South Melbourne
The median rent for a 2-bedroom unit in South Melbourne is $700 a week for leases that started in the year to September 2025, up 2.9% on a year earlier. That is 27% above the typical 2-bedroom unit rent across Melbourne ($550). The median sale price in the Mar 2026 quarter was $1,650,000 for a house and $587,000 for a unit. A year of rent for that home is about 5.4% of its median sale price (gross rental yield).
Median rent in South Melbourne
| Home | Rent a week | Change over a year | New leases |
|---|---|---|---|
| 1-bedroom unit | $548 | +3.4% | 408 |
| 2-bedroom unit | $700 | +2.9% | 485 |
| 3-bedroom unit | $950 | 0.0% | 71 |
| 2-bedroom house | $750 | +4.5% | 73 |
| 3-bedroom house | $950 | -4.5% | 66 |
| 4-bedroom house | $1,100* | +12.8% | 11 |
* Based on fewer than 20 new leases in the year, so it can swing a lot.
Median sale price
| Type | Median price | Period |
|---|---|---|
| House | $1,650,000 | Mar 2026 quarter |
| Unit | $587,000 | Mar 2026 quarter |
† Fewer than 10 sales. ‡ No sales that quarter, so an earlier figure is shown.
Suburbs with similar rent
- Burnley $700 a week
- Richmond $700 a week
- South Yarra $700 a week
- Abbotsford $695 a week
- Collingwood $695 a week
- Clifton Hill $690 a week