22 million to €4.89 million, and this can buy a renovated family house or large prestige home in Toorak, Brighton, Armadale, Hawthorn, Kew, Albert Park, Middle Park, or South Yarra.
By the way, you will find much more detailed price ranges in our property pack covering the real estate market in Melbourne.
Are Melbourne property listing prices close to the actual sale price in 2026?
In Melbourne in 2026, actual sale prices are often about 3% to 6% below headline asking or listing prices, although strong auction homes can still sell above the quoted range.
This gap exists because higher borrowing costs have made Melbourne buyers more careful, while stock levels are better than in the hottest Australian capitals.
The gap varies most for auction homes, prestige school-zone houses, investor apartments, and properties where the advertised price is more of a marketing guide than a true seller reserve.
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What is the price per sq m or per sq ft for properties in Melbourne in 2026?
As of 2026, the median residential price in Melbourne is about A$8,000 per sqm, or US$5,650 and €4,890 per sqm, which equals about A$743 per sqft, or US$525 and €454 per sqft.
The average residential price in Melbourne is about A$8,600 per sqm, or US$6,070 and €5,260 per sqm, which equals about A$799 per sqft, or US$564 and €488 per sqft.
The highest price per sqm in Melbourne in 2026 is usually found in premium inner-city apartments, renovated terraces, and small homes in scarce suburbs, while the lowest price per sqm is usually found in larger outer-suburban houses where the buyer gets more space but less location scarcity.
The highest Melbourne price per sqm is usually in Toorak, South Yarra, Brighton, Armadale, Albert Park, and Middle Park, where normal ranges can sit around A$11,000 to A$20,000 per sqm and sometimes more.
The lowest Melbourne price per sqm is usually in Werribee, Melton, Dandenong, Cranbourne, Tarneit, and Craigieburn, where normal ranges are closer to A$4,000 to A$6,500 per sqm.
How have property prices evolved in Melbourne?
Compared with one year ago, Melbourne property prices in 2026 are only slightly higher in nominal terms, at roughly 0.5% to 1% for all dwellings.
After inflation, Melbourne housing prices are still a little weaker, mainly because the cash rate at 4.35% has reduced buyer budgets.
Compared with two years ago, Melbourne property prices in 2026 look broadly flat to slightly higher, but the change depends heavily on property type and suburb.
Well-located family houses have held up better than investor-style apartments because families still compete for land, schools, and transport.
By the way, we’ve written a blog article detailing the latest updates on property price variations in Australia.
Finally, if you want to know whether now is a good time to buy a property there, you can check our pack covering everything there is to know about the housing market in Melbourne.
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How do prices vary by housing type in Melbourne in 2026?
In Melbourne in 2026, the active residential market is roughly 35% apartments, 13% low-rise units, 17% townhouses, 30% detached houses, 4% renovated premium family houses, and 1% trophy homes, because Melbourne has both dense inner suburbs and large family-house areas.
As of 2026, apartments in Melbourne average around A$620,000, or US$438,000 and €379,000, while low-rise units average around A$670,000, or US$473,000 and €410,000.
Townhouses in Melbourne average around A$850,000, or US$600,000 and €520,000, while detached houses average around A$1.05 million, or US$741,000 and €642,000.
Renovated premium family houses are closer to A$2.2 million, or US$1.55 million and €1.34 million, while trophy homes are often above A$5 million, or US$3.53 million and €3.06 million.
If you want to know more, you should read our dedicated analyses:
- How much should you pay for a house in Melbourne?
- How much should you pay for an apartment in Melbourne?
- How much should you pay for a townhouse in Melbourne?
How do property prices compare between existing and new homes in Melbourne in 2026?
In Melbourne in 2026, a new residential property usually costs about 10% to 18% more than a similar established property, with a central estimate near 12%.
This premium exists because construction costs remain high, buyers pay for modern layouts and lower maintenance, and some off-the-plan buyers may reduce upfront duty even when the purchase price is higher.
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How do property prices vary by neighborhood in Melbourne in 2026?
South Yarra is a lifestyle and expat-friendly Melbourne suburb with apartments, terraces, and luxury units. In 2026, many normal homes in South Yarra sit around A$700,000 to A$1.8 million, or about US$494,000 to US$1.27 million, or €428,000 to €1.10 million, because buyers pay for transport, restaurants, parks, and proximity to the CBD.
St Kilda and Elwood are beach and café suburbs with apartments, Art Deco units, and townhouses. In 2026, many normal homes in St Kilda and Elwood sit around A$650,000 to A$1.5 million, or about US$459,000 to US$1.06 million, or €397,000 to €917,000, because the area offers lifestyle appeal and a strong rental market.
Brighton is a bayside family and prestige suburb with larger houses, townhouses, and luxury homes. In 2026, many normal homes in Brighton sit around A$1.8 million to A$4.5 million, or about US$1.27 million to US$3.18 million, or €1.10 million to €2.75 million, because land, schools, beach access, and prestige streets are scarce.
You will find a much more detailed analysis by areas in our property pack about Melbourne. Meanwhile, here is a quick summary table we have made so you can understand how prices change across areas:
| Melbourne area | Market label | Typical price range | Typical price per sqm | Typical price per sqft |
|---|---|---|---|---|
| Toorak | Luxury and prestige | A$2.5m to A$7.0m US$1.76m to US$4.94m |
A$14,000 to A$25,000 US$9,900 to US$17,600 |
A$1,300 to A$2,320 US$920 to US$1,640 |
| Brighton | Bayside family | A$1.8m to A$4.5m US$1.27m to US$3.18m |
A$11,000 to A$18,000 US$7,800 to US$12,700 |
A$1,020 to A$1,670 US$720 to US$1,180 |
| South Yarra | Expat and lifestyle | A$700k to A$1.8m US$494k to US$1.27m |
A$10,000 to A$17,000 US$7,100 to US$12,000 |
A$930 to A$1,580 US$660 to US$1,120 |
| Richmond | Commute and lifestyle | A$750k to A$1.6m US$529k to US$1.13m |
A$9,000 to A$15,000 US$6,400 to US$10,600 |
A$840 to A$1,390 US$590 to US$980 |
| Carlton | Student and inner-city | A$550k to A$1.3m US$388k to US$918k |
A$8,500 to A$14,000 US$6,000 to US$9,900 |
A$790 to A$1,300 US$560 to US$920 |
| Brunswick | Young professionals | A$650k to A$1.4m US$459k to US$988k |
A$8,000 to A$13,000 US$5,600 to US$9,200 |
A$740 to A$1,210 US$520 to US$850 |
| Footscray | Value and gentrifying | A$500k to A$1.1m US$353k to US$776k |
A$6,500 to A$10,500 US$4,600 to US$7,400 |
A$600 to A$980 US$430 to US$690 |
| Preston | Family and value | A$600k to A$1.2m US$423k to US$847k |
A$6,500 to A$10,500 US$4,600 to US$7,400 |
A$600 to A$980 US$430 to US$690 |
| Coburg | Inner-north family | A$650k to A$1.3m US$459k to US$918k |
A$7,000 to A$11,500 US$4,900 to US$8,100 |
A$650 to A$1,070 US$460 to US$750 |
| Glen Waverley | Schools and family | A$900k to A$1.8m US$635k to US$1.27m |
A$7,500 to A$12,500 US$5,300 to US$8,800 |
A$700 to A$1,160 US$490 to US$820 |
| Dandenong | Affordability and commute | A$420k to A$850k US$296k to US$600k |
A$4,500 to A$7,500 US$3,200 to US$5,300 |
A$420 to A$700 US$300 to US$490 |
| Werribee | Entry and outer growth | A$430k to A$850k US$304k to US$600k |
A$4,000 to A$6,800 US$2,800 to US$4,800 |
A$370 to A$630 US$260 to US$450 |
How much more do you pay for properties in Melbourne when you include renovation work, taxes, and fees?
In Melbourne in 2026, buyers should usually add 6% to 8% to the purchase price for standard taxes and fees, 12% to 20% if the home needs moderate renovation, and 25% or more for major work.
For a property around US$200,000, or about A$283,000, the normal Melbourne housing market is very limited, and extra costs could still add about A$20,000 to A$30,000 if a small studio or edge-case property is found.
That means the total cost could end up near A$303,000 to A$313,000, or about US$214,000 to US$221,000, before any serious renovation.
For a property around US$500,000, or about A$708,000, a Melbourne buyer should often allow about A$50,000 to A$90,000 for duty, fees, inspections, and light work.
That means the total cost could end up near A$758,000 to A$798,000, or about US$535,000 to US$563,000.
For a property around US$1,000,000, or about A$1.42 million, a Melbourne buyer should often allow about A$100,000 to A$250,000 depending on duty, legal costs, and renovation needs.
That means the total cost could end up near A$1.52 million to A$1.67 million, or about US$1.07 million to US$1.18 million.
By the way, we keep updated a blog article detailing the property taxes and fees to factor in the total buying cost in Australia.
Meanwhile, here is a detailed table of the additional expenses you may have to pay when buying a new property in Melbourne
| Extra cost | Type | Estimated cost range |
|---|---|---|
| Land transfer duty or stamp duty | Tax | A$20,000 to A$80,000+ US$14,000 to US$56,000+ This is often the largest extra cost for a Melbourne buyer. The amount depends on the purchase price, buyer status, and any concession. |
| Land registration and transfer fees | Government fee | A$1,500 to A$4,000 US$1,100 to US$2,800 These are official settlement and registration costs. They are smaller than stamp duty but still need to be included in the cash budget. |
| Conveyancing or solicitor | Legal | A$1,200 to A$3,000 US$850 to US$2,100 This pays for contract review, settlement support, and legal checks. More complex purchases can cost more. |
| Building and pest inspection | Due diligence | A$500 to A$1,200 US$350 to US$850 This is important for houses, townhouses, and older units. It can help avoid hidden repair costs. |
| Loan, valuation, and settlement costs | Finance | A$500 to A$2,000 US$350 to US$1,400 These costs depend on the lender and loan structure. Some buyers pay less, but the budget should still include a buffer. |
| Light cosmetic renovation | Renovation | A$20,000 to A$60,000 US$14,000 to US$42,000 This can cover paint, flooring, simple kitchen updates, and small repairs. It usually does not include structural work. |
| Moderate apartment renovation | Renovation | A$50,000 to A$120,000 US$35,000 to US$85,000 This can cover a stronger kitchen or bathroom update. Body corporate rules can limit what the buyer is allowed to change. |
| Moderate house renovation | Renovation | A$100,000 to A$300,000 US$71,000 to US$212,000 This can include bathrooms, kitchen, flooring, heating, cooling, and outdoor work. Older Melbourne houses can move quickly toward the high end. |
| Major structural renovation | Renovation | A$300,000 to A$800,000+ US$212,000 to US$565,000+ This applies when the home needs major building work, extensions, rectification, or structural repair. Buyers should treat this as a separate project. |
| Buyer’s agent | Advisory | A$10,000 to A$35,000 US$7,000 to US$25,000 This is optional. Some foreign or interstate buyers use a buyer’s agent to inspect, shortlist, and negotiate. |
We made this infographic to show you how property prices in Australia compare to other big cities across the region. It breaks down the average price per square meter in city centers, so you can see how cities stack up. It’s an easy way to spot where you might get the best value for your money. We hope you like it.
What properties can you buy in Melbourne in 2026 with different budgets?
With US$100,000, or about A$142,000, there is not really a normal residential property market in Melbourne, although a buyer might see a car space in CBD or Docklands, a storage title, or a rare distressed micro-studio that is not a standard home.
With US$200,000, or about A$283,000, a buyer may find a small older 25 to 35 sqm studio in Melbourne CBD, a student-style studio in Carlton or Flemington, or a very limited outer-suburban compact unit, but choice is thin.
With US$300,000, or about A$425,000, a buyer can start seeing realistic Melbourne options such as an existing 45 to 55 sqm 1-bedroom apartment in Footscray, a 45 to 60 sqm 1-bedroom apartment in Preston or Reservoir, or a compact existing studio in Southbank or Docklands.
With US$500,000, or about A$708,000, a buyer can look at an existing 65 to 80 sqm 2-bedroom apartment in Brunswick, an existing 70 to 90 sqm low-rise unit in Glenroy or Reservoir, or a small 2 to 3-bedroom townhouse in Dandenong or Sunshine.
With US$1,000,000, or about A$1.42 million, a buyer can target a 120 to 150 sqm townhouse in Richmond or Brunswick, an existing 3-bedroom house in Preston or Coburg, or a 3 to 4-bedroom family house in Glen Waverley or Doncaster.
With US$2,000,000, or about A$2.83 million, a buyer enters the Melbourne prestige market and can look at a renovated 4-bedroom family house in Brighton, a large townhouse or period home in South Yarra or Armadale, or a high-quality family house in Hawthorn, Kew, or Camberwell.
If you need a more detailed analysis, we have a blog article detailing what you can buy at different budget levels in Australia.
What sources have we used to write this blog article?
Whether it’s in our blog articles or the market analyses included in our property pack about Melbourne, we always rely on the strongest methodology we can … and we don’t throw out numbers at random.
We also aim to be fully transparent, so below we’ve listed the authoritative sources we used, and explained how we used them and the methods behind our estimates.
| Source | Why this source matters | How we used it |
|---|---|---|
| Australian Bureau of Statistics - Total Value of Dwellings | The ABS is Australia’s official statistics agency, so it is a strong source for national dwelling values and housing stock. | We used it as an official control check for Australian residential property values. We did not use it alone because Melbourne-specific sources are more local. |
| Cotality / CoreLogic Home Value Index, June 2026 | Cotality is one of Australia’s main housing value index providers and uses a method that reduces property-mix distortion. | We used it as the main June 2026 Melbourne market benchmark. We used its dwelling, house, and unit value data to build the headline prices. |
| Cotality indices methodology | This source explains how the Cotality index controls for property features and location. | We used it to explain why a hedonic index can be more useful than a raw median. We still cross-checked it with transaction-based sources. |
| Real Estate Institute of Victoria - March quarter 2026 market release | REIV is the main real estate institute for Victoria and publishes transaction-based median price data. | We used it to cross-check Melbourne house and unit medians. We used it to keep the Cotality estimate grounded in actual settled sales. |
| Valuer-General Victoria property sales statistics | This is an official Victorian government source based on property sales lodged in the state. | We used it for suburb-level and transaction-based context. We used it to check whether Melbourne-wide and suburb ranges were plausible. |
| PropTrack Home Price Index, May 2026 | PropTrack is a major Australian property data provider linked to realestate.com.au. | We used it to cross-check short-term Melbourne price direction. We used it especially for recent buyer caution and market softness. |
| Reserve Bank of Australia - cash rate and exchange rates | The RBA is Australia’s central bank and the primary public source for the cash rate and exchange rates. | We used it for AUD to USD and AUD to EUR conversions. We also used the cash rate to explain affordability pressure in Melbourne. |
| State Revenue Office Victoria - current rates | The SRO is the official Victorian government source for stamp duty and property tax rules. | We used it to estimate the extra cash buyers need for land transfer duty. We kept taxes separate from the property price itself. |
| Land Services Victoria - 2026-27 fees | Land Services Victoria is the official source for land registration and transfer fee information. | We used it for the non-tax settlement cost layer. We separated these fees from stamp duty, legal costs, and renovation costs. |
| Victorian Government / SRO - off-the-plan duty concession | This is the official source for Victoria’s off-the-plan duty concession rules. | We used it to explain why some new apartments and townhouses can have lower upfront duty. We also used it when comparing new and established homes. |
| Australian Bureau of Statistics - Consumer Price Index | The ABS CPI release is the official source for Australian inflation data. | We used it to explain why Melbourne prices can rise in nominal terms but still feel weaker in real terms. We used it only as a broad inflation adjustment. |
| Australian Government - Foreign Investment Review Board guidance | FIRB guidance is the official starting point for foreign buyers who need to understand Australian property approval rules. | We used it as background context for non-resident buyers. We did not include legal advice because approval rules depend on the buyer’s situation. |
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