Southbank’s apartment market held its ground through the September quarter. The median sale price rose to $560,000 from $542,000 in June, although that lift owes more to a slightly larger share of two-bedroom sales than to rising values: like-for-like, two-bedroom apartments traded at a median of $575,000 (June: $582,500) and one-bedroom apartments at $375,000 (June: $385,000). The rental market is doing the heavy lifting — one-bedroom apartments now return a gross yield of 8.5%, among the highest in inner Melbourne.
- Median sale price of $560,000 in Q3 2026, up 3.3% on the June quarter.
- Like-for-like prices eased slightly: two-bedroom medians $575,000 and one-bedroom $375,000, both within 3% of June.
- Four in five sales (80%) fell in the $350,000–$850,000 bracket — Southbank remains a core one- and two-bedroom investor market.
- Rentals leased in a median 21 days (a year ago: 28), and one-bedroom asking rents are up 5.6% to $613 per week.
| Metric | Southbank (3006) |
|---|---|
| Market Trend | Stable — slight like-for-like easing |
| Buyer Demand | Moderate |
| Rental Demand | Strong |
Gross rental yields across Southbank range from about 6.2% on three-bedroom apartments up to approximately 8.5% on one-bedroom stock — strong cash returns for a riverside, arts-precinct address.
Top 10 sales, Q3 2026
| Address | Price | Beds | Bath | Car |
|---|---|---|---|---|
| 8405/70 Southbank Boulevard | $1,875,000 | 3 | 3 | 2 |
| 4811/7 Riverside Quay | $1,550,000 | 3 | 2 | 3 |
| 6003/35 Queens Bridge Street | $1,415,000 | 3 | 2 | 1 |
| 6205/18 Hoff Boulevard | $1,357,000 | 3 | 2 | 2 |
| 5105/7 Riverside Quay | $1,125,000 | 2 | 2 | 1 |
| 1902/80 Clarendon Street | $1,125,000 | 2 | 1 | 1 |
| 509/102 Wells Street | $1,095,000 | 3 | 2 | 2 |
| 908/11 Bale Circuit | $1,076,500 | 3 | 2 | 2 |
| 912/60 Kavanagh Street | $960,000 | 3 | 2 | 1 |
| 3211/60 Kavanagh Street | $930,000 | 3 | 2 | 1 |
Source: PriceFinder Sales Search, Southbank VIC 3006 (excluding 250 St Kilda Road, reported with St Kilda Road). Sales dated July–September 2026 with price disclosed, as reported at 2 October 2026; excludes sales without bed/bath data. Dashes indicate car-park data not captured for that title. For a full property report on any of these sales, contact Mark directly.
Market comment
Southbank’s top end is a story of height. The quarter’s highest result was a $1.875 million three-bedroom residence on level 84 of Australia 108 at 70 Southbank Boulevard, the four highest sales all sat on level 48 or above, and Eureka Tower at 7 Riverside Quay appeared twice in the top ten. Eight of the ten were three-bedroom apartments. Below that tier the market is far more uniform: most Southbank sales are one- and two-bedroom apartments trading between $350,000 and $850,000, and it is that segment that drives both the median and the suburb’s yields.
Market activity
Measured on bedroom-matched medians, Southbank prices have moved within a narrow band. Two-bedroom apartments have traded between $575,000 and $616,000 in every quarter since early 2025 — this quarter’s $575,000 sits at the bottom of that range — while one-bedroom medians have held between $375,000 and $395,000. Typical time-to-sell was 51 days, broadly unchanged on June but up from 41 days a year ago.
Three-bedroom apartments posted a median of $930,000 from a small sample of 17 sales. Activity was most concentrated on City Road, Clarke Street, Kavanagh Street and Queens Bridge Street.
With one-bedroom prices easing to $375,000 and asking rents holding at $613 a week, the gross yield on a typical Southbank one-bedroom apartment has lifted to 8.5%, from 8.1% in the June quarter. For buyers focused on cash flow, the entry-level end of the market is where Southbank currently works hardest.
Rental market
Southbank’s rental market has firmed over the past year. One-bedroom asking rents rose from $580 to $613 per week and two-bedroom rents from $710 to $750, although two-bedroom rents have eased from the $770 reached earlier this year. The median listing leased in 21 days this quarter, compared with 28 days in Q3 2025.
Measured against current sale prices, that puts gross rental yields at roughly 8.5% for one-bedroom apartments, 6.8% for two-bedroom apartments and 6.2% for three-bedroom apartments.
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Community — what’s on in October
Video games, tabletop and esports across the city, with PAX Aus filling the Melbourne Convention and Exhibition Centre at South Wharf from 9 to 11 October.
Independent theatre, comedy and performance across the city, with a free daily fire-pit installation at Fed Square, just over Princes Bridge.
Free opening-weekend program at Fed Square, including a Rebirth Brass Band second-line street party on Saturday 17 October from 1pm. Festival runs to 25 October.
Runway shows, designer showcases and more than 100 free and ticketed events across the city.
Dates as published by organisers at 2 October 2026 — check event websites before attending.
Figures are medians from PriceFinder sales and rental listing data for Southbank (postcode 3006; 250 St Kilda Road is reported with St Kilda Road), July–September 2026, with information cut off 2 October 2026. Gross yield = median weekly asking rent × 52 ÷ median sale price, same quarter and bedroom count. Dingle Partners operates six inner-city offices — for a free appraisal of your property, get in touch.