North Melbourne Property Market Overview (2026)
North Melbourne sits in the premium inner suburb market. Property here commands a premium because the amenity density justifies it — 97 dining venues, 11 schools, and 14 parks within the suburb boundaries.
Price Estimates
| Property Type | Estimated Median | Monthly Mortgage (est.)* |
|---|---|---|
| House | $1.4M–$2.2M | $5,600–$8,800 |
| Unit/Apartment | $650K–$950K | $2,600–$3,800 |
Estimates based on North Melbourne’s market positioning. Mortgage estimates assume 20% deposit, 6.5% variable rate, 30-year term. For current sales data, check REIV or Domain.
What Drives Property Value in North Melbourne
Property prices in any suburb reflect three things: what is already there, what is coming, and how easy it is to get to the CBD. Here is how North Melbourne stacks up:
| Amenity Factor | North Melbourne | Impact on Value |
|---|---|---|
| Schools | 11 | Strong — school zones drive family demand |
| Parks | 14 | High — green space is a premium driver |
| Dining & Cafes | 97 | High — walkable lifestyle premium |
| Medical | 26 | Strong — healthcare proximity matters |
| Supermarkets | 7 | Convenient |
| Gyms & Fitness | 11 | Active lifestyle suburb |
Total amenity score: 198 verified businesses. This puts North Melbourne in the top tier for amenity density, which directly supports premium pricing.
Schools (Key Value Driver)
North Melbourne has 11 schools — school zone boundaries are one of the strongest price drivers in Melbourne property:
| School | Address |
|---|---|
| Bastow Institute | 603-615 Queensberry Street |
| Barkly International College | 49 Henderson Street |
| The University High School | 77 Story Street, Parkville |
| North Melbourne Primary School | 210 Errol Street |
| Simonds Catholic College St Mary’s 7–10 Campus | 235-273 Victoria Street, West Melbourne |
| St Aloysius Girls’ College | 31-55 Curran Street |
| St Joseph’s Flexible Learning Centre | 385 Queensberry Street |
| St Michael’s Primary School | 8 Brougham Street |
Check zone boundaries at findmyschool.vic.gov.au.
Rental Market
| Unit Type | Weekly Rent (est.) |
|---|---|
| 1 Bedroom | $420–$550 |
| 2 Bedroom | $580–$750 |
| 3 Bedroom | $750–$1,100 |
Rental yield estimate: 3.0–3.5% (higher yields in more affordable suburbs).
See our detailed Cost of Living Guide for full cost breakdown.
Before You Buy in North Melbourne
- Check school zones — findmyschool.vic.gov.au determines your designated school
- Review planning overlays — heritage, flood, bushfire at your local council
- Check flood risk — planning.vic.gov.au
- Attend auctions — quoted ranges in North Melbourne are guides, not guarantees
- Get a building inspection — non-negotiable for any house purchase
- Talk to locals — knock on a neighbour’s door. They will tell you what agents won’t
Key Links for North Melbourne Property Research
- Domain — current listings and recent sales
- realestate.com.au — price history and suburb profiles
- REIV — quarterly median prices (the official data)
- ABS Census — population and demographic data
Related Guides
- Best Restaurants in North Melbourne
- Best Cafes in North Melbourne
- Best Bars in North Melbourne
- Cost of Living in North Melbourne
- North Melbourne Neighbourhood Guide
- Family Guide to North Melbourne
- Is North Melbourne Safe?
- North Melbourne Transport Guide
Last updated: March 2026. This guide is refreshed when OpenStreetMap data changes — new openings, closures and corrections are reflected automatically. Found something wrong? Let us know.
Sources
- OpenStreetMap Contributors — openstreetmap.org — accessed March 2026
- ABS Census 2021 — abs.gov.au/census
- REIV Quarterly Median Prices — reiv.com.au
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