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Real Estate South Yarra

Your Agency. Your Neighborhood.

Distance from CBD

Distance from CBD

4.5 km

Nearby schools

Nearby schools

Melbourne Girls Grammar School

Loreto Mandeville Hall

South Yarra Primary School

Popular cafes

Popular cafes

Abacus Bar & Kitchen

Two Birds One Stone

Norman

Parks & Recreation

Parks & Recreation

Fawkner Park
Rockley Gardens
South Yarra Siding Reserve

Who lives in South Yarra?

South Yarra’s population skews young and largely single, shaping strong demand for rental and unit stock:

Population

25,028

Average Age

20 to 39

Owner

36%

Renter

62%

Family

36%

Single

64%

Published: Jul 06, 2026 AEST, Update: Jul 06, 2026 AEST

What is the Current Median House Price and Market Outlook in South Yarra?

The Baseline Prices: The current (2026) median house price ranges between $1.31M and $3.55M. If you’re looking at apartments and units, the median has held remarkably steady right around $522.5K.

  • The Buyer’s Window: The housing market has undergone a healthy -13.12% 3.47% correction over the past year. For premium buyers, this pullback offers a fine opportunity to secure a blue-chip property at a relative discount.
  • The Rental Demand: South Yarra remains lucrative for long-term investors. It’s an intensely tenant-driven market, with roughly 62% of residents renting their homes.
  • The Bottom Line: Backed by premium lifestyle amenities and proximity to the CBD, it remains one of Melbourne’s most resilient hubs – boasting an impressive 2.20% average rental yield on units.

Dion Besser

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Median House Price

Median

1.74M

Quarterly price change

-13.12%

Median Unit Price

Median

522.5K

Quarterly price change

3.47%

Quarterly Price Change

  • Houses
  • Units

Sales Snapshot

Key insights to the property market within your suburb.

Auction clearance rate

42.17%

Median days on market

33 days

Is South Yarra a good investment for landlords and investors?

South Yarra’s investor profile is defined by high rental demand and a unit-dominated market:

Dwelling type

Houses

7%

Units

93%

Population

25,028

Population growth

-0.47%

Median age

40 days

Ownership

Owned Outright

18%

Mortgaged

18%

Rented

62%

Median asking rent per week

$967

Rental yield

2.20%

Median household size

2 people

Our Latest Properties In South Yarra

2 2 1

South Yarra

1804/229 Toorak Road
2 1 1

South Yarra

508/20 Garden Street
Sold
1 1 0

South Yarra

102/42 Wilson Street
Sold
2 1 1

South Yarra

12/43 Davis Avenue
Sold
2 2 1

South Yarra

302/681 Chapel Street
Sold
2 2 2

South Yarra

2008/7 Yarra Street
Sold
3 2 2

South Yarra

1/47-49 Caroline Street
Sold
1 1 0

South Yarra

101/227 Toorak Road
Sold
2 1 1

South Yarra

104/26 Wilson Street
Sold
3 2 2

South Yarra

17B Stables Lane
Sold
2 1 1

South Yarra

2203/3 Yarra Street
Sold
1 1 1

South Yarra

18/77 River Street
Sold
1 1 1

South Yarra

8/99 Osborne Street
Sold
2 1 1

South Yarra

5/17 Rockley Road
$560 per week
1 1 0

South Yarra

20/213 Williams Road
$2100 per week
3 3 3

South Yarra

1/8 Murphy Street

South Yarra’s Architectural Heritage & Landmarks

Architectural landmarks

  • 18 Fawkner Street is home to Clerehan House I, designed in 1958 by celebrated Melbourne architect Neil Clerehan as his own family residence.
  • Protected under Heritage Overlay HO799, the property is a rare, highly intact example of post-war Modernist architecture in South Yarra.
  • Clerehan and his family lived there from 1958 to 1968 before he designed a second home for himself nearby on Walsh Street.

Heritage planning precincts

  • South Yarra’s Toorak Road Precinct (HO150) and Lee Terrace Precinct (HO641) are both protected under Stonnington’s Heritage Overlay, reflecting the suburb’s 19th- and early 20th-century character.
  • Any exterior changes within these precincts – from front fences to second-storey additions – typically require council planning approval to preserve streetscape character.

Urban transformation

  • The historic Jam Factory site, first established in 1858, is undergoing a $2.75 billion redevelopment into a mixed-use precinct featuring five towers of residences, retail, hospitality, and hotel space.
  • This scale of investment signals long-term confidence in South Yarra’s position as one of Melbourne’s premier inner-city suburbs.

Schedule Property Appraisal

real estate agents south yarra

Navigating South Yarra’s Heritage Overlay Rules

Stonnington’s Heritage Overlay – What South Yarra Owners Need to Know

Much of South Yarra sits within one of three heritage precincts under Stonnington’s Planning Scheme (Clause 43.01): the Toorak Road Precinct (HO150), the Lee Terrace Precinct (HO641), and the Palermo Estate Precinct (HO128).

Each protects a different period of the suburb’s development, and each carries its own permit rules for owners looking to alter, extend, or sell – the kind of detail a general search or a quick desktop valuation tends to miss.

The three precincts, in brief:

  1. Toorak Road Precinct (HO150): Centred on Toorak Road (originally Gardiner’s Creek Road), laid out following Robert Hoddle’s 1837 survey. It remains South Yarra’s main commercial strip, and much of its early- to mid-twentieth-century shopfront character is protected.
  2. Lee Terrace Precinct (HO641): A small, tightly held pocket of 1880s middle-class housing, separated from the broader Toorak Road precinct so this residential stretch could carry its own tailored heritage citation.
  3. Palermo Estate Precinct (HO128): Centred on Palermo, Cunningham and Oxford Streets, this precinct traces back to the 1874 subdivision of the Palermo Estate, with its oldest cottages dating to around 1876. Growth followed the railway (1879) and tramways (1888), and the precinct is now valued for its intact run of Victorian Italianate terraces and cottages.

 A recent update to these boundaries:

These precincts aren’t fixed.

Stonnington’s Amendment C304ston, reviewed by an independent planning panel in 2021, was officially gazetted and came into effect in March 2023. It split the old HO150 into a purely commercial Toorak Road precinct and created the new HO641 for Lee Terrace, giving that residential pocket its own citation.

HO128 was refined the same way, narrowing its focus to Palermo Estate’s residential streets.

The practical takeaway for owners:
Overlay numbers and controls can shift over time, so it’s worth confirming the current schedule directly rather than relying on old council correspondence or a previous owner’s paperwork.

What typically requires a planning permit within these precincts?

  • Any change visible from the street – new front fences, carports, or garages, which generally need to sit set back and low-key rather than prominent.
  • Second-storey additions, usually required to sit behind the existing roofline so they don’t dominate the street view.
  • Solar panels installed on a street-facing roof plane.
  • Demolition, partial demolition, or subdivision within the overlay area.
  • Works to items specifically flagged in a property’s individual heritage citation, such as an original chimney, verandah, or fence noted as a contributory feature – these can trigger a permit even for a minor-looking repair.

What’s generally exempt from a heritage permit?

  • Internal alterations, unless the specific heritage schedule for that property has interior controls switched on.
  • Repainting an already-painted external surface, provided no external paint controls apply to that site.
  • Like-for-like repairs using matching materials.

These exemptions rest on the individual heritage citation for a property, not a blanket suburb-wide rule. Two houses on the same street can sit under different controls – one might carry tree or solar restrictions the other doesn’t – so checking the schedule first is a small step that can save a much bigger headache mid-renovation.

How can owners speed up the permit process?

  • Minor, straightforward works may qualify for the VicSmart pathway, which carries a statutory 10-business-day decision window – considerably faster than a standard application’s 60-day statutory window, which commonly runs several months in practice once information requests and referrals are factored in.
  • A pre-application meeting with council planners remains the most reliable way to avoid delays.
  • Not every renovation qualifies for VicSmart, since eligibility depends on the class of works and the overlay involved.

Want to know more about South Yarra?

FAQs
What is the current apartment buying market like in South Yarra, and what price range should I expect?

Units carry a median price of $520,000, up 4% this quarter. With apartments making up 93% of local stock, this is the more reliable figure for buyers than the suburb’s house price. Most properties sell within a median of 34 days on the market.

Can you compare current rental prices for 2-bedroom apartments in South Yarra with those in nearby suburbs?

South Yarra’s overall median asking rent is currently $964 per week across all dwelling types. Two-bedroom apartments tend to sit at the upper end of this range, generally on par with, or slightly above, comparable stock in neighbouring Richmond and Prahran. For an exact figure, we’d recommend checking a live listings platform, as these numbers shift week to week.

What are the best nearby amenities and transport options for new residents around Daly Street, South Yarra?

Daly Street is closest to South Yarra Railway Station and has nearby tram and bus access. It’s also within walking distance of the Chapel Street–Toorak Road retail strip.

Can you compare recent sales and performance of leading South Yarra real estate agents?

Comparing sales volume across individual agencies requires licensed sales data we don’t have verified access to for this page. A fairer gauge for buyers and sellers is an agency’s local presence, its grasp of heritage overlays, and its transparency about fees.

How do I choose the best real estate agent in South Yarra, Melbourne?

You should go for agencies with an established presence over broad metro coverage in South Yarra, since local knowledge shapes pricing accuracy here. Also, look for a walk-through appraisal rather than a desktop estimate, and get a clear idea of how constraints of old homes affect their market value.

What are the pros and cons of buying an apartment versus a house in South Yarra?

Apartments come with a lower entry price and lower upkeep, and rental demand here has stayed strong. Where they fall short is yield – currently 2.39% – and there’s real competition for anything well-located.

Houses are the scarcer option, making up only 7% of South Yarra’s housing stock, which gives them land value and more room to renovate. They also cost more upfront, sell less frequently, and often bring higher maintenance bills.

Someone chasing lifestyle or long-term growth might lean toward a house; an investor watching cash flow will usually find the apartment market a better fit.

Which streets or landmarks define South Yarra, and how does Toorak Road relate to the area?

Toorak Road has been the suburb’s commercial spine since the 19th century, and it’s still where most of the shops, restaurants and everyday services sit.

Away from the main strip, pockets like Lee Terrace and Palermo Estate hold onto a distinctly Victorian residential character, quieter and largely unchanged.

It’s this contrast – a busy retail road running alongside these heritage streets – that gives South Yarra its particular feel.

Which South Yarra real estate agents would you recommend for selling a property in Melbourne?

A good place to start is checking who’s actually sold nearby recently, rather than agents claiming broad Melbourne-wide coverage.

Besser & Co has built its practice around South Yarra specifically, covering sales, leasing and property management, with working knowledge of Toorak, Prahran and Armadale too. That local grounding tends to matter most when a heritage overlay affects what a property can sell for, or what a buyer could realistically do with it.

What should I expect in terms of fees and services from top South Yarra agents?

Commission generally includes photography, online listings, signage, and open inspections – though some agencies bill marketing as a separate line item, so it’s worth asking upfront.

Beyond that, expect an actual in-person appraisal rather than a desktop estimate, along with pricing based on comparable local sales.

Given how much heritage rules shape value here, a South Yarra agent worth using should be able to walk you through how overlays might affect your asking price or your buyer pool.