Is Southbank a nice place to live?

Southbank is an inner-city, apartment-focused suburb on the southern bank of the Yarra River, defined by its cultural and entertainment precinct. It is home to Arts Centre Melbourne, concert venues, riverside galleries, the Crown entertainment complex and the Southgate promenades of restaurants and cafés, and trams along St Kilda Road plus pedestrian bridges make the riverside easy to reach from the CBD. With 22,631 people, a median age of 31 and a median household income of $1,926 a week, the population leans younger and largely professional, with many renters (68.9%) and owners making up 31.1% of homes. Families are mostly couple households (68.1% without children, 18.1% with children). Ongoing investment in the Arts Precinct, a new NGV contemporary space, an urban garden linking Hamer Hall and major Southbank public-realm works add more public space and separated bike lanes, while council funding is in place for an expanded library and community hub; tram and Metro Tunnel-related works have required temporary traffic and track changes.

Is it expensive to live in Southbank?

A typical local household in Southbank earned about $1,926 a week at the last Census. With house rents near $680 a week and unit rents about $710 a week, rent would take roughly 35.3% of that weekly household income for a house and about 36.9% for a unit, both a sizeable share of income. The median unit price of $520,000 works out to about 5.2 times a typical local household's annual income as recorded at the last Census, which sits somewhat above local incomes. If you're renting rather than buying, the rent share is the most relevant number; whether these figures feel expensive depends on your own income and circumstances. Everyone's financial situation is different, so it's important to consider your own circumstances when deciding which suburb is right for you.

Is Southbank a good place to invest?

Unit values in Southbank fell 2.7% over the past 12 months, a modest decline, while rents rose: unit rents climbed 3.6% and house rents increased 3.0%. That means, on the unit side, rental income and capital value moved in opposite directions this year, and unit rents have outpaced house rents by a small margin. 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.

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Southbank suburb profile

Southbank sits on the southern bank of the Yarra River, immediately south of Melbourne's CBD, and is defined by its cultural and entertainment precinct. Home to Arts Centre Melbourne, concert venues and a cluster of riverside galleries, the area blends theatres and performance spaces with the Crown entertainment complex and the Southgate promenades of restaurants and cafés. Streets are dominated by high-rise apartment towers and waterfront developments offering city views, so life here tends to be apartment-focused with a mix of professionals and downsizers seeking inner-city convenience. Trams along St Kilda Road and a series of pedestrian bridges make the riverside easy to reach from the city.

Southbank property market performance

Current median dwelling price$677,500Past 3 months

Property growth-15.1%Past 12 months

Houses don't come up for sale often in Southbank, so there isn't enough recent data to publish a reliable median house price. The unit market is more active, with a median unit price of $520,000 and unit values fell a modest 2.7% over the last 12 months. Over the past 3 months 3 houses and 170 units sold, and units had a median days on market of 55 over the last 12 months.

The rental market in Southbank saw house rents average $680 a week, up a modest 3.0% over the last 12 months, while unit rents averaged $710 a week, up a modest 3.6% over the same period, so rents moved at a similar pace.

	Houses	Units
Median price Past 3 months	N/A	$520K
Change in value Past 12 months	N/A	-2.7%
Sold Past 3 months	3	170
Median days on market Past 12 months	N/A	55
Average rent Past 12 months	$680	$710
Change in rent Past 12 months	3.0%	3.6%

5 year median price trend for houses and units

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Southbank demographics

Southbank is home to 22,631 people, with a median age of 31 and a median total household income of $1,926 a week, roughly $100,150 a year.

The suburb's families are dominated by couples: couple families without children make up 68.1% and couple families with children 18.1%, together about 86% of reported family types. One-parent families account for 9.0% and other families 4.7%.

Homes in Southbank are largely rented, with renters at 68.9%. Owner-occupiers make up 31.1% of dwellings, split between 12.9% owned outright and 18.2% owned with a mortgage.

Southbank infrastructure, key developments and investment opportunities

Southbank is at the centre of the Melbourne Arts Precinct Transformation, with construction under way for The Fox: NGV Contemporary, major upgrades to Arts Centre Melbourne’s Theatres Building and delivery of the new 18,000 m² Laak Boorndap urban garden linking Hamer Hall to Southbank Boulevard.

At a local level the City of Melbourne has completed the Southbank Promenade works between Princes Bridge and Evan Walker Bridge and delivered the Transforming Southbank Boulevard project, which created about 22,000 m² of new public space and new separated bike lanes. The council’s budget also funds a new, expanded Southbank Library fit-out and Boyd Community Hub refurbishment, with library completion scheduled in 2026 and further hub works continuing into 2027, and funding to begin activating the northern undercroft as new outdoor space. Ongoing tram and Metro Tunnel-related infrastructure works have required temporary track and road changes around St Kilda Road and Southbank Boulevard.

Suburbs near Southbank

Some popular suburbs near Southbank include:

How does Southbank compare to nearby suburbs?

Median house prices: Southbank’s median house price is 48.8% lower than South Melbourne’s.
Median unit prices: Southbank’s median unit price is 19.5% higher than Melbourne’s.
House price growth: Property prices in nearby South Melbourne have risen 30.7% more than in Southbank over the past year.
Unit price growth: Over the past 12 months, unit prices in Southbank have grown 14.3% higher than in Melbourne.
Selling speed for units: Properties in nearby Melbourne are selling 20.0% faster than in Southbank.
Investment considerations: In Southbank, the rental yield for house is 2.4% higher than the Melbourne average, while the rental yield for units is 20.3% higher.
House price growth: Over the past 12 months, house prices in Southbank have grown 61.5% lower than the average rate of growth across Melbourne.
Unit price growth:Over the past 12 months, unit prices in Southbank have grown 7.4% lower than the average rate of growth for units across Melbourne.

Common questions about Southbank

Is Southbank a nice place to live?
Southbank is an inner-city, apartment-focused suburb on the southern bank of the Yarra River, defined by its cultural and entertainment precinct. It is home to Arts Centre Melbourne, concert venues, riverside galleries, the Crown entertainment complex and the Southgate promenades of restaurants and cafés, and trams along St Kilda Road plus pedestrian bridges make the riverside easy to reach from the CBD.

With 22,631 people, a median age of 31 and a median household income of $1,926 a week, the population leans younger and largely professional, with many renters (68.9%) and owners making up 31.1% of homes. Families are mostly couple households (68.1% without children, 18.1% with children). Ongoing investment in the Arts Precinct, a new NGV contemporary space, an urban garden linking Hamer Hall and major Southbank public-realm works add more public space and separated bike lanes, while council funding is in place for an expanded library and community hub; tram and Metro Tunnel-related works have required temporary traffic and track changes.
Is it expensive to live in Southbank?
A typical local household in Southbank earned about $1,926 a week at the last Census. With house rents near $680 a week and unit rents about $710 a week, rent would take roughly 35.3% of that weekly household income for a house and about 36.9% for a unit, both a sizeable share of income.

The median unit price of $520,000 works out to about 5.2 times a typical local household's annual income as recorded at the last Census, which sits somewhat above local incomes. If you're renting rather than buying, the rent share is the most relevant number; whether these figures feel expensive depends on your own income and circumstances.

Everyone's financial situation is different, so it's important to consider your own circumstances when deciding which suburb is right for you.
Is Southbank a good place to invest?
Unit values in Southbank fell 2.7% over the past 12 months, a modest decline, while rents rose: unit rents climbed 3.6% and house rents increased 3.0%. That means, on the unit side, rental income and capital value moved in opposite directions this year, and unit rents have outpaced house rents by a small margin.

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.

Choose the right real estate agents in Southbank

Currently, there are 307 real estate agents working in Southbank—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 307 agents sold 21.8% of all properties in Southbank 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 Southbank 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.