Chapel St draws the crowds, but two blocks east the market splits in four. A $247K studio on Commercial Rd and a $6.4M terrace on Chatsworth Rd sit 400 metres apart. Houses median $1.6M, units $971K. Rents median $1,201/wk. High turnover, strong rental demand, and 11,920 addresses across 204 microburbs.
The median hides two distinct markets: houses and units. Here is what each price band looks like.
Prahran sits between South Yarra to the north and Windsor to the south. Chapel St runs north-south through the centre. The character changes block by block.
The retail and hospitality spine. High-density apartments above shops. Median unit around $650K. Rents are strong at $1,100/wk+ for 2-beds. Greville St is the creative hub. Noise and foot traffic on Chapel itself push prices lower at ground level.
Period terraces and family homes on quiet tree-lined streets. House median around $2.4M. Closest to Armadale and the Botanic Gardens. Lowest renter share in the suburb. This is where the prestige market sits.
High-density zone running east-west along Commercial Rd. Older apartment blocks, strong rental yields. Median unit around $480K. Entry point to Prahran. Higher renter share (65%+). Some blocks with social housing nearby. Most affordable microburbs cluster here.
Transitional zone toward Windsor. Mix of converted warehouses, new townhouses, and older units. House median around $1.4M. Good value relative to east Prahran. Strong renovation activity. Gentrifying steadily.
Current median price by street from our valuation model. Prahran has 80+ streets with price data. Showing top 8 below.
| Street | Current Median | Type | Beds | Total Sales | Median Hold | Trend |
|---|---|---|---|---|---|---|
| Chatsworth Rd | $2.85M | House | 4 | 89 | 12.3 yrs | |
| Cecil St | $2.41M | House | 3 | 112 | 11.8 yrs | |
| Greville St | $1.67M | Mixed | 2 | 204 | 7.2 yrs | |
| Chapel St | $1.12M | Unit | 2 | 387 | 5.4 yrs | |
| Porter St | $1.05M | Mixed | 2 | 156 | 6.1 yrs | |
| High St | $985K | Unit | 2 | 198 | 5.8 yrs | |
| Simmons St | $870K | Unit | 2 | 134 | 4.9 yrs | |
| Commercial Rd | $520K | Unit | 1 | 278 | 4.2 yrs |
+72 more streets available in the full Prahran report, including Malvern Rd ($1.95M), Wattletree Rd ($1.1M), Essex St ($1.35M), and all 80+ streets with current medians and trends.
| Address | Sale Price | Valuation | vs Valuation | Bed/Bath/Gar | Date |
|---|---|---|---|---|---|
| Unit 211, 10 Hillingdon Pl | $565,000 | $565,000 | ~match | 2/1/1 | Jan 2026 |
| Unit 107, 22 Chatham St | $285,000 | $285,000 | ~match | 1/1/-- | Apr 2023 |
| Unit 6, 21 Izett St | $515,400 | $520,000 | Sold 0.9% below | --/--/-- | Apr 2023 |
| Unit 204, 7 Carlton St | $500,000 | $500,000 | ~match | 2/1/1 | Apr 2023 |
| 111A Charles St | $2,360,000 | $2,360,000 | ~match | 3/2/2 | Apr 2023 |
| Unit 78, 8 Perth St | $985,000 | $985,000 | ~match | 2/2/2 | Apr 2023 |
111A Charles St at $2.36M is the highest recent sale. Chatham St units from $285K. More sales in the full report.
| Address | Guide | Valuation | Bed/Bath/Gar | Listed | Agent |
|---|---|---|---|---|---|
| Unit 3, 2A Lexton Grove | $610,000 | $610,000 | 2/1/1 | 23 Jul 2025 | Belle Property Armadale |
| Unit 2, 6 Lalbert Cr | $1,495,000 | $1,495,000 | 2/1/2 | 14 Jan 2026 | Marshall White Stonnington |
| Unit 407, 11 Hillingdon Pl | Forthcoming Auction | $595,000 | 2/1/2 | 30 Jan 2026 | MP Property Agents |
| Unit 202, 11 Hillingdon Pl | $595,000 | $595,000 | 2/1/1 | 27 Oct 2025 | Melcorp Real Estate |
| Unit 305, 10 Hillingdon Pl | Under offer | $565,000 | 2/1/1 | 15 Oct 2025 | Kay & Burton |
5 listings shown. Blurred valuations are in the report ($49). 2 shown free as examples. Auctions with no guide rely on the valuation to estimate a likely range. See all Prahran properties.
| Address | Rent | Type | Beds/Bath | Agent |
|---|---|---|---|---|
| 2/88 Commercial Rd | $450/wk | Unit | 1/1 | Biggin Scott |
| 14/30 Greville St | $780/wk | Unit | 2/1 | Jellis Craig |
| 36 Cecil St | $1,450/wk | House | 3/2 | Marshall White |
| 6/12 Porter St | $620/wk | Unit | 2/1 | Hocking Stuart |
| 22 Chatsworth Rd | $2,100/wk | House | 4/3 | Kay Burton |
Prahran rents range from $311/wk (studios on Commercial Rd) to $4,664/wk (prestige houses). Median $1,201/wk. Gross yield is stronger for units (3.2%) than houses (1.8%). See rental yield by block in the full report. From $49.
| Metric | Prahran | Melbourne |
|---|---|---|
| Median house | $1.6M | $1.08M |
| Median unit | $971K | $580K |
| Days on market | 32 | 35 |
| Auction clearance | 72% | 63% |
| Sales volume (12m) | 245 | -- |
| Metric | Prahran | Melbourne |
|---|---|---|
| Median rent | $1,201/wk | $520/wk |
| Gross yield (house) | 1.8% | 2.3% |
| Gross yield (unit) | 3.2% | 3.8% |
| Renter share | 52% | 31% |
| Unit-to-house price ratio | 60.7% | 54% |
52% of Prahran residents rent. This is 1.7x the Melbourne median, reflecting its inner-city, transient character. Units offer better yield, houses offer capital growth.
Red line = Melbourne median. Car space rate below median reflects inner-city location with good public transport (trams on Chapel St, Commercial Rd). Full amenity data in the report.
| Suburb | City | Balcony % | 2+ Bed |
|---|---|---|---|
| Prahran | Melbourne | 64% | 61% |
| South Yarra | Melbourne | 68% | 55% |
| Windsor | Melbourne | 59% | 63% |
| Armadale | Melbourne | 52% | 72% |
Prahran sits in the Stonnington LGA. Chapel St is a designated Major Activity Centre under Plan Melbourne, zoned for increased density. Several sites along Chapel St and Commercial Rd are approved for 8-12 storey mixed-use developments.
The heritage overlay applies to parts of east Prahran (Victorian terraces on Cecil St and Chatsworth Rd) but not to the commercial corridors. This creates a split: west of Chapel St is building up, east of Chapel St is largely protected.
Recent DAs include a 10-storey residential tower at 181-183 Chapel St, conversion of a heritage warehouse to apartments on Izett St, and townhouse infill on Porter St. Prahran Market (a heritage building) is not under development threat.
Prahran offers genuine entry points that most inner Melbourne suburbs do not.
A 1-bed unit on Commercial Rd at $380K requires a $1,520/month mortgage at 80% LVR. That is achievable on a single income. A $2.4M terrace on Cecil St requires $9,600/month. Two very different markets under the same postcode. 52% of Prahran residents rent, suggesting many are choosing location over ownership.
The main risks are density and oversupply. Chapel St corridor has significant new apartment stock in the pipeline. The Horace Petty social housing estate on Malvern Rd is undergoing redevelopment and will add 400+ social and market dwellings. Flood risk is moderate for blocks closest to the Yarra River flood plain.
Prahran has the Horace Petty estate and several scattered social housing properties. We check every property individually using ownership records and tenancy data. In the full report, you can see social housing probability for individual addresses. See Belmont North for an example suburb with social housing data.
| Suburb | City | Median House | Median Unit | DOM | Renter % | Median Rent |
|---|---|---|---|---|---|---|
| Prahran | Melbourne | $1.6M | $971K | 32 | 52% | $1,201/wk |
| South Yarra | Melbourne | $2.3M | $680K | 30 | 58% | $890/wk |
| Windsor | Melbourne | $1.35M | $620K | 34 | 55% | $720/wk |
| St Kilda | Melbourne | $1.5M | $590K | 36 | 60% | $680/wk |
| Armadale | Melbourne | $2.8M | $850K | 28 | 32% | $1,050/wk |
Windsor is the value alternative at $1.35M house median. South Yarra offers cheaper units ($680K) but more expensive houses ($2.3M). Armadale is the premium family option at $2.8M with lower renter share (32%). St Kilda offers beachside at similar house prices. See how neighbours compare in the full report.
Every topic below has its own block-level analysis for Prahran. Click to see the full breakdown.
Compare Prahran to: South Yarra | Windsor | St Kilda | Armadale | Toorak | Richmond | Albert Park
Or search any suburb to see block-level data.
