Melbourne, Australia
Property prices · 2024 · Oceania
Property price trend in Melbourne (2024–2026)
Property comparison — cities in Australia (2024)
| City | Centre /sqm | Outside /sqm | 1-Bed Rent | vs Melbourne |
|---|---|---|---|---|
| Melbourne | AUD 14,500 | AUD 9,200 | AUD 2,200 | — |
| Sydney | AUD 18,500 | AUD 11,500 | AUD 2,800 | +27.6% |
| Canberra | AUD 11,000 | AUD 7,200 | AUD 2,200 | -24.1% |
| Gold Coast | AUD 10,200 | AUD 6,700 | AUD 2,100 | -29.7% |
| Brisbane | AUD 9,800 | AUD 6,500 | AUD 1,800 | -32.4% |
| Adelaide | AUD 8,500 | AUD 5,600 | AUD 1,900 | -41.4% |
| Perth | AUD 7,800 | AUD 5,200 | AUD 1,600 | -46.2% |
Other Oceania cities (2024)
Frequently asked questions
How much does property cost in Melbourne in 2024?
In Melbourne, the average price per sqm in the city centre is AUD 14,500, and AUD 9,200 outside the centre (2024 data). Prices have risen 7% since 2024.
How much is rent in Melbourne in 2024?
A 1-bedroom apartment in Melbourne rents for approximately AUD 2,200 per month in 2024. A 3-bedroom apartment costs around AUD 4,200/month.
Is it better to buy or rent in Melbourne?
Renting is generally more cost-effective in Melbourne. The price-to-rent ratio is 24.0x — it would take approximately 24.0 years of rental payments to equal the property purchase price. Current mortgage rates are approximately 6.20%.
What are mortgage rates in Australia in 2024?
The average mortgage rate in Australia is approximately 6.20% as of 2024. With a price-to-rent ratio of 24.0x, buyers should carefully weigh mortgage costs against rental savings.
What is the price per sqm in Melbourne?
The average property price per square metre in Melbourne city centre is AUD 14,500 in 2024. Outside the centre, expect to pay around AUD 9,200/sqm.