Prahran Property Market
& Suburb Profile

The suburb successfully balances its gritty, creative roots with significant modern investment, making it a primary choice for young professionals, creatives, and an increasingly affluent family demographic.

The lifestyle in Prahran is anchored by the world-famous Chapel Street and the iconic Prahran Market. As of late 2025, the Chapel Street precinct has seen a robust recovery, with local spend up significantly in the café and restaurant sectors. The suburb is also benefiting from the $60 million Prahran Square project, which has transformed a former car park into a massive urban park and public plaza, serving as the neighborhood's "green lung" and social heart. For recreation, residents frequent Princes Gardens, home to the Prahran Skate Park and the historic Chapel Off Chapel arts venue.

Education is a significant drawcard for the area, bolstered by the 2019 opening of Prahran High School, a state-of-the-art vertical campus that has quickly become a central pillar of the community. Primary education is served by the high-performing Our Lady of Lourdes Catholic Primary School and several well-regarded schools in the immediate vicinity. The suburb's compact, walkable nature and elite transit links—including the Sandringham rail line and multiple tram routes along Commercial Road and High Street—ensure that residents have seamless access to the city’s major university and medical precincts.

From a property perspective, Prahran is a resilient and prestigious market. The housing stock is a desirable mix of renovated Victorian-era terraces, single-fronted cottages, and an increasing number of ultra-luxury boutique developments.