South Melbourne vs Southbank
Southbank (median $418,000) is roughly 76% cheaper to buy into than South Melbourne ($1,760,000).
Buying in South Melbourne or Southbank?
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South Melbourne and Southbank side by side
| Measure | South Melbourne | Southbank |
|---|---|---|
| Price and market | ||
| Median house | $1,760,000 | $418,000 |
| Median unit | $587,500 | $549,800 |
| Renting | ||
| House rent | $950/wk | – |
| Unit rent | $700/wk | $720/wk |
| Owner occupied | 42.0% | 30.0% |
| Renter occupied | 55.0% | 67.0% |
| Schools | ||
| Schools nearby | 20 | 20 |
| Average ICSEA | 1124 | 1092 |
| Lifestyle and people | ||
| Walk score | – | 100 |
| Transit score | – | 100 |
| Bike score | – | 100 |
| Population | 11,548 | 22,631 |
| Median age | 39 | 31 |
| Climate | ||
| Annual rainfall | 578 mm | 578 mm |
| Mean max, January | 26.6°C | 26.6°C |
Green dot: better on that measure (lower price, higher growth, higher walkability, lower risk). Each suburb’s profile gives the source and period of its figures.
Which suits whom
On school quality, the average ICSEA across schools serving South Melbourne (1124) sits above Southbank (1092). South Melbourne skews owner-occupied (42%), Southbank runs more rental-dense (30% owner).
- For buyers
- Southbank is the lower entry point at $418,000 median, 76% below the other suburb. For first home buyers, that translates to a smaller deposit and lower stamp duty bill.
- For investors
- Rental or growth data is incomplete for one or both suburbs. Look at the full investor view on each suburb profile for a complete picture.
- For families
- South Melbourne edges out on average school ICSEA (1124 vs 1092).
South Melbourne vs Southbank: common questions
Is South Melbourne or Southbank cheaper to buy in?
Southbank has the lower median house price at $418,000, roughly 76% below South Melbourne ($1,760,000). The gap on units is usually similar but worth checking on the full suburb profiles.
Does South Melbourne or Southbank have better schools?
On average school ICSEA (the ACARA index that benchmarks educational advantage), South Melbourne scores 1124 vs 1092 in Southbank. ICSEA is a school-community indicator, not a quality rating, so always check NAPLAN results and catchment boundaries for the specific address you're considering.
Keep comparing
The two suburbs
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