Southbank, VIC 3006
City of Port PhillipAll suburbs in postcode 3006
Updated
Median house price
$418,000
Median · Land Victoria · the latest published quarter (updated May 2026)
Selling in Southbank?
Get the free selling guide, personalised to Southbank, or ask for a free appraisal from a local agent.
Southbank at a glance
- Median unit
- $549,800
- Population
- 22.6k
- Median age 31
Prices: Median · Land Victoria · the latest published quarter (updated May 2026) · Population: 2021 Census
House prices in Southbank
Houses change hands at $418,000 on a typical sale, well below the Victoria median. Units come in around $549,800, roughly -32% below the house median.
For buyers
A 20% deposit on the median house works out to roughly $84,000. Prices are well below the Victoria median, which keeps Southbank on the radar for first-home buyers and right-sizers.
- Weekly rent (unit)
- $720/wk
Rental data as of September 2025· Victorian rental report
Free appraisal in Southbank
What’s your home worth in Southbank?
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What to know about Southbank
Southbank (3006) sits in the Port Phillip region of Victoria. The median house here is $418,000, well below the Victoria median of around $850K.
Southbank has roughly 22,631 residents, with a young-family demographic. Households are renter-heavy. Day-to-day life here is very walkable, with most errands manageable on foot.
What it’s like to live here
Southbank scores 100/100 on walkability, which makes it very walkable with workable public transport options. Coffee, groceries and a meal out are mostly walking-distance, which keeps a household viable on one car.
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, 2 Catholic, 6 independent.
Schools in Southbank
Schools serving Southbank: government first, then Catholic and independent.
Government schools
© ACARA, licensed under CC BY 4.0.
Location
Walkability
- Walk
- 100/100
- Transit
- 100/100
- Bike
- 100/100
Walker's paradise. Scores out of 100, calculated from OpenStreetMap data (ODbL).
Walkability data as of May 2026· OpenStreetMap
Demographics
The 2021 Census put Southbank's population at 22,631, with a median age of 31. That sits as a young-family demographic. Households are renter-heavy (30% own, 67% 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
- 44%
- Lone person
- 43%
- Owner occupied
- 30%
- Renter occupied
- 67%
Demographics data as of May 2026· ABS 2021 Census
Investment overview
- Gross yield, unitsSource: Land Victoria / DTP · May 2026
- 6.81%
- On the $549,800 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
3,603 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 Southbank
- What is the median house price in Southbank?
- The median house price in Southbank, VIC 3006 is $418,000 (Land Victoria's quarterly suburb median, the latest published quarter (updated May 2026)). The median unit price is $549,800.
- How much is my house worth in Southbank?
- A useful starting point is the Southbank median house price of $418,000 (units $549,800). 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.
- What is the Southbank postcode?
- Southbank is in the 3006 postcode, in VIC, in the City of Port Phillip region.
- Where is Southbank?
- Southbank is a suburb in the City of Port Phillip area, VIC 3006.
- What is the average rent in Southbank?
- for units it's $720.
- What schools are in Southbank?
- There are 20 schools serving Southbank on this page, including South Melbourne Primary School, Montague School, Victorian College Of The Arts Secondary School.
- How walkable is Southbank?
- Southbank has a Walk Score of 100 out of 100, very walkable. transit score 100, bike score 100.
- What suburbs are near Southbank?
- Southbank is close to South Wharf, South Melbourne, Melbourne.
- What is the population of Southbank?
- The population of Southbank is approximately 22,631 (2021 Census). The median age is 31.
Selling in Southbank? 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.