If you’re trying to read the Melbourne property market in 2026 — to time a buy, a sell, or a move — the median price isn’t one number. Greater Melbourne’s median house sits at A$977,579 (Cotality March 2026). But that’s the average of Toorak’s A$3.72M and Frankston’s A$856K. This guide compares 12 Melbourne suburbs on their actual Q1 2026 medians, annual growth, gross rental yield, and what the data says about each.
The Melbourne 2026 baseline
- Greater Melbourne median house: A$977,579 (Cotality, March 2026)
- Greater Melbourne median unit: A$642,431
- Greater Melbourne dwelling median: A$826,132
- 2026 forecast (KPMG): +6.6% — adds ~A$60–65K to the median by year-end
- Melbourne Q1 2026 quarterly change: -0.6% (slight cooling before forecast acceleration)
Premium Bayside / East: Brighton, Toorak
Top-end of the Melbourne market. Annual growth has been negative through 2025 from 2024 peak.
- Brighton (3186) — typical price A$3,333,250, annual growth -9.55%. Off peak but still the bayside benchmark.
- Toorak (3142) — typical price A$3,720,333, median weekly rent A$1,267, gross yield 1.77%.
Inner-City: Carlton, Fitzroy, Richmond
Capital growth quieter, rental yields better than premium east.
- Carlton (3053) — typical house A$1,452,486, median rent A$969/week, gross yield 3.47%. 73 houses sold past 12 months at median A$1.4M, -3.6% annual.
- Fitzroy (3065) — median ~A$1.5M house, ~A$700K unit (estimated from market data).
- Richmond (3121) — median ~A$1.54M house, ~A$620K 2-bed unit.
Inner-North: Brunswick, Preston, Reservoir
Middle-ring family-suburb growth zone. Strongest 2026 forecasts.
- Brunswick (3056) — typical house A$1,374,824, median rent A$823/week, gross yield 3.11%, annual growth +2.17%.
- Preston (3072) — typical house A$1,232,293, median rent A$673/week, gross yield 2.84%.
- Reservoir (3073) — median ~A$870K house (estimated from corridor data).
Inner-West: Footscray
Strong growth corridor, FTTP, transport.
- Footscray (3011) — typical house A$1,064,503, median rent A$626/week, gross yield 3.06%. Median sale A$880K, -4.9% from 2024 peak — value pocket forecast for +6–9% in 2026.
Outer-West / South-East / South: Sunshine, Frankston
Affordability + growth corridors.
- Sunshine (3020) — median house A$825,000, +5.1% over 12 months to February 2026.
- Frankston (3199) — typical house A$952,387, median rent A$539/week, gross yield 2.94%. Highest growth in Melbourne January 2026 at +14.3%.
Side by side
| Suburb | Typical house | Annual change | Median rent/wk | Gross yield |
|---|---|---|---|---|
| Toorak | $3,720,333 | (high-end) | $1,267 | 1.77% |
| Brighton | $3,333,250 | -9.55% | n/a | n/a |
| Richmond | ~$1,540,000 | (mixed) | n/a | n/a |
| Fitzroy | ~$1,500,000 | (mixed) | n/a | n/a |
| Carlton | $1,452,486 | -3.6% | $969 | 3.47% |
| Brunswick | $1,374,824 | +2.17% | $823 | 3.11% |
| Preston | $1,232,293 | (positive) | $673 | 2.84% |
| Footscray | $1,064,503 | -4.9% | $626 | 3.06% |
| Frankston | $952,387 | +14.3% | $539 | 2.94% |
| Reservoir | ~$870,000 | (positive) | n/a | n/a |
| Sunshine | $825,000 | +5.1% | n/a | n/a |
| Greater Melb | $977,579 | (mixed) | $580 | ~3.1% |
Bottom line
The Melbourne 2026 median is a deceptive single number. Toorak is up 4.5x the city median; Sunshine is at 0.84x and growing fastest in absolute terms. The story for Q1 2026 is: premium east (Brighton, Toorak) cooling off 2024 peak, middle-ring family suburbs (Brunswick, Preston, Reservoir) holding steady, growth corridors (Frankston, Sunshine, Footscray as a value-recovery play) the strongest performers in % terms. The +6.6% KPMG forecast averages everything — but the Frankston cohort could see double-digit growth while Toorak grinds sideways. The gross-yield numbers tell the inverse story: Toorak 1.77%, Carlton 3.47% — premium east is a capital-growth play, inner-north a yield play.
Sources: Cotality Melbourne housing pulse March 2026, Domain Q1 2026 medians, NAB Melbourne property market insights March 2026, htag.com.au suburb data, REIV Brighton report, KPMG 2026 forecast.
