Lorna Wang
Dubbo, NSW+27
Melbourne · Inner South
Renowned for its stunning Victorian and Edwardian homes, Albert Park exudes historical charm just 3km from Melbourne's CBD. Its wide, leafy streets, grand boulevards, and heritage architecture create a serene and inviting atmosphere. The suburb offers a glamorous, old-worldly feel, balanced by the vibrant, cosmopolitan lifestyle found in its boutique shopping and dining precincts.
Market snapshot
Price register · May 2026
Median house
$2.05M - $2.75M
Mid-band $2.4Mspread 29%
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Median unit
$725,000 - $975,000
Mid-band $850Kspread 29%
Days on market
~17-41 days
Median listing-to-sold window. Shorter = tighter buyer field.
Auction clearance
69% to 79%
Share of auctions sold. Brisbane skews private-treaty.
Rental yield
2.2% to 3.2%
Gross yield on house stock. Premium suburbs compress.
5-year house-price growth
+3% to +23%
cumulative since 2021Who buys here
High-income professionals · Established families · Affluent downsizers
5-year trend
Modelled trajectory anchored on aggregated 5-year median figures. Indicative; not month-by-month observed data.
Market analysis
The Albert Park property market is a textbook example of premium, blue-chip real estate, characterized by high demand, constrained supply, and strong long-term price fundamentals. As of May 2026, the median house price sits at a formidable $2.41 million, reflecting a 2.9% annual compound growth rate. This resilience is underpinned by the suburb's affluent demographic, with an average household income significantly above the Melbourne average, and a high proportion of owner-occupiers (over 60%).
Supply is structurally tight due to strict heritage overlays that limit new development, preserving the suburb's prized Victorian and Edwardian streetscapes. This scarcity, combined with a fast-selling market where houses average just 29 days on market, creates sustained buyer competition and a structural bias towards price growth. The auction clearance rate of nearly 74% further demonstrates the depth of buyer demand for the limited properties that become available. While the year-on-year growth for houses has been modest, the five-year trend shows a more robust 12.9% increase, highlighting the market's stability and long-term investment appeal.
The unit market presents a more complex picture. The median unit price is currently $848,500, which represents a significant annual decrease of -11.8%. This volatility suggests the unit market, which consists largely of older apartments and conversions, is more susceptible to broader market fluctuations and changes in buyer preference compared to the housing stock. However, for investors, units offer a much healthier rental yield of 5.6% compared to 2.7% for houses, making them a more attractive proposition from a cash-flow perspective.
A market defined by tight supply, affluent buyers, and heritage protection, making it one of Melbourne's most resilient and sought-after real estate destinations.
Key drivers for the market include its unbeatable location just 3km from the CBD, its exceptional lifestyle amenities like Albert Park Lake and the bay, and its prestigious school zones. The market is dominated by high-income professionals and established families who are less sensitive to interest rate fluctuations, providing a stable foundation for prices. While the entry cost is prohibitive for many, for those who can afford it, Albert Park represents a secure store of wealth with a strong track record of capital appreciation.
Why a buyers agent
In a market as competitive and nuanced as Albert Park, a buyer's agent is indispensable. With properties selling in an average of just 29 days and a high clearance rate, opportunities are fleeting. Many of the most desirable homes are sold off-market to avoid the publicity of a public campaign. An experienced agent provides access to these exclusive listings. Furthermore, navigating the suburb's strict heritage overlays and understanding the true value of a property requires deep local knowledge. An agent can identify the subtle differences between a prized Victorian terrace and one with hidden structural issues, a distinction that could save a buyer hundreds of thousands. They provide a critical advantage in negotiations and auctions where competition is fierce.
Situated just 3km from the CBD, Albert Park offers a unique blend of city convenience, bayside relaxation, and parkland serenity. Residents enjoy easy access to the beach, Albert Park Lake, and vibrant shopping villages, all within minutes of central Melbourne.
The suburb is renowned for its beautifully preserved Victorian and Edwardian homes. Strict heritage controls ensure the area maintains its unique character, making it one of Melbourne's most aesthetically pleasing suburbs and protecting property values.
With highly-regarded schools such as Albert Park College and Albert Park Primary, plus world-class recreational facilities like the Melbourne Sports and Aquatic Centre, the suburb is exceptionally well-equipped for families and active individuals.
Albert Park's property market is defined by high demand and limited supply. This dynamic, coupled with the suburb's affluent demographic, underpins its long-term price stability and growth, making it a secure blue-chip investment.
Compare
| Metric | This suburbAlbert Park | NearbyDocklands | NearbySouth Yarra |
|---|---|---|---|
| Median house | $2.05M - $2.75M | $1.15M - $1.55M | $1.75M - $2.35M |
| Median unit | $725,000 - $975,000 | $500,000 - $675,000 | $475,000 - $650,000 |
| Auction clearance | 69% to 79% | — | 65% to 75% |
| Days on market | ~17-41 days | ~28-64 days | ~20-48 days |
| Year-on-year growth | -2% to +8% | -9% to +1% | -2% to +8% |
| 5-year growth | +3% to +23% | -12% to +8% | +1% to +21% |
| Rental yield | 2.2% to 3.2% | 5.9% to 6.9% | 2.3% to 3.3% |
| Postcode | 3206 | 3008 | 3141 |
Snapshot date varies by suburb; see individual suburb pages for figures.
The place
Albert Park is a prestigious inner-city suburb located just 4 kilometres south of Melbourne's CBD, celebrated for its magnificent heritage architecture and bayside setting. The suburb is characterized by wide, tree-lined streets, grand Victorian and Edwardian terrace houses, and a sophisticated village atmosphere. The main commercial hubs are Bridport Street and Victoria Avenue, which host a collection of upmarket cafes, boutique retailers, and fine-dining restaurants.
The suburb's most significant landmark is the eponymous Albert Park, a 225-hectare recreational area that includes the famous Albert Park Lake, home to sailing clubs, a golf course, and the Melbourne Sports and Aquatic Centre. This park also hosts the annual Australian Formula 1 Grand Prix. The foreshore along Port Phillip Bay offers sandy beaches, landscaped paths, and the iconic Kerferd Road Pier.
Families are drawn to the area for its excellent schools, including the highly-regarded Albert Park Primary School and Albert Park College. Public transport is outstanding, with tram routes 1, 12, and 96 providing frequent and direct access to the CBD and surrounding suburbs like St Kilda and South Melbourne. The former St Kilda railway line was converted into the light rail that now serves the Route 96 tram. This combination of lifestyle, amenity, and accessibility makes Albert Park one of Melbourne's most desirable places to live.
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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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