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Melbourne suburb profile

The Melbourne 3004 area covers the inner-city Docklands precinct, a modern pocket of high-rise apartments and office towers lining man-made harbours and promenades. It is defined by Victoria Harbour, marina berths, public art and a strong events focus around Marvel Stadium, with Southern Cross Station and several tram routes providing good public transport connections. Housing is dominated by contemporary apartments and riverfront penthouses rather than detached houses, so residents tend to be young professionals, empty nesters and others who favour close-in city living. Dining, bars, retail outlets and waterside boardwalks offer weekend leisure while weekday life brings office activity, making the area feel like an inner-city neighbourhood built around the harbour.

Melbourne property market performance

Current median dwelling price$506,300Past 3 months

Houses don't come up for sale often, so there isn't enough recent data to publish a reliable median house price. The median unit price is $575,000 and unit values fell a solid 5.1% over the last 12 months.

Over the last 3 months there was 1 house sale and 99 unit sales. Units sold in a median of 42 days.

The rental market in Melbourne saw house rents average $720 a week, a sharp 10.8% rise over the last 12 months, while unit rents averaged $665 a week, up a modest 2.3%. House rents grew more strongly than unit rents.

HousesUnits
Median price
Past 3 months
N/A$575K
Change in value
Past 12 months
N/A-5.1%
Sold
Past 3 months
199
Median days on market
Past 12 months
N/A42
Average rent
Past 12 months
$720$665
Change in rent
Past 12 months
10.8%2.3%

5 year median price trend for houses and units

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Melbourne infrastructure, key developments and investment opportunities

Melbourne has seen major CBD transport and civic works in recent years. The Metro Tunnel opened to passengers on 30 November 2025, with the new timetable fully integrated from 1 February 2026. The project delivered two new underground CBD stations, Town Hall and State Library, with Town Hall providing an interchange to Flinders Street station and new accessible facilities at the CBD stations.

The Queen Victoria Market Precinct Renewal remains active, including the creation of a 1.8-hectare Market Square and a new community building as part of the precinct master plan and implementation framework. The City of Melbourne’s Make Room project at 602 Little Bourke Street was delivered as supported social housing, providing about 50 studio apartments with on-site support. The State Projects Register also lists a Flinders Street Community Health Hub refurbishment at 244 Flinders Street to provide a new community health centre.

Suburbs near Melbourne

Some popular suburbs near Melbourne include:

  • Middle Park: Leafy bayside suburb with tree-lined streets and easy access to the beach.
  • South Melbourne: Established inner-city suburb with Victorian architecture and urban cafes.
  • South Yarra: Fashionable suburb known for boutique shopping, riverside parks and good public transport.
  • Albert Park: Park-side suburb centred on Albert Park Lake, with extensive recreational green space.
  • Prahran: Inner suburb known for boutique retail, cafes and a lively nightlife scene.

How does Melbourne compare to nearby suburbs?

  • Median house prices: Melbourne’s median house price is 84.4% lower than Middle Park’s.
  • Median unit prices: Melbourne’s median unit price is 10.0% higher than South Yarra’s.
  • Unit price growth: Over the past 12 months, unit prices in Melbourne have grown 15.5% higher than in Middle Park.
  • Selling speed for units: Properties in Melbourne are selling 4.5% faster than in Middle Park.
  • Investment considerations: In Melbourne, the rental yield for house is 14.6% higher than the Melbourne average, while the rental yield for units is 12.7% higher.
  • Unit price growth:Over the past 12 months, unit prices in Melbourne have grown 0.2% lower than the average rate of growth for units across Melbourne.

Common questions about Melbourne

  • Is Melbourne a nice place to live?

    Melbourne 3004 covers the Docklands precinct, a modern pocket of high-rise apartments and office towers along man-made harbours and promenades. Victoria Harbour, marina berths and public art give the area a harbour-centred character, and Marvel Stadium brings a strong events focus. Weekends revolve around dining, bars, retail and waterside boardwalks while weekdays bring office activity. Housing is mainly contemporary apartments and riverfront penthouses, attracting young professionals, empty nesters and others who favour close-in city living.

    Transport links are strong, with Southern Cross Station and several tram routes nearby, and recent CBD projects have added new underground stations and precinct upgrades. The wider precinct has also seen work on the Queen Victoria Market renewal and projects for supported social housing and community health facilities. Whether Melbourne 3004 suits you depends on if you want apartment-style harbour living with ready access to the city and event precincts.

    Down Pointer

  • Is it expensive to live in Melbourne?

    Down Pointer

  • Is Melbourne a good place to invest?

    Over the past year in Melbourne 3004, house rents climbed 10.8%, a strong rise in what houses earn in rent. Units showed a different pattern: unit values fell 5.1% while unit rents rose 2.3%, a modest increase.

    Put simply, house rental income has been the stronger performer this year compared with units, while units experienced a decline in capital value alongside modest rent growth. Which of those movements matters most will depend on whether you prioritise rental income or capital growth and on your own circumstances.

    This information has been prepared without taking your objectives, needs and overall financial situation into account. It is not meant to be a substitute for professional financial advice. For this reason, you should consider the appropriateness of the information and, if necessary, seek appropriate professional advice.

    Down Pointer

Choose the right real estate agents in Melbourne

Currently, there are 212 real estate agents working in Melbourne—but not all agents deliver the same results. The right agent could make a huge difference to your final sale price.

Only 5 out of these 212 agents sold 19.5% of all properties in Melbourne over the past year. Choosing one of these top-performing agents means tapping into proven expertise for a better sale outcome.

Real estate agents in Melbourne typically charge a commission of 1.8% to 2.47%. Negotiating a fair commission rate and the right structure can motivate your agent to work even harder, helping you sell for more and potentially saving you thousands of dollars.

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