South Melbourne, VIC 3205
City of Port PhillipAll suburbs in postcode 3205
Updated
Median house price
$1,760,000
Median · Land Victoria · the latest published quarter (updated May 2026)
Selling in South Melbourne?
Get the free selling guide, personalised to South Melbourne, or ask for a free appraisal from a local agent.
South Melbourne at a glance
- Median unit
- $587,500
- Weekly rent
- $950
- Houses · units $700
- Population
- 11.5k
- Median age 39
Prices: Median · Land Victoria · the latest published quarter (updated May 2026) · Rent: Victorian rental report, September 2025 · Population: 2021 Census
House prices in South Melbourne
Houses change hands at $1,760,000 on a typical sale, well above the Victoria median. Units come in around $587,500, roughly 67% below the house median.
For buyers
A 20% deposit on the median house works out to roughly $352,000. Prices sit well above the Victoria median, so plan for a stretched deposit and shop carefully on borrowing capacity.
Rental data as of September 2025· Victorian rental report
Free appraisal in South Melbourne
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What to know about South Melbourne
South Melbourne (3205) sits in the Port Phillip region of Victoria. The median house here is $1,760,000, well above the Victoria median of around $850K.
South Melbourne has roughly 11,548 residents, with a typical family-age mix. Households are renter-heavy.
What it’s like to live here
Summer days here average around 27°C (mild), winter mornings around 7°C (cool). Annual rainfall lands at about 578 mm. Figures are our 1991 to 2020 averages of SILO data for this location (Queensland Government, built from Bureau of Meteorology observations).
Schooling within or near the suburb covers 6 government primary, 4 government secondary, 1 Catholic, 6 independent.
Schools in South Melbourne
Schools serving South Melbourne: government first, then Catholic and independent.
Government schools
© ACARA, licensed under CC BY 4.0.
Demographics
The 2021 Census put South Melbourne's population at 11,548, with a median age of 39. That sits as a typical family-age mix. Households are renter-heavy (42% own, 55% rent), which shapes everything from school catchment stability to how often properties turn over. Lone-person households are notable here (43%), often a marker of unit-heavy stock and walkable infrastructure.
- Family households
- 51%
- Lone person
- 43%
- Owner occupied
- 42%
- Renter occupied
- 55%
Demographics data as of May 2026· ABS 2021 Census
Investment overview
Gross rental yield on houses sits at 2.81% (median rent $950/wk against a $1,760,000 price tag). Units yield 6.20% gross, often the better cash-flow play for first-time investors. With 55% of households renting, the leasing market is established and vacancy risk tends to be lower than in owner-dominated suburbs.
- Gross yield, housesSource: Land Victoria / DTP · May 2026
- 2.81%
- On the $1,760,000 median
- Gross yield, unitsSource: Land Victoria / DTP · May 2026
- 6.20%
- On the $587,500 median
Gross rental yield is a year’s rent divided by the purchase price, before expenses. It leaves out vacancy, management fees, maintenance and financing costs, so treat it as a starting point.
Crime and safety
2,782 offences recorded in 2026
Top offence categories
Source: State Police Open Data
Crime data as of December 2026
Weather year-round
- Annual rainfall
- 578 mm
- Hottest month, avg max
- 26.6°C
- Coldest month, avg min
- 6.8°C
Rainfall by month
Our 1991 to 2020 averages of SILO data (Queensland Government, built from Bureau of Meteorology observations, CC BY 4.0) for this location.
Climate data as of October 2026· SILO (Queensland Government), from Bureau of Meteorology observations
Questions about South Melbourne
- What is the median house price in South Melbourne?
- The median house price in South Melbourne, VIC 3205 is $1,760,000 (Land Victoria's quarterly suburb median, the latest published quarter (updated May 2026)). The median unit price is $587,500.
- How much is my house worth in South Melbourne?
- A useful starting point is the South Melbourne median house price of $1,760,000 (units $587,500). Your home will sit above or below that depending on land size, condition, position and what comparable homes nearby have sold for recently. For a figure specific to your property, request a free property appraisal from a local agent using the form on this page.
- Is South Melbourne a good investment?
- On the published figures, the gross rental yield on houses in South Melbourne is 2.8%: the median weekly house rent is $950 (Victorian rental report, September 2025) against the median house price of $1,760,000 (Land Victoria, the latest published quarter, updated May 2026). No 12-month price change is published for South Melbourne: the Land Victoria figures we hold do not measure one. Whether South Melbourne is a good investment for you depends on the price you pay, your loan and holding costs, vacancy and your tax position. These are published market figures, not financial advice.
- What is the South Melbourne postcode?
- South Melbourne is in the 3205 postcode, in VIC, in the City of Port Phillip region.
- Where is South Melbourne?
- South Melbourne is a suburb in the City of Port Phillip area, VIC 3205.
- What is the average rent in South Melbourne?
- The median weekly rent for houses is $950, for units it's $700.
- What schools are in South Melbourne?
- There are 20 schools serving South Melbourne on this page, including Youth2Industry College, Victorian College Of The Arts Secondary School, MacRobertson Girls High School.
- What suburbs are near South Melbourne?
- South Melbourne is close to Southbank, St Kilda Road Central, St Kilda Road Melbourne, South Wharf, Melbourne.
- What is the population of South Melbourne?
- The population of South Melbourne is approximately 11,548 (2021 Census). The median age is 39.
Selling in South Melbourne? Get the free selling guide
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Sources. House and unit medians from the NSW Valuer General, Land Victoria, the SA Government and the ABS; rents from the state rental bond authorities. Census from the ABS (2021), climate from the Bureau of Meteorology, hazard from Geoscience Australia, schools from ACARA and crime from state police open data. Each figure carries its source and date. How we source data
How we’re paid. The guides and this page are free. When a seller asks, we introduce one local agent, and the agent pays us a flat fee for the introduction, never a share of their commission; it costs the seller nothing. If a figure looks wrong, tell us and we’ll fix it.