Suburb Profile – Albert Park
Located only ten minutes from the city, Albert Park is an idyllic capsule of historic Melbourne that breathes pure tranquillity.
Featuring a palm tree-lined beachside boulevard on one side, a peaceful lake and park on the other, and numerous enticing cafes and restaurants in between, Albert Park offers a wonderful opportunity to lead a fabulously relaxed lifestyle.
Strong public transport links, in the form of trams and light-rail, means this most enchanting of suburbs is very easy to get to and from. With the city only 15 minutes away and the energised beachside suburb of St Kilda only 10 minutes down the road, Albert Park has long been popular with those looking for a great work/life balance.
The extent to which Albert Park’s many grand Victorian and Edwardian era homes are sought-after is evidenced by the fact that its median house price increased 150% from 2005-20151. For the twelve months to October 2016, the median sale price for a house in Albert Park was $1.7 million2. Over the same time period, the median sale price for a unit in the suburb was $815,0003.
The median weekly rent for a house in Albert Park was $7504 for the twelve months to October 2016, representing a median gross yield of 2.3%5. The median weekly rent for a unit over the same period was $4206, representing a median gross yield of 2.7%7.
According to the Australian Bureau of Statistics, 30% of all private dwellings in the area are owned outright, 24%are owned with a mortgage, and 44% are rented8 – the latter being 14% above the Australian average9.
Living in Albert Park is to enjoy long walks along the bay, strolls through its magnificently-wide streets, jogs around the lake, and to delight in the al fresco café and dining scene of Bridport Street. For one week a year Albert Park Lake hosts the exciting and energy-fuelled Melbourne Formula 1 Grand Prix, but at all other times, the suburb is a picture of serenity.
With a delightful mix of the grand and the laid back, this inner-city, bayside suburb is one of Melbourne’s historic gems.
– Last updated November 2016.
1. Department of Transport, Planning and Local Infrastructure (2016), A guide to property values
2. Core Logic (2016), Albert Park Suburb Profile
8. Australian Bureau of Statistics (2011), 2011 Census QuickStats: Albert Park