Prahran
At 6,556 people per square kilometre, Prahran packs 12,203 residents into just 1.86 square kilometres, creating one of Melbourne's densest residential pockets. The suburb carries an unusual SEIFA fingerprint: IEO decile 10 (maximum education advantage) alongside IER decile 2 (very low economic resources), a gap of 8 deciles that reflects a highly credentialled population where 63.6% hold university qualifications, 33.5 points above the national average, yet median house prices have fallen 28.8% from the Oct-Dec 2023 peak of $2,107,500 to $1,500,000. Renters make up 55.4% of households, more than double the national average, and 47.4% of families are couples without children.
Population
12,203
Median Age
34.0
Household IncomeiMedian weekly household income (ABS Census)
$2,121/wk
DAs (12 months)iDevelopment Applications lodged in the past year
191
Median House
$1.5M
Apr-Jun 2024
The current $1,500,000 median house price represents a steep 28.8% decline from the Oct-Dec 2023 peak of $2,107,500, the sharpest recent correction among inner Melbourne suburbs. Over 14 years, prices have grown 51.5% from $990,000 at a modest 3.0% CAGR, below the Melbourne average. Apartments dominate at 59.6% of stock, with only 18.3% detached houses, making this a unit-buyer market. Two-bedroom dwellings account for 44.3% and studios/one-bedrooms for 27.8%, which suits the 1.8 average household size. Mortgage-to-income ratio sits at 24.8%, well below the 30% stress line, because household income at the 80.1 percentile is strong. The 18.1% vacancy rate is exceptionally high and gives buyers substantial negotiating power compared to tighter inner suburbs.
For Buyers
The current $1,500,000 median house price represents a steep 28.8% decline from the Oct-Dec 2023 peak of $2,107,500, the sharpest recent correction among inner Melbourne suburbs. Over 14 years, prices have grown 51.5% from $990,000 at a modest 3.0% CAGR, below the Melbourne average. Apartments dominate at 59.6% of stock, with only 18.3% detached houses, making this a unit-buyer market. Two-bedroom dwellings account for 44.3% and studios/one-bedrooms for 27.8%, which suits the 1.8 average household size. Mortgage-to-income ratio sits at 24.8%, well below the 30% stress line, because household income at the 80.1 percentile is strong. The 18.1% vacancy rate is exceptionally high and gives buyers substantial negotiating power compared to tighter inner suburbs.
For Investors
The rental market is deep: 55.4% of households rent, far above the national average, supplying a large tenant pool of young professionals. Median weekly rent of $421 on a $1,500,000 house median produces a gross yield of roughly 1.5%, one of the lowest in Melbourne. However, the apartment-dominated stock means unit yields will differ significantly from house figures. The 18.1% vacancy rate is a serious concern, among the highest in the metropolitan area, and suggests oversupply in the apartment segment. With 48 development applications lodged in 12 months, mostly heritage-overlay related works, new supply continues to trickle in. Overseas migration averages 687 arrivals annually, partially offset by 343 internal departures, producing a net gain that supports future tenant demand.
Development Activity
Total DAs
207
Last 12 Months
191
YoY ChangeiYear-over-year change in DA lodgements
+1636.4%
Avg DA CostiAverage estimated cost per DA in the past year
$2.9M
Monthly DA Lodgements
DA Categories
Schools in Prahran iICSEA: school advantage index. 1000 = national avg, higher = more advantaged
Our Lady of Lourdes School
Prep-6 · 162 students
Demographics
English (4,177), Irish (1,664) and Scottish (1,369) ancestries lead, with a notable Greek community of 828 reflecting Prahran's historical Mediterranean links. The 33.1% overseas-born share sits 11.5 points above national, with Greek (271 speakers), Mandarin (84) and Italian (61) the top non-English languages. The 63.6% university qualification rate places Prahran 33.5 percentage points above the national baseline, among the highest in Melbourne. Median age of 34 runs 6 years below the national figure, and the 1.8 average household size, well below the 2.5 national average, aligns with the 47.4% couples-without-children composition. Judaism (396 adherents) is notably represented alongside Christianity (3,910) and Buddhism (197), consistent with Prahran's proximity to the St Kilda and Caulfield Jewish communities.
Age Distribution
Bedrooms
Dwelling Structure
18.3%
Houses
21.6%
Townhouse
59.6%
Apartment
Tenure
Tenure breakdown reveals Prahran as a renter-dominated suburb: 55.4% rent, 24.4% hold mortgages and only 20.1% own outright, a ratio that sharply contrasts the national norm where owner-occupiers outnumber renters. Apartments make up 59.6% of stock, semi-detached 21.6% and detached houses just 18.3%. The price trajectory has been volatile: from $990,000 in 2013, the median climbed to $2,107,500 in late 2023 before crashing 28.8% to $1,500,000. That gives a 14-year CAGR of just 3.0%, below the Melbourne average, though the peak-to-trough drop likely reflects small sample sizes in the house segment. Two-bedroom dwellings at 44.3% dominate, with one-bedroom and studio at 27.8%. The mortgage-to-income ratio of 24.8% is moderate because the 80.1 percentile household income absorbs the cost.
Median House Price Trend
Source: State Valuer-General
Mortgage / mo
$2,274
Rent / wk
$421
HH Size
1.8
Personal Income / wk
$1,378
Vacancy Ratei% of dwellings unoccupied on Census night (ABS 2021)
18.1%
Unoccupied
1,376
Rent / IncomeiMedian rent as % of household income. Over 30% = housing stress
19.8%
Mortgage / IncomeiMedian mortgage as % of household income. Over 30% = housing stress
24.8%
Community Profile
Languages Spoken at Home
Ancestry
Household Composition
47.4%
Couples, no children
6,787
Total families
Economy & Employment
Professional and Technical Services leads at 19.9% of employment, followed by Healthcare at 14.6%, Education at 8.2%, Finance at 8.1% and Retail at 8.0%. This white-collar concentration is among the highest in Melbourne, with Professionals (3,350) and Managers (1,613) together making up 64% of the occupational profile. The 3.7% unemployment rate sits below the national average, and the 71.6% participation rate is well above the national figure, reflecting the young working-age demographic. Full-time employment at 74.0% is strong compared to state averages. Despite high incomes at the 80.1 household percentile, SEIFA IER sits at just decile 2, a seeming contradiction explained by the high cost of living and rental burden: a suburb where people earn well but much of that income flows straight to housing, leaving limited accumulated economic resources.
Unemployment
4.7%
Labour Force
16,105
Unemployed
753
Quarterly Trend
Source: SALM Dec-25
Socio-Economic Indexes (SEIFA)iABS index ranking suburbs from 1 (most disadvantaged) to 10 (most advantaged)
Full-time
74.0%
Part-time
22.3%
Participation
71.6%
Employed
7,677
Occupations
Top Industries
University
63.6%
Postgraduate
17.0%
Born Overseas
33.1%
Dwellings
6,209
Transport to Work
Transport options are strong for inner Melbourne: 22.1% walk or cycle, 9.5% use public transport and only 65.1% drive, figures well below the metropolitan average for car dependence. Crime totalled 2,703 incidents at 221.5 per 1,000 residents, extremely high even by inner-city standards. Property and deception offences dominate at 1,769 (65% of total), with crimes against the person at 389 and drug offences at 192. The elevated rate reflects the commercial precinct and nightlife strip rather than solely residential crime. The sole local school, Our Lady of Lourdes (ICSEA 1,142, Catholic primary, 162 students), sits well above the national benchmark of 1,000, though families needing secondary education must look to neighbouring suburbs.
Drive
65.1%
Public Transport
9.5%
Walk / Cycle
22.1%
Work from Home
N/A
Population Forecast
+0.51%/yr
(+108 people/yr)
EstablishedPopulation grew 9.3% over the past decade, with trend growth of 0.51% per year (108 persons annually). COVID caused a 7.8% population dip as inner-city renters relocated, but full recovery followed with 6.9% rebound. Migration dynamics are lopsided: overseas arrivals average 687 per year, but 343 residents leave for other parts of Australia annually, producing net growth driven entirely by international migration. The gentrification score of 24 shows early signs, though Prahran is already premium at IRSAD decile 10. Real income growth of 17.0% over the decade outpaced many comparable suburbs. Affordability improved from 39.5% rent-to-income in 2011 to 31.3% in 2021. Medium projections put the population at 21,543 by 2031, up from 21,112 in 2025.
Historical + Forecast
Hamilton-Perry + Holt smoothing on ERP 2001-2025
Age Cohort Forecast
Primary Driver
Overseas Migration
Net Overseas / yr
+687
Net Internal / yr
-343
Gentrification Signal
Early signs
Population +13% since 2011, Net internal outflow -343/yr, Strong overseas inflow +687/yr, COVID recovered (-8% dip → full recovery)
Safety & Crime
Total Offences
2,703
Year ending June 2024
Rate per 1,000 People
221.5
Offence Categories
Source: Crime Statistics Agency Victoria / SA Police
National Ranking iPercentile rank among ~15,000 AU suburbs. 90% = higher than 90% of suburbs
How Prahran compares to ~15,000 Australian suburbs
Frequently Asked Questions
Is Prahran a good suburb to live in?
Prahran suits renters and professionals wanting walkable inner-city living. The 22.1% walk/cycle rate and 9.5% public transport usage are well above average. Trade-offs include a 221.5 per 1,000 crime rate, 18.1% vacancy, and limited schools (1 primary only). IRSAD decile 10 and 63.6% university rate confirm strong socioeconomic standing, but median house prices at $1,500,000 remain steep.
What is the median house price in Prahran?
The median house price in Prahran is $1,500,000 as of April-June 2024, down 28.8% from the peak of $2,107,500 in late 2023. Over 14 years prices have grown 51.5% from $990,000, compounding at 3.0% annually. Median monthly mortgage repayments are $2,274 and weekly rent sits at $421, with a mortgage-to-income ratio of 24.8%.
What schools are in Prahran?
Prahran has one school: Our Lady of Lourdes (ICSEA 1,142, Catholic primary, 162 students), scoring well above the national benchmark of 1,000. Families requiring secondary education or government primary schools need to access neighbouring suburbs. The IEO decile 10 reading, the maximum nationally, reflects the extremely high adult education attainment at 63.6% university qualification.
Is Prahran safe?
Prahran recorded 2,703 offences at 221.5 per 1,000 residents, well above the Melbourne metropolitan median. Property and deception offences dominate at 1,769 incidents (65% of total), while crimes against the person total 389 and drug offences sit at 192. The high rate partly reflects the Chapel Street commercial and nightlife precinct attracting transient populations beyond the 12,203 residential base.
Is Prahran good for property investment?
Prahran's 55.4% renter share provides a deep tenant pool, but the 18.1% vacancy rate is among Melbourne's highest, and gross house yield at roughly 1.5% ($421 rent on $1,500,000) is very low. Capital growth compounded at just 3.0% over 14 years. The apartment-heavy stock (59.6%) may offer better unit yields. Overseas migration of 687 per year supports long-term demand.
How is Prahran's population changing?
Prahran's population sits at roughly 21,112, having recovered fully from a 7.8% COVID-era dip. Annual growth runs at 0.51% (108 persons per year). Net overseas migration of 687 arrivals per year drives growth, offset by 343 internal departures. Median age of 34 is 6 years below national. Medium projections forecast 21,543 residents by 2031.
What languages are spoken in Prahran?
Greek (271 speakers), Mandarin (84), Italian (61), French (49) and Cantonese (39) lead Prahran's non-English languages. With 33.1% of residents born overseas, 11.5 percentage points above the national average, the linguistic diversity is moderate. Greek speakers are the largest group, reflecting the suburb's long-standing Mediterranean community ties alongside the dominant English (4,177) and Irish (1,664) ancestry groups.
How to read these comparisons
Phrases like "above the national average" reference the unweighted median across Australian suburbs with more than 1,000 residents, not population-weighted national figures. Suburb-level medians are more useful for ranking suburbs against each other; ABS census headlines are population-weighted (so dominated by Sydney and Melbourne) and can read very differently.
Current baseline (refreshed 2026-05-10): median age 40, university-educated 30.1%, born overseas 21.6%, average household size 2.5 people.
Data sources: ABS 2021 Census (demographics, income, tenure), state Valuer-General (house prices), Department of Jobs SALM (unemployment), ACARA (school ICSEA), state Crime Statistics agencies (offences), council DA portals (development applications). Population forecasts use a Hamilton-Perry cohort model calibrated to ABS ERP.
Explore Prahran on the Map
View parcels, zoning overlays, DA applications, schools and more.
Open Interactive Map