As of June 2026, a typical apartment in Melbourne costs about A$630,000, or roughly US$410,000 and €380,000, but a foreign buyer should think in terms of the full cash budget, not just the sale price.
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For a foreign buyer, Melbourne can look cheaper than Sydney, but Victoria's foreign-buyer surcharge, FIRB rules and owners corporation fees can change the real budget very quickly.
The key point is simple: the apartment price in Melbourne is only the starting number, not the final number you need to buy safely.
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
- Melbourne apartment prices in 2026 are less expensive than Sydney, but the foreign-buyer cost stack can add about A$90,000 to A$110,000 on a normal A$640,000 apartment.
- The official Melbourne unit median was A$640,000 in the latest VGV settled-sales release, while Domain's March 2026 figure was lower at A$611,182.
- A practical Melbourne apartment price in June 2026 is about A$8,300 per m², but central high-rise stock and scarce inner-east apartments are very different markets.
- One-bedroom apartments in Melbourne can look cheap, especially in CBD towers, but building quality and resale demand matter more than the headline price.
- Three-bedroom apartments in Melbourne are scarce, so they often behave more like downsizer homes than simple investor apartments.
- New apartments in Melbourne usually cost 15% to 30% more than comparable resale apartments because construction costs and limited new supply push prices up.
- Melbourne's cheaper apartment suburbs are not only far outer suburbs, because Carlton, Travancore and parts of the CBD can also show low medians due to small units.
- Owners corporation fees are a major Melbourne apartment cost, especially in CBD, Southbank and Docklands towers with lifts, pools, gyms or concierge services.
- Foreign buyers should check FIRB rules first, because Australian policy in 2026 generally pushes foreign buyers toward new dwellings rather than established apartments.
How much do apartments really cost in Melbourne in 2026?
What's the average and median apartment price in Melbourne in 2026?
As of June 2026, the median apartment price in Melbourne is about A$630,000, or roughly US$410,000 and €380,000, while the average apartment price in Melbourne is closer to A$710,000, or about US$460,000 and €430,000, because larger bayside and inner-east apartments pull the average above the median.
In the same market, a normal apartment in Melbourne costs about A$8,300 per m², or about US$5,400 and €5,000 per m², which is roughly A$770 per sq ft, or about US$500 and €465 per sq ft.
For most standard apartments in Melbourne in 2026, a realistic buying range is A$450,000 to A$900,000, or roughly US$290,000 to US$585,000 and €270,000 to €540,000, with cheaper small units below that range and premium family apartments above it.
How much is a studio apartment in Melbourne in 2026?
As of June 2026, a typical studio apartment in Melbourne costs about A$380,000, or roughly US$250,000 and €230,000, especially in central areas such as Melbourne CBD, Carlton, Southbank and Travancore.
A realistic studio range in Melbourne is A$330,000 to A$430,000, or about US$215,000 to US$280,000 and €200,000 to €260,000, while a better-positioned or luxury studio can reach A$500,000, or about US$325,000 and €300,000.
Most studio apartments in Melbourne are about 30 m² to 45 m², so a very cheap studio can still be expensive per square meter if the floor plan is tiny.
How much is a one-bedroom apartment in Melbourne in 2026?
As of June 2026, a typical one-bedroom apartment in Melbourne costs about A$455,000, or roughly US$295,000 and €275,000, but small CBD investor units can be cheaper.
A realistic one-bedroom range in Melbourne is A$400,000 to A$520,000, or about US$260,000 to US$340,000 and €240,000 to €315,000, while a high-quality one-bed in South Yarra, Fitzroy, Richmond, East Melbourne or St Kilda can reach A$600,000, or about US$390,000 and €360,000.
Most one-bedroom apartments in Melbourne are about 45 m² to 60 m², with better owner-occupier buildings usually feeling larger and selling at a stronger price.
How much is a two-bedroom apartment in Melbourne in 2026?
As of June 2026, a typical two-bedroom apartment in Melbourne costs about A$650,000, or roughly US$420,000 and €390,000, which is close to the city's overall unit median.
A realistic two-bedroom range in Melbourne is A$580,000 to A$780,000, or about US$375,000 to US$505,000 and €350,000 to €470,000, while a high-end two-bed in South Yarra, Fitzroy, Port Melbourne, Elwood, Hawthorn or Brighton can reach A$950,000, or about US$620,000 and €570,000.
By the way, you will find much more detailed price ranges for apartments in our property pack covering the property market in Melbourne.
How much is a three-bedroom apartment in Melbourne in 2026?
As of June 2026, a typical three-bedroom apartment in Melbourne costs about A$1.05 million, or roughly US$680,000 and €630,000, because large apartments are much rarer than one-bedroom and two-bedroom stock.
A realistic three-bedroom range in Melbourne is A$900,000 to A$1.35 million, or about US$585,000 to US$880,000 and €540,000 to €810,000, while a luxury three-bedroom apartment in East Melbourne, Albert Park, Middle Park, Brighton, Toorak or South Yarra can go well above A$1.6 million, or about US$1.04 million and €960,000.
Most three-bedroom apartments in Melbourne are about 95 m² to 140 m², and the best ones often compete with downsizers who have sold a house.
What's the price gap between new and resale apartments in Melbourne in 2026?
As of June 2026, new apartments in Melbourne usually cost 15% to 30% more than comparable resale apartments, and the gap can be wider for larger three-bedroom homes.
A fair working estimate for new-build apartments in Melbourne is about A$9,500 to A$11,000 per m², or about US$6,200 to US$7,150 and €5,700 to €6,600 per m², especially when construction quality, finance costs and developer margins are included.
For resale apartments in Melbourne, a fair working estimate is about A$7,500 to A$9,000 per m², or about US$4,900 to US$5,850 and €4,500 to €5,400 per m², although scarce older low-rise apartments can still sell above this range.
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Can I afford to buy in Melbourne in 2026?
What's the typical total budget (all-in) to buy an apartment in Melbourne in 2026?
As of June 2026, a foreign buyer should budget about A$740,000 to A$750,000, or roughly US$480,000 to US$490,000 and €445,000 to €450,000, to buy a standard A$640,000 Melbourne apartment once major purchase taxes and fees are included.
This all-in Melbourne apartment budget usually includes the purchase price, Victorian stamp duty, foreign purchaser additional duty if it applies, FIRB or ATO application fees, conveyancing, inspections, loan setup, settlement adjustments and basic moving costs.
We go deeper and try to understand what costs can be avoided or minimized (and how) in our Melbourne property pack.
What down payment is typical to buy in Melbourne in 2026?
As of June 2026, a foreign buyer in Melbourne should usually expect a 30% to 40% deposit, which is about A$192,000 to A$256,000, or roughly US$125,000 to US$165,000 and €115,000 to €155,000, on a A$640,000 apartment.
The minimum deposit for a Melbourne apartment can be lower for some local buyers, but foreign buyers often face stricter lending rules, lower loan-to-value ratios and more checks on overseas income.
A safer deposit target for a foreign buyer is 35% to 40%, because that leaves more room for lender caution, currency movements, stamp duty, foreign-buyer duty and FIRB costs.
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Which neighborhoods are cheapest or priciest in Melbourne in 2026?
How much does the price per m² for apartments vary by neighborhood in Melbourne in 2026?
As of June 2026, apartment prices in Melbourne vary from about A$5,500 to A$12,500+ per m², or roughly US$3,600 to US$8,100 and €3,300 to €7,500 per m², depending on suburb, building quality and apartment size.
The most affordable Melbourne apartment areas are usually Dandenong, St Albans, Footscray, Travancore, parts of Carlton and some CBD tower pockets, where typical pricing often sits around A$5,500 to A$7,800 per m², or about US$3,600 to US$5,100 and €3,300 to €4,700 per m².
The most expensive Melbourne apartment areas include East Melbourne, Albert Park, Middle Park, Brighton, Toorak, Fitzroy, South Yarra and Hawthorn, where good stock often sits around A$10,000 to A$12,500+ per m², or about US$6,500 to US$8,100 and €6,000 to €7,500 per m².
What neighborhoods are best for first-time buyers on a budget in Melbourne in 2026?
As of June 2026, the top three Melbourne neighborhoods for first-time apartment buyers on a budget are Footscray, Travancore and Dandenong, because each offers a lower entry price with real rental or transport demand.
In these budget-friendly Melbourne areas, a typical apartment often costs about A$380,000 to A$650,000, or roughly US$250,000 to US$420,000 and €230,000 to €390,000, depending on size and building quality.
Footscray offers trains, hospitals and university demand, Travancore offers a small-unit affordability pocket close to the city, and Dandenong offers lower prices with a large local employment and rental base.
The trade-off is that budget apartments in Melbourne can come with weaker prestige, more investor-style buildings, longer commute times or slower resale demand than scarce inner-east and bayside stock.
Which neighborhoods have the fastest-rising apartment prices in Melbourne in 2026?
As of June 2026, the fastest-rising Melbourne apartment areas in the latest official suburb data included Flemington, Bentleigh East and Caulfield South, based on strong annual unit-price growth.
Flemington rose by about 38%, Bentleigh East by about 36% and Caulfield South by about 28%, but buyers should remember that suburb medians can move when the mix of sold apartments changes.
The main growth driver in these Melbourne suburbs is not CBD tower speculation, but demand for established, better-located units in areas where buyers priced out of houses move into apartments and villas.
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What extra costs will I pay on top of the apartment price in Melbourne in 2026?
What are all the buyer closing costs when you buy an apartment in Melbourne?
For a typical A$640,000 apartment in Melbourne, a foreign buyer should budget about A$95,000 to A$110,000 in buyer closing costs, or roughly US$62,000 to US$72,000 and €57,000 to €66,000, before the deposit.
The main closing costs in Melbourne are Victorian land transfer duty, foreign purchaser additional duty, FIRB or ATO foreign investment fees, conveyancing, inspections, mortgage costs, settlement adjustments and optional buyer's agent fees.
The largest closing cost for a foreign buyer in Melbourne is usually the 8% Victorian foreign purchaser additional duty, which is about A$51,200 on a A$640,000 apartment.
Some costs can vary, such as conveyancing, inspections, mortgage fees and buyer's agent fees, but government duties and foreign-buyer charges are usually not negotiable.
On average, how much are buyer closing costs as a percentage of the purchase price for an apartment in Melbourne?
A foreign buyer should usually budget about 14% to 18% of the Melbourne apartment price for closing costs, while a local or permanent-resident buyer is usually closer to 5.5% to 7%.
For most standard Melbourne transactions, the realistic range is about 4% at the low end for some eligible off-the-plan local buyers and above 18% for foreign buyers when fixed FIRB-style fees weigh heavily on a cheaper apartment.
We actually cover all these costs and strategies to minimize them in our pack about the real estate market in Melbourne.
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What are the ongoing monthly and yearly costs of an apartment in Melbourne in 2026?
What are typical HOA fees in Melbourne right now?
In Melbourne, HOA fees are usually called owners corporation fees, and a normal apartment owner should budget about A$250 to A$600 per month, or roughly US$165 to US$390 and €150 to €360 per month.
A basic older low-rise building in Melbourne may cost about A$2,000 to A$4,000 per year, while a high-rise with lifts, pool, gym, concierge or major services can cost A$6,000 to A$10,000+ per year, or about US$3,900 to US$6,500 and €3,600 to €6,000.
What utilities should I budget monthly in Melbourne right now?
A typical apartment owner in Melbourne should budget about A$220 to A$430 per month for utilities, or roughly US$145 to US$280 and €130 to €260 per month.
A smaller, efficient apartment may sit near A$180 per month, while a larger apartment with gas, heavy heating or cooling use can move above A$450 per month.
This monthly Melbourne apartment utility budget usually includes electricity, gas if connected, water usage or service charges, and internet.
Electricity is usually the biggest utility cost in a Melbourne apartment, especially in all-electric buildings or homes with frequent heating and cooling use.
How much is property tax on apartments in Melbourne?
For a normal owner-occupied apartment in Melbourne, annual council rates often cost about A$1,300 to A$2,300, or roughly US$850 to US$1,500 and €780 to €1,380, while Victorian land tax usually does not apply to a principal residence.
Melbourne council rates are generally calculated from council valuations and rating rules, while Victorian land tax for investors is based on land value, not the apartment's full market price.
For an investor apartment in Melbourne, annual property-tax style costs can range from a few thousand dollars to much more if land tax or the absentee owner surcharge applies.
What's the yearly building maintenance cost in Melbourne?
A typical apartment owner in Melbourne should budget about A$1,000 to A$3,000 per year for internal maintenance, or roughly US$650 to US$1,950 and €600 to €1,800, on top of normal owners corporation fees.
The realistic range is close to A$500 per year for a newer, simple apartment and above A$5,000 in older or defect-prone buildings, especially if special levies appear.
Melbourne apartment maintenance usually covers internal repairs, appliances, minor plumbing, electrical items and personal wear-and-tear, while shared building costs are usually handled through owners corporation fees.
For apartment buildings in Melbourne, major building maintenance is normally included in owners corporation levies, but special levies for cladding, balconies, lifts or waterproofing can be separate and expensive.
How much does home insurance cost in Melbourne?
A typical Melbourne apartment owner should budget about A$300 to A$800 per year for contents or landlord insurance, or roughly US$200 to US$520 and €180 to €480.
A realistic insurance range is about A$250 to A$700 per year for contents insurance and A$400 to A$900 per year for landlord insurance, depending on coverage level, tenant use and property value.
Home insurance is not always mandatory for a cash buyer, but lenders usually expect adequate insurance, and apartment building insurance is normally arranged through the owners corporation rather than bought separately by each owner.
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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 we trust it | How we used it |
|---|---|---|
| Valuer-General Victoria property sales statistics | It is the official Victorian government source for settled property sales. | We used it as the backbone for Melbourne apartment medians. We treated it as stronger than listing data because it reflects completed sales. |
| VGV Median unit Q4 2025 spreadsheet | It gives official suburb-level unit medians from the June 2026 release. | We used it for suburb examples and fast-rising areas. We preferred suburbs with enough sales to reduce noise. |
| VGV Yearly summary Q4 2025 spreadsheet | It gives official Melbourne metropolitan median unit prices. | We used it to anchor the Melbourne metro unit median near A$640,000. We then checked it against fresher private market reports. |
| Domain March 2026 House Price Report | Domain is a major Australian property data provider with regular capital-city reporting. | We used it to update the lagged official sales data. We used its A$611,182 Melbourne unit median as a conservative cross-check. |
| Urban Property Australia Q1 2026 Melbourne Apartment Market | It tracks Melbourne apartment values, rents, supply and inner-city sales activity. | We used it for bedroom-level apartment estimates. We used its inner-city one-bedroom and three-bedroom data carefully. |
| Urban Property Australia Q1 2026 Melbourne Residential Market | It gives fresh residential context for Melbourne in early 2026. | We used it to check broader Melbourne unit-price direction. We also used it to compare official and market-facing medians. |
| JLL Melbourne Residential Market Dynamics Q1 2026 | JLL is a major real estate consultancy with residential market research. | We used it to check supply constraints and completion levels. We used it to explain why new apartments carry a premium. |
| CBRE Australian Residential Figures Q1 2026 | CBRE is a large global real estate adviser with Australian residential research. | We used it as an extra supply and market cross-check. We did not use it alone for buyer-level pricing. |
| Domain March 2026 Rental Report | Domain is one of Australia's most visible rental datasets. | We used it to anchor Melbourne unit rents around A$600 per week. We used this to sanity-check investor yield assumptions. |
| Homes Victoria / DFFH Rental Report | It is the Victorian government rental series based on bond data. | We used it to validate rental-market direction. We treated it as more conservative but less immediate than asking-rent data. |
| State Revenue Office Victoria current rates | It is the official source for Victorian tax rates. | We used it for stamp duty and land-tax context. We applied the rules to typical Melbourne apartment budgets. |
| SRO foreign purchaser additional duty | It is Victoria's official source for the foreign-buyer surcharge. | We used it to add the 8% foreign purchaser additional duty. We separated this from normal stamp duty. |
| SRO land transfer duty calculator | It is the official calculator for Victorian land transfer duty. | We used it to check normal duty on apartment purchases. We kept the article rounded for easier reading. |
| SRO strata apartments and townhouses temporary concession | It explains Victoria's expanded off-the-plan duty concession. | We used it to explain why some new apartments can have lower standard duty. We kept foreign-buyer costs separate. |
| ATO residential fees for foreign persons | The ATO administers foreign residential investment fees. | We used it for foreign-buyer application-fee budgeting. We included it because foreign buyers face costs locals do not. |
| Foreign Investment residential land guidance | It is the official Australian policy page for foreign residential buyers. | We used it to explain the new-dwelling bias in foreign-buyer rules. We avoided treating local and foreign buyers as identical. |
| Consumer Affairs Victoria owners corporation fees | It is the Victorian government consumer source for owners corporations. | We used it to explain owners corporation fee mechanics. We combined it with market ranges for yearly apartment running costs. |
| Consumer Affairs Victoria owners corporation insurance | It explains how insurance works in Victorian owners corporations. | We used it to avoid double-counting building insurance. We separated building insurance from contents and landlord insurance. |
| Essential Services Commission Victorian Default Offer 2026-27 | It is Victoria's electricity regulator. | We used it to set the electricity-cost context for 2026. We used practical household ranges for owner-level budgets. |
| City of Melbourne rates guidance | It explains how council rates work in central Melbourne. | We used it for council-rate context. We kept the numbers broad because each council calculates rates differently. |
| AUD to USD exchange-rate history | It gives a dated exchange-rate reference for June 2026. | We used it to convert Australian dollars into US dollars. We rounded the figures to keep the article easy to read. |
| AUD to EUR exchange-rate history | It gives a dated exchange-rate reference for 2026. | We used it to convert Australian dollars into euros. We rounded all currency conversions for readability. |
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