City of Port Phillip
Southbank
Southbank at a glance
Median house
$418,000
Median unit
$549,800
Walk score
100
Walker's paradise
Population
22.6k
Median age 31
The brief
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.
Side by side
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Day to day
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 26°C (mild), winter mornings around 7°C (cool). Annual rainfall lands at about 639mm. Data comes from the Bureau of Meteorology's Melbourne (Olympic Park) station, 64.9km away.
Schooling within or near the suburb covers 6 government primary, 4 government secondary, 2 Catholic, 6 independent.
Who lives here
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.
Population
22,631
Median age
31
Family households
44%
Lone person
43%
Demographics data as of May 2026· ABS 2021 Census
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.
Market
The price of a home here.
Median house price
$418,000
+0.0% over the past year. Median unit price $549,800.
Sales data as of May 2026· sales-vic
Rental and ownership
Weekly rent (house)
$680/wk
Weekly rent (unit)
$411/wk
Owner occupied
30%
Renter occupied
67%
At a deeper level
$418,000
$549,800
22,631
Median age: 31
Rental data as of September 2025· rental-vic
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For investors
Investment overview.
Gross rental yield on houses sits at 8.46% (median rent $680/wk against a $418,000 price tag). Units yield 3.89% gross, often the better cash-flow play for first-time investors. With 67% of households renting, the leasing market is established and vacancy risk tends to be lower than in owner-dominated suburbs.
Gross Yield (House)
Source: Land Victoria / DTP · May 20268.46%
Based on $418,000 median
Gross Yield (Unit)
Source: Land Victoria / DTP · May 20263.89%
Based on $549,800 median
Annual Growth (House)
Source: Land Victoria / DTP · May 2026–
Year-on-year capital growth
Annual Growth (Unit)
Source: Land Victoria / DTP · May 2026–
Year-on-year capital growth
Owner Occupancy
Source: ABS Census 2021 · May 202630%
Higher = more owner-occupier demand
Days on Market
Source: Land Victoria / DTP · May 2026–
Lower = higher buyer demand
Gross rental yield is annual rent divided by purchase price, before expenses. It does not account for vacancy rates, management fees, maintenance, or financing costs. Use this as a starting point for further research.
Safety
Crime and safety.
3,530
total offences in 2025
Top offence categories
Crime statistics are reported at LGA level and may cover a broader area than this suburb.
Source: State Police Open Data
Crime data as of December 2025· State Police Open Data
Getting around
Walkability.
100
100
100
Scores calculated from OpenStreetMap data (ODbL)
Walkability data as of May 2026· OpenStreetMap
Place
Location.
Amenities
Transport
Education
Schools in Southbank.
Local schools for Southbank
View the catchment for each school to find out more.
Government School Catchment
South Melbourne Primary School
Montague School
Victorian College Of The Arts Secondary School
© ACARA, licensed under CC BY 4.0.
Climate
Weather year-round.
Annual Rainfall
639 mm
Hottest Month (avg max)
26.0°C
Coldest Month (avg min)
6.5°C
Monthly Rainfall (mm)
Weather data from BOM station Melbourne (Olympic Park) (65 km away)
Climate data as of May 2026· Bureau of Meteorology
Frequently asked
About Southbank.
- What is the median house price in Southbank?
- The median house price in Southbank, VIC 3006 is $418,000. The median unit price is $549,800. Annual growth is +0.0%.
- What is the Southbank postcode?
- Southbank is in the 3006 postcode, in VIC, in the City of Port Phillip region.
- What is the average rent in Southbank?
- The median weekly rent for houses is $680, for units it's $411.
- 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 Melbourne Dc, South Wharf, World Trade Centre, South Melbourne, Melbourne.
- What is the population of Southbank?
- Southbank has approximately 22,631 residents. The median age is 31.
Southbank
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Side by side
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Sources cited
Median, growth and rental data from state revenue offices and ABS. Census from ABS 2021. Climate from BoM. Hazard from Geoscience Australia. School data from ACARA. Crime from state police open data. Full methodology →
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