James Nelis
Grovedale, VIC+18
Melbourne · Inner Melbourne
Docklands is a modern, high-rise waterfront precinct defined by striking architecture and stunning harbour views. A purpose-built extension of Melbourne's CBD, it combines residential towers with corporate headquarters and entertainment venues. While historically criticised for being windswept and lacking soul, it has matured into a vibrant community with improved amenities and a dynamic, convenient lifestyle.
Market snapshot
Price register · May 2026
Median house
$1.15M - $1.55M
Mid-band $1.35Mspread 30%
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Median unit
$500,000 - $675,000
Mid-band $588Kspread 30%
Days on market
~28-64 days
Median listing-to-sold window. Shorter = tighter buyer field.
Auction clearance
Private-treaty market
Share of auctions sold. Brisbane skews private-treaty.
Rental yield
5.9% to 6.9%
Gross yield on house stock. Premium suburbs compress.
5-year house-price growth
-12% to +8%
cumulative since 2021Who buys here
Young professionals · Investors · Downsizers
5-year trend
Modelled trajectory anchored on aggregated 5-year median figures. Indicative; not month-by-month observed data.
Market analysis
The Docklands property market presents a tale of two distinct segments: a small, volatile house market and a large, mature apartment market. With only a handful of house sales annually (around 15-20), the median house price is subject to significant fluctuations and is currently stated at $1.37M, a notable decrease of 18.6% over the past year. This volatility makes it a challenging segment to analyse and is best viewed as a niche market of luxury townhouses and waterfront homes.
The dominant story in Docklands is its apartment market. Comprising over 97% of the dwelling stock, the median unit price sits at a more stable $585,000. This figure has seen a modest decline of 4.1% year-on-year, reflecting broader market cooling in inner-city apartments after a period of adjustment. The five-year growth for units has been relatively flat, indicating the market has absorbed the high supply from the development boom of the 2000s and 2010s.
For investors, the key attraction is the robust rental market. The gross rental yield for units is a very strong 6.4%, driven by relentless demand from young professionals, corporate tenants, and students. This high yield provides a significant cash flow advantage that is rare in inner-Melbourne suburbs. Demand is reflected in properties leasing quickly, with units spending an average of 46 days on market. However, buyers must be aware of high body corporate fees in many buildings, which can impact net returns.
Docklands offers one of inner-Melbourne's most compelling investment cases, where strong rental yields of over 6% for units provide a buffer against flat capital growth.
The suburb's population grew by over 41% between 2016 and 2021, and continues to expand, ensuring a deep pool of prospective tenants. While capital growth has been subdued compared to Melbourne's leafy east, the investment thesis for Docklands is built on yield and lifestyle. The ongoing development of community infrastructure, such as the Docklands Primary School and Library at the Dock, is steadily improving liveability and gradually transforming the area from a transient hub to a more established residential community.
Why a buyers agent
Navigating the Docklands market requires a nuanced understanding that goes beyond median price data. It's a vertical suburb where value changes dramatically from one building to the next, and even from one floor to the next. An expert buyer's agent possesses a granular knowledge of individual building reputations, management quality, and potential issues like combustible cladding or upcoming special levies. They can differentiate between a premium apartment in a well-run complex and a seemingly similar one in a building with underlying problems. Furthermore, with a high concentration of investment properties, an agent can identify pockets with lower tenant vacancy and higher rental demand. They understand the impact of aspect—a north-facing view over the water versus a south-facing view of a freeway can mean a price difference in the hundreds of thousands. In a market dominated by apartments, a local specialist provides the critical insight needed to secure a quality asset and avoid the pitfalls common in high-density areas.
For property investors, the standout feature of the Docklands market is the high rental yield for apartments, currently sitting around 6.4%. This provides a strong and consistent cash flow that is difficult to find in other suburbs so close to the CBD.
Situated on the edge of the CBD, Docklands offers unparalleled convenience. Residents can walk, cycle, or take a free tram into the city centre. With Southern Cross Station on its doorstep, the entire metropolitan and regional transport network is easily accessible.
Living in Docklands means having waterfront promenades, marinas, and parks at your front door. The suburb is packed with modern amenities, including major shopping centres like The District, an array of restaurants, and world-class entertainment venues like Marvel Stadium.
Once seen as a purely commercial and transient area, Docklands is evolving. The addition of facilities like the Docklands Primary School and the award-winning Library at the Dock has fostered a stronger sense of community and made it more appealing for long-term residents and families.
Compare
| Metric | This suburbDocklands | NearbySouthbank | NearbyWest Melbourne |
|---|---|---|---|
| Median house | $1.15M - $1.55M | $400,000 - $550,000 | $1.20M - $1.60M |
| Median unit | $500,000 - $675,000 | $475,000 - $625,000 | $450,000 - $600,000 |
| Auction clearance | — | 54% to 64% | 78% to 88% |
| Days on market | ~28-64 days | ~29-69 days | ~29-67 days |
| Year-on-year growth | -9% to +1% | -11% to -1% | +3% to +13% |
| 5-year growth | -12% to +8% | -16% to +4% | +29% to +49% |
| Rental yield | 5.9% to 6.9% | 6.4% to 7.4% | 2.9% to 3.9% |
| Postcode | 3008 | 3006 | 3003 |
Snapshot date varies by suburb; see individual suburb pages for figures.
The place
Docklands is Melbourne's modern waterfront heart, a landscape of shimmering glass towers, scenic promenades, and bustling marinas just two kilometres from the CBD. Originally a swampy delta, it was transformed into the city's industrial docks before undergoing a massive urban renewal project starting in the 1990s. Today, it attracts young professionals and downsizers with its promise of a convenient, amenity-rich lifestyle.
Education needs are met by the state-of-the-art Docklands Primary School, which opened in 2021 to serve the growing number of local families. For recreation, the suburb offers numerous green spaces like Docklands Park, with its playgrounds and barbecues, and the sports-oriented Ron Barassi Senior Park.
Transport is a key advantage. Docklands is part of Melbourne's Free Tram Zone, with routes 35 (City Circle), 70, and 86 providing direct access to the city. Southern Cross Station, a major hub for metropolitan and regional trains, is a short walk away. For drivers, CityLink access is nearby, and ferry services connect the suburb to Geelong and Portarlington.
Shopping and dining are plentiful. The District Docklands offers a mix of retail brands like H&M and Uniqlo, alongside a Costco and Hoyts cinema. Waterfront dining precincts like NewQuay and Victoria Harbour provide a wide array of restaurants and cafes with harbour views. Major attractions include the iconic Marvel Stadium, home to AFL matches and concerts, and the O'Brien Icehouse.
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The 5-year trajectory is a modelled curve anchored on the documented cumulative growth rate. Editorial review: 13 May 2026. Updated quarterly.
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