Stop paying
South Melbourne’s wrong
manager.
South Melbourne landlords lose an average of $3,300+ a year without realising it. Not bad luck. Not a bad market. The wrong property manager.
What your current setup could be costing you
South Melbourne-calibratedSelf-managing isn't the only way to lose money on a rental. An agency that isn't reviewing your rent, marketing a vacancy properly or chasing arrears can cost just as much. This estimates the gap between your property's current performance and what South Melbourne's market conditions actually support.
Illustrative estimate from the figures you enter above, not a guarantee. Assumes 52 weeks/year.
South Melbourne market benchmarks
Cited, dated data| Measure | South Melbourne | Source |
|---|---|---|
| Median rent, unit | $650/wk | REIV, current quarter (accessed Aug 2026) |
| Median rent, house | $820/wk | REIV, current quarter (accessed Aug 2026) |
| Median sale price, unit | $644k | REIV, current quarter (accessed Aug 2026) |
| Median sale price, house | $1.40m | REIV, current quarter (accessed Aug 2026) |
| Gross rental yield, unit | 5.2% | AgentSelector calculation(rent × 52) ÷ price, from the rows above |
Suburb outlook
Market snapshotWe haven't published a full Landlord Index score for South Melbourne yet. A reliable score needs a suburb-level vacancy rate, and South Melbourne's isn't available through a free public source right now (SQM Research's suburb-level chart requires a paid data view) — so rather than estimate one, here's what the public rent and price data does tell us.
| Measure | Figure | Source |
|---|---|---|
| Median rent, unit | $650/wk | REIV, current quarter (accessed Aug 2026) |
| Median rent, house | $820/wk | REIV, current quarter (accessed Aug 2026) |
| Median price, unit | $644k | REIV, current quarter (accessed Aug 2026) |
| Gross rental yield, unit | 5.2% | AgentSelector calc.(rent × 52) ÷ price |
This suburb gets a full Landlord Index score (like Richmond and Sandringham) once a public vacancy-rate figure is confirmed for it, or once HTAG Analytics access is live — whichever comes first.
What's happening in the South Melbourne market
Updated quarterlySouth Melbourne vs. nearby suburbs
Comparison framing| Suburb | Median rent (unit) | Median price (unit) |
|---|---|---|
| South Melbourne | $650/wk | — |
| Albert Park | $950/wk | — |
| Port Melbourne | $900/wk | — |
| Southbank | $700/wk | — |
Frequently asked
FAQPage schema on publishWhat's the average property management fee in South Melbourne?
Property management fees in Melbourne suburbs like South Melbourne typically sit in a defined range of the weekly rent, plus a separate letting fee charged when a new tenant is placed. Exact fees vary by agency and by the level of service included.
What's the current vacancy rate in South Melbourne?
A suburb-level vacancy rate for South Melbourne isn't currently published through a free public source. We'll add it as soon as one becomes available, or once our HTAG Analytics integration is confirmed.
What's the median rent for a unit in South Melbourne?
$650 per week, according to REIV, current quarter (accessed Aug 2026). Source: REIV
Methodology & sources
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A suburb-level vacancy rate for South Melbourne isn't available from a free public source right now. Median unit rent currently sits at $650/wk, with houses at $820/wk (REIV, current quarter (accessed Aug 2026)), against a median unit sale price of $644k, putting the gross rental yield at 5.2%.
Without a confirmed vacancy figure, the safest read is the yield: a rental returning close to or above the Melbourne unit benchmark suggests healthy underlying demand, but getting the basics wrong (slow listing, above-market asking rent) still costs more the tighter the true market is. South Melbourne's rental stock is dominated by units and townhouses close to the CBD, Albert Park and the South Melbourne Market, with houses commanding a sizeable rent premium over units.