Melbourne Property Market

So you’ve set your sights on Melbourne, a city that charms with its vibrant culture, sporting spirit, and delectable coffee scene. But before you dive headfirst into house hunting, understanding the average home price is crucial. This knowledge empowers you to set realistic expectations and identify the type of property that aligns with your budget.

Breaking Down the Melbourne Market

Melbourne’s property market offers a variety of options, from cosy units to sprawling houses. The median price, which sits around $918,350 for houses and $554,306 for units (as of March 2024), provides a general benchmark [source: Victorian Government – Buying a house].

However, it’s important to remember that this is just a median – meaning half the properties sell for more and half sell for less. The actual price you pay will depend heavily on factors like:

  • Property type: Houses typically cost more than units.
  • Location: Suburbs closer to the city centre or with high amenity will have higher prices.
  • Size and condition: A larger property in good condition will command a premium.

Finding Your Perfect Fit

Knowing the average price is a great starting point, but to truly understand what’s within your reach, consider the following:

  • Budget: Factor in not just the purchase price but also stamp duty, conveyancing fees, and potential renovations.
  • Needs: How much space do you require? Consider bedrooms, bathrooms, and outdoor areas.
  • Lifestyle: Do you crave inner-city buzz or a quieter suburban vibe? Proximity to work, schools, and public transport matters.

Resources for Deeper Dives

To get a more granular understanding of prices in your desired area, explore property websites like Domain or These platforms allow you to search by suburb and property type, providing valuable insights into current listings and recent sales data.

The Final Word

The average home price in Melbourne paints a broad picture, but with further research and a clear understanding of your needs, you’ll be well-equipped to navigate the Melbourne property market and find your dream home.