Preston doesn’t come cheap — but it doesn’t have to break you either. Here’s every dollar you’ll spend living here in 2026, from rent to that third flat white you definitely don’t need.
Rent: The Big Number
This is where most of your money goes. Preston’s rental market in 2026 looks like this:
| Property Type | Weekly Rent | Annual Cost | vs Melbourne Median |
|---|---|---|---|
| Studio/1-bed apartment | $336 | $17,472 | 19% below |
| 2-bed apartment | $448 | $23,296 | 19% below |
| 3-bed house | $576 | $29,952 | 19% below |
| Share house (per room) | $184 | $9,568 | 19% below |
Pro tip: If you’re flexible on the exact street, prices can vary 15-20% within Preston alone. Streets closer to Preston station or the High Street strip command a premium.
Monthly Living Costs Breakdown
| Expense | Monthly Cost | Notes |
|---|---|---|
| Rent (1-bed) | $1455 | Biggest line item by far |
| Groceries | $320-$420 | Depends on Coles vs Preston Market habits |
| Transport (Myki) | $160-$200 | Zone 1-2 monthly cap |
| Utilities (1-bed) | $180-$240 | Gas + electricity + water |
| Internet | $70-$90 | NBN, decent speed |
| Coffee habit | $80-$120 | 1-2 per day at local prices |
| Eating out | $200-$400 | Depends on your weakness |
| Entertainment | $100-$200 | Gigs, cinema, bars |
| TOTAL (solo) | $2,844 | Before savings or debt |
Where the Money Actually Goes
Groceries: Woolworths and Coles are accessible, but the real move is Preston Market on Wednesday, Friday, Saturday, or Sunday — fresh produce at prices that make supermarkets look like a rip-off. Budget $80-120/week for one person.
Eating out: The average meal out runs $18-25 for lunch and $30-50 for dinner. But Preston’s cheap eats scene means you can eat a $14 pho at Pho Hung on High Street or a $10 gozleme at the market and feel like royalty.
Transport: A full-price Myki costs $10 daily cap, $50 weekly cap in Zone 1-2. Preston is firmly Zone 1. Three train stations — Preston, Bell, and Regent on the Mernda line — plus the 86 tram along Plenty Road keep your commute options wide.
The Hidden Costs Nobody Warns You About
- Parking permits — Council parking permits run $50-150/year depending on the area
- Brunch culture tax — You will spend more on breakfast than you budget for. It’s Melbourne law.
- The “quick drink after work” budget — A pint in Preston averages $12-14. Cocktails run $18-24.
- Laundry — If your apartment doesn’t have a washing machine, coin laundry runs $8-12 per load
FAQ
Is Preston cheaper than Northcote? Yes. Expect to pay roughly 15-20% less for comparable rentals. The trade-off is a slightly longer commute and a less established cafe strip.
How much is a one-bedroom apartment in Preston? Around $336/week as of early 2026, depending on condition and proximity to the station or High Street.
Is Preston good value for money? Yes. The food scene, transport links (three train stations, tram 86), and community punch above the price point. It’s one of Melbourne’s better inner-north deals.
The Verdict
Preston offers genuine value in Melbourne’s inner north. At these prices, you get three train stations, one of Melbourne’s best markets, and a food scene that rivals suburbs charging 20% more. The key is knowing where to spend (the market, the local cafes) and where to save (skip the supermarket produce aisle). For more context, check our Living in Preston guide and our Preston neighbourhood guide.
Prices current as of March 2026. We update quarterly. Got a correction? [email protected]
Explore More of Preston
- Preston History
- Preston Things To Do This Weekend
- Preston Cheap Eats
- Preston Rent Guide
- Preston Date Night Guide
- Preston New Openings
- Preston Things To Do
- Preston Young Professionals Guide
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