How have Melbourne - Inner house and unit prices moved over the past year?

Over the 16 months to May 2026, median house prices across the Melbourne - Inner SA4 are Port Phillip $1,685,000, Darebin - South $1,650,000, Stonnington - West $1,625,000, Essendon $1,526,000. Source: Suburbtrends, 12-month rolling medians.

Melbourne - Inner Property Market & Development Rates — May 2026 | Suburbtrends

Melbourne - Inner Property Market: Prices, Vacancy & Trends

Updated May 2026· By Kent Lardner, Head of Research· SA4, Victoria · 7 SA3 markets · 53 SA2 areas

As of May 2026, median house prices across the Melbourne - Inner SA4 range from $1,221,000 (Melbourne City) to $1,685,000 (Port Phillip). The stock-weighted rental vacancy rate is 1.4%, ranging from 0.5% in Yarra to 2.5% in Essendon. Top median house rent is $1350/week in Toorak.

Source: Suburbtrends, 12-month rolling medians · Updated monthly

$1.69M

Port Phillip median house

$1.65M

Darebin - South median house

+9.1%

Top SA3 growth (Stonnington - West)

1.4%

SA4 vacancy (weighted)

$1350/wk

Top house rent (Toorak)

1,012

Houses listed for sale

What is the median house price in the Melbourne - Inner?

Median house prices across the Melbourne - Inner's SA3 markets span $1,221,000 to $1,685,000, with Port Phillip the most expensive market and Melbourne City the most affordable.

SA3 house markets, Melbourne - Inner — 12 months to May 2026
SA3 market	Median house	12-mth change	Median unit	Days on market
Port Phillip	$1,685,000	+5.6%	$598,000	25
Darebin - South	$1,650,000	+5.8%	$615,000	24
Stonnington - West	$1,625,000	+9.1%	$550,000	25
Essendon	$1,526,000	+4.7%	$550,000	26
Yarra	$1,414,000	+6.2%	$635,000	24
Brunswick - Coburg	$1,300,000	+4.9%	$620,000	24
Melbourne City	$1,221,000	+3.3%	$538,000	25

Listings on market by SA3 — for sale and for rent, current month
SA3 market	Houses for sale	Houses for rent	Units for sale	Units for rent
Brunswick - Coburg	181	55	353	229
Yarra	179	95	368	282
Port Phillip	159	110	557	516
Stonnington - West	154	62	514	427
Essendon	129	41	201	144
Darebin - South	110	36	139	87
Melbourne City	100	86	2,142	1,811

Listings counts are the current-month average of properties advertised for sale or rent. Unit stock can be thin in regional markets — some SA2 unit markets carry only a handful of active listings at any time.

SA2 median prices, houses and units — 12 months to May 2026
SA2 area	SA3	House median	House 12-mth	Unit median
Docklands †	Melbourne City	$2,103,500	—	$635,000
Albert Park	Port Phillip	$2,100,000	+5.0%	$645,000
Toorak	Stonnington - West	$2,011,000	−52.8%	$781,000
Elwood	Port Phillip	$1,960,000	−10.1%	$650,000
Armadale	Stonnington - West	$1,910,000	+31.7%	$585,000
St Kilda - West †	Port Phillip	$1,810,000	—	$545,000
Alphington - Fairfield	Darebin - South	$1,790,000	+8.1%	$490,000
Essendon (West) - Aberfeldie	Essendon	$1,760,000	+0.0%	$650,000
Essendon - East	Essendon	$1,735,000	+17.2%	$571,000
Parkville †	Melbourne City	$1,730,000	—	$495,000
Northcote - East	Darebin - South	$1,725,000	+6.2%	$594,000
East Melbourne †	Melbourne City	$1,690,000	—	$630,000
Port Melbourne	Port Phillip	$1,680,000	+15.9%	$775,000
Northcote - West	Darebin - South	$1,660,000	+7.9%	$705,000
Prahran - Windsor	Stonnington - West	$1,625,000	+24.5%	$435,000
Moonee Ponds	Essendon	$1,580,000	+9.7%	$630,000
Richmond - North	Yarra	$1,580,000	+32.8%	$550,000
Fitzroy North	Yarra	$1,550,000	+18.6%	$765,000
Clifton Hill - Alphington	Yarra	$1,550,000	+8.7%	$735,000
South Yarra - South	Stonnington - West	$1,507,000	−1.5%	$501,000
South Melbourne	Port Phillip	$1,499,000	+1.3%	$592,000
Thornbury	Darebin - South	$1,485,000	−0.5%	$641,000
Brunswick East	Brunswick - Coburg	$1,425,000	+8.4%	$595,000
Abbotsford	Yarra	$1,387,500	+11.0%	$537,000
Brunswick West	Brunswick - Coburg	$1,350,000	+7.1%	$555,000
Ascot Vale	Essendon	$1,350,000	−0.8%	$627,800
Carlton North - Princes Hill	Yarra	$1,350,000	−14.6%	$690,000
Fitzroy	Yarra	$1,350,000	−9.5%	$800,000
Brunswick - South	Brunswick - Coburg	$1,330,000	+9.0%	$642,500
Richmond (South) - Cremorne	Yarra	$1,305,000	−3.8%	$646,000
Pascoe Vale South	Brunswick - Coburg	$1,300,000	+4.0%	$702,000
West Melbourne - Residential †	Melbourne City	$1,295,000	—	$654,000
Coburg - West	Brunswick - Coburg	$1,281,500	+4.2%	$824,000
Brunswick - North	Brunswick - Coburg	$1,260,000	−2.7%	$655,000
Coburg - East	Brunswick - Coburg	$1,250,000	+11.1%	$550,000
Carlton	Melbourne City	$1,250,000	−9.4%	$355,000
Kensington (Vic.)	Melbourne City	$1,250,000	+15.7%	$710,000
St Kilda - Central †	Port Phillip	$1,215,000	—	$530,000
Collingwood †	Yarra	$1,205,000	—	$520,000
St Kilda East	Port Phillip	$1,175,000	−16.1%	$597,000
Flemington	Essendon	$1,160,000	+2.7%	$380,000
North Melbourne	Melbourne City	$1,145,000	+1.3%	$652,500
South Yarra - West †	Melbourne City	$770,000	—	$689,000
Southbank - East †	Melbourne City	$503,000	—	$575,000
Melbourne CBD - East †	Melbourne City	$313,500	—	$425,000
Melbourne CBD - West †	Melbourne City	$188,000	—	$383,000

† Thin market: fewer than 40 sales in 12 months, or a distorted price mix — medians are volatile and 12-month changes are not reported. A dash indicates too few unit sales to report a reliable median.

Which Melbourne - Inner areas are growing fastest?

Among SA2 areas with robust sales volumes, the strongest 12-month house price growth to May 2026 was Richmond - North +32.8%, Armadale +31.7%, Prahran - Windsor +24.5%, Fitzroy North +18.6%, Essendon - East +17.2%. The softest market was Toorak (-52.8%).

What is the rental vacancy rate in the Melbourne - Inner?

The stock-weighted rental vacancy rate across the Melbourne - Inner SA4 is 1.4% as at May 2026. Conditions range from 0.5% in Yarra to 2.5% in Essendon — a critically tight market.

Rental vacancy by SA3, rolling 3-month rate — trailing 6 months
SA3 market	Dec 25	Jan 26	Feb 26	Mar 26	Apr 26	May 26	Rental stock
Yarra	0.6%	0.3%	1.0%	1.1%	0.9%	0.5%	1,298
Darebin - South	0.7%	0.8%	0.5%	0.5%	0.5%	0.9%	467
Port Phillip	2.3%	2.4%	1.5%	1.4%	1.1%	1.1%	2,097
Brunswick - Coburg	1.4%	1.7%	1.6%	1.4%	1.4%	1.4%	1,005
Stonnington - West	2.1%	1.9%	1.3%	1.2%	1.2%	1.4%	1,298
Melbourne City	1.7%	1.4%	1.5%	1.7%	1.9%	1.7%	4,494
Essendon	1.2%	1.2%	1.6%	1.0%	1.9%	2.5%	672

Suburbtrends Vacancy Index methodology: vacant rental listings as a share of total rental stock, rolling 3-month basis. SA4 weighted rate uses current rental stock weights.

What are the rents in the Melbourne - Inner?

Median house rents across the Melbourne - Inner run to $1350/week in Toorak at the top of the region. Unit rents typically sit below houses; bedroom splits below show where stock supports a reading.

House rents by SA2 — weekly median and bedroom splits, 12 months to May 2026
SA2 area	Median	2-bed	3-bed	4-bed
Toorak	$1350	$710	$1400	$1650
South Yarra - West	$1295	$775	$1550	$1500
East Melbourne	$1100	$800	$1300	$1600
Parkville	$1100	$720	$950	$1250
Elwood	$1060	$850	$1100	$1700
Fitzroy	$1000	$850	$1200	$1400
Armadale	$995	$850	$1200	$1750
Albert Park	$990	$850	$1250	$2000
St Kilda - West	$990	$800	$1000	$1550
Port Melbourne Industrial	$940	$690	$980	—
South Yarra - South	$925	$800	$1200	$1595
Port Melbourne	$900	$750	$1100	$1470
St Kilda East	$900	$780	$980	$1200
Prahran - Windsor	$900	$800	$1100	$1650
Northcote - East	$895	$715	$930	$1300
Fitzroy North	$880	$800	$1000	$1450
Richmond (South) - Cremorne	$880	$800	$1100	$1700
South Melbourne	$875	$800	$1140	$1600
Northcote - West	$850	$750	$980	$1375
Carlton	$850	$750	$1000	$1300
St Kilda - Central	$850	$750	$895	$1100
Abbotsford	$850	$800	$1000	$1100
Carlton North - Princes Hill	$850	$795	$950	$1400
Clifton Hill - Alphington	$850	$750	$1050	$1300
Richmond - North	$850	$750	$1050	$1270
Alphington - Fairfield	$845	$650	$890	$1200
Brunswick East	$810	$695	$926	$1200
Brunswick - South	$800	$700	$850	$1200
Thornbury	$800	$690	$840	$1000
Essendon - East	$800	$540	$800	$940
Docklands	$800	$780	$1150	$1900
South Yarra - North	$800	$700	$1100	$2900
Collingwood	$799	$775	$1050	$1150
Brunswick - North	$795	$670	$875	$1100
Brunswick West	$760	$650	$800	$1100
Coburg - West	$750	$650	$750	$950
Moonee Ponds	$750	$675	$800	$1000
Essendon (West) - Aberfeldie	$750	$550	$750	$1150
Pascoe Vale South	$725	$585	$725	$920
Ascot Vale	$725	$650	$780	$950
Kensington (Vic.)	$725	$675	$795	$1000
Coburg - East	$720	$650	$750	$975
North Melbourne	$720	$680	$900	$1200
Flemington	$700	$650	$825	$970
Flemington Racecourse	$700	—	$700	$1100
Melbourne CBD - North	$700	$720	$1150	—
Melbourne CBD - West	$700	$830	—	$480
Southbank - East	$700	$740	$985	—
West Melbourne - Residential	$690	$650	$875	$1260
Southbank (West) - South Wharf	$650	$750	—	—
Melbourne CBD - East	$600	$628	$1000	—

Unit rents by SA2 — weekly, where stock supports a reading, 12 months to May 2026
SA2 area	Median	2-bed	3-bed
Port Melbourne Industrial	$830	$795	$1100
West Melbourne - Industrial	$780	—	$780
Melbourne CBD - North	$720	$780	$1200
Southbank (West) - South Wharf	$720	$750	$1100
Docklands	$710	$780	$1200
Melbourne CBD - West	$700	$760	$1100
Southbank - East	$700	$750	$1100
Port Melbourne	$700	$750	$1200
Collingwood	$690	$750	$1200
Albert Park	$680	$750	$1200
Toorak	$675	$695	$1050
South Yarra - West	$670	$740	$1250
Fitzroy	$670	$780	$1250
East Melbourne	$650	$730	$1200
West Melbourne - Residential	$650	$730	$1084
South Melbourne	$650	$720	$950
South Yarra - North	$650	$750	$1250
Fitzroy North	$650	$700	$1000
Brunswick - South	$645	$650	$925
Kensington (Vic.)	$640	$650	$950
Melbourne CBD - East	$640	$700	$1195
Flemington Racecourse	$630	$670	$1000
Armadale	$625	$650	$1100
Richmond - North	$625	$700	$1200
Coburg - West	$620	$600	$750
Brunswick East	$600	$670	$900
North Melbourne	$600	$680	$920
Elwood	$600	$650	$950
Abbotsford	$600	$725	$980
Carlton North - Princes Hill	$600	$620	$900
Richmond (South) - Cremorne	$600	$715	$1190
Clifton Hill - Alphington	$595	$660	$950
Carlton	$590	$700	$1000
Parkville	$590	$610	$820
St Kilda - Central	$585	$675	$950
South Yarra - South	$585	$700	$1100
Brunswick - North	$580	$600	$965
Northcote - East	$575	$620	$870
Moonee Ponds	$575	$650	$800
St Kilda - West	$575	$675	$950
Prahran - Windsor	$570	$675	$1100
Pascoe Vale South	$550	$550	$750
Coburg - East	$550	$565	$750
St Kilda East	$550	$600	$800
Ascot Vale	$535	$550	$700
Northcote - West	$530	$650	$890
Flemington	$525	$550	$790
Brunswick West	$520	$570	$780
Essendon (West) - Aberfeldie	$520	$530	$700
Essendon - East	$515	$550	$720
Alphington - Fairfield	$500	$560	$865
Thornbury	$500	$570	$850

Rents are median advertised asking rents over 12 months. Bedroom splits are reported where enough listings support a reading; a dash indicates too few. Unit rents are shown only for SA2s with sufficient rental stock.

For developers & lenders Suburbtrends is building Development Rates for the Melbourne - Inner — new-build sale, land and construction rates per sqm by SA2, with traced site purchases and MCG-prepared cost bands. Join the waitlist →

How have Melbourne - Inner prices and rents moved?

Over the 16 months to May 2026, median house prices across the Melbourne - Inner SA4 moved from $1,221,000 (Melbourne City) to $1,685,000 (Port Phillip) at the extremes. The chart tracks each SA3 market for house prices, unit prices and house rents.

SA3 median house prices, unit prices and house rents, to May 2026. Source: Suburbtrends.

Melbourne - Inner SA3 median house price by month, $ (data behind the chart)
SA3	Feb 25	Mar 25	Apr 25	May 25	Jun 25	Jul 25	Aug 25	Sep 25	Oct 25	Nov 25	Dec 25	Jan 26	Feb 26	Mar 26	Apr 26	May 26
Brunswick - Coburg	$1,230,000	$1,230,000	$1,230,000	$1,239,500	$1,250,000	$1,250,000	$1,260,000	$1,260,000	$1,260,000	$1,275,000	$1,300,000	$1,300,000	$1,305,000	$1,310,000	$1,311,000	$1,300,000
Darebin - South	$1,570,000	$1,555,000	$1,570,000	$1,560,000	$1,555,000	$1,550,000	$1,545,000	$1,550,000	$1,560,000	$1,580,000	$1,570,000	$1,570,000	$1,570,000	$1,590,000	$1,592,000	$1,650,000
Essendon	$1,445,000	$1,450,000	$1,456,000	$1,458,000	$1,456,000	$1,458,000	$1,467,000	$1,455,000	$1,470,000	$1,487,500	$1,500,000	$1,490,000	$1,525,000	$1,526,000	$1,528,000	$1,526,000
Melbourne City	$1,179,000	$1,180,000	$1,183,000	$1,182,500	$1,175,000	$1,183,000	$1,176,000	$1,200,000	$1,267,000	$1,270,000	$1,267,000	$1,280,000	$1,270,000	$1,250,000	$1,225,000	$1,221,000
Port Phillip	$1,560,000	$1,568,000	$1,568,000	$1,595,000	$1,590,000	$1,605,000	$1,592,000	$1,592,000	$1,670,000	$1,680,000	$1,700,000	$1,685,000	$1,670,000	$1,670,000	$1,638,000	$1,685,000
Stonnington - West	$1,490,000	$1,450,000	$1,481,800	$1,490,000	$1,530,000	$1,570,000	$1,490,000	$1,570,000	$1,590,000	$1,840,000	$1,875,000	$1,840,000	$1,837,000	$1,837,000	$1,700,000	$1,625,000
Yarra	$1,350,000	$1,340,000	$1,336,000	$1,332,000	$1,335,000	$1,335,000	$1,360,000	$1,362,500	$1,375,000	$1,387,500	$1,385,000	$1,387,500	$1,405,000	$1,415,000	$1,405,000	$1,414,000

How this data is compiled

Suburbtrends compiles transaction, listings and rental records monthly across every SA2, SA3 and SA4 in Australia. Medians and percentiles are calculated on a 12-month rolling basis; vacancy follows the Suburbtrends Vacancy Index methodology (vacant rental listings as a share of total rental stock, rolling 3 months). Development Rates covers completed strata projects of 4–40 dwellings, with each project's site purchase traced through the title record to derive the land component. Thin markets are flagged and 12-month changes suppressed where sample sizes do not support them. Boundaries follow the ABS ASGS Edition 3. This page was last updated with data to May 2026, and is refreshed in the first week of every month.

Kent Lardner

Head of Research, Suburbtrends · 30+ years in property data analytics

Kent's research is regularly cited in the Australian Financial Review, news.com.au and industry media. He previously led data science teams at major property data firms and founded Suburbtrends to publish independent, suburb-level market research. Full profile and press citations →