Property Market in Melbourne
Melbourne's property market is characterised by distinct inner, middle, and outer ring price tiers, with established suburbs in the east and south-east consistently outperforming. A large pipeline of apartment supply has kept unit prices relatively stable compared to the competitive detached housing market.
Median House Price
$1,050,000
Median Unit Price
$580,000
Buying a median-priced house in Melbourne at $1,050,000 involves more than just the purchase price. Estimated upfront costs include approximately $57,750 in stamp duty, $1,800 for conveyancing, and $1,200 for building and pest inspections — totalling around $60,750 in additional costs on top of your deposit. Use the calculator above for a detailed breakdown.
Buying Property in Melbourne
Melbourne's auction culture is deeply ingrained — around 70% of inner-city houses sell under the hammer, and understanding auction tactics is essential before entering the market. The CBD and Docklands apartment market has experienced persistent oversupply, with some investors sitting on units worth less than their original purchase price, so due diligence on body corporate fees and rental vacancy in specific buildings is critical. By contrast, detached houses in the inner east and bayside suburbs face genuine scarcity, and buyers competing for period homes in areas like Hawthorn, Armadale, or Brighton should expect campaigns that regularly exceed quoted price ranges by 10–20%.