Prahran, Melbourne
Property insights
Discover Prahran, Melbourne's dynamic inner-city gem. Explore its cosmopolitan lifestyle, diverse property market, top schools, transport, and amenities for buyers in 2026.
Tips for Buyers
- 1.Be prepared for premium property prices; Prahran is a highly sought-after suburb.
- 2.Consider units and new developments for potentially stronger growth and entry-level options.
- 3.Evaluate long-term investment for capital growth over high rental yields.
- 4.Factor in ongoing urban development and increased density around transport hubs.
- 5.Leverage the excellent public transport and vibrant lifestyle as key benefits.
Common Property Types
- • Victorian-era homes
- • Modern apartments
- • New developments
- • Units
- • Houses
Who Lives Here
Prahran attracts a youthful and dynamic community, popular among young professionals, creatives, and families. Median age is 34, with a high median household income of $2,121 per week, reflecting the area's affluence and appeal for its vibrant atmosphere and proximity to the city.
Transport
- • Prahran Station (Sandringham line) - 10-19 mins to Flinders Street Station
- • Trams on Chapel Street (e.g., Route 78, Route 72)
- • Trams on High Street (e.g., Route 6) - 21-29 mins to Melbourne CBD
- • Buses (e.g., Routes 604, 605)
Schools
- • Our Lady of Lourdes Primary School
- • Windsor Primary School
- • Prahran High School
- • Wesley College (nearby)
Amenities
- • Prahran Market (Australia's oldest food market)
- • Chapel Street (boutiques, cafes, restaurants, nightlife)
- • Greville Street (unique cafes, bars, bookstores)
- • Princes Gardens
Prahran's property market is premium with strong demand, projected for continued price growth in 2026, especially for units. While rental demand is high (54% renter ratio), rental yields are relatively lower (around 2.93-2.95%), making it more appealing for capital growth investors rather than high rental yield seekers. Ongoing urban density initiatives suggest long-term development.
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