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Albert Park suburb profile

Albert Park is an inner-south Melbourne suburb centred on Albert Park Lake and its broad reserve, offering a green, waterside setting a short ride from the city. Tree-lined streets of Victorian and Edwardian terraces sit alongside interwar homes and pockets of contemporary apartments, creating a mix that appeals to professionals, families and long-term locals who value access to open space. The park itself has walking and cycling paths and a busy weekend atmosphere, and the surrounding roads form the well-known Albert Park street circuit. Trams to the city run nearby and a handful of café strips and local shops meet everyday needs.

Albert Park property market performance

Current median dwelling price$1,659,375Past 3 months

Property growth+8.8%Past 12 months

Albert Park has relatively few recent unit sales, so there isn't enough data to publish a reliable median unit price. The median house price is $2.745 million, down a slight 0.7% over the last 12 months. Unit values rose sharply, up 18.3% over the last 12 months, increasing much faster than house values.

Over the last three months 25 houses and 4 units sold. Houses sold in a median of 35 days.

The rental market in Albert Park showed strong growth: the average house rent is $998 a week, up 10.9% over the last 12 months, while the average unit rent is $650 a week, up 16.1%, so unit rents grew faster than house rents.

HousesUnits
Median price
Past 3 months
$2.75MN/A
Change in value
Past 12 months
-0.7%18.3%
Sold
Past 3 months
254
Median days on market
Past 12 months
35N/A
Average rent
Past 12 months
$998$650
Change in rent
Past 12 months
10.9%16.1%

5 year median price trend for houses and units

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Albert Park demographics

Albert Park is a community of 6,044 people with a median age of 46 years. The typical household has a median weekly income of $2,533, roughly $131,700 a year.

Family types are dominated by couples: couple families with children make up 44.1% of families and couple families without children 41.8%, together about 86% of families. One-parent families account for 12.5% and other families 1.6%.

Homes in Albert Park are predominantly owner-occupied, with just over three in five held by owners (37.8% owned outright and 24.5% owned with a mortgage). Renters occupy 37.7% of dwellings.

Suburbs near Albert Park

Some popular suburbs near Albert Park include:

  • South Melbourne: Established village atmosphere with Victorian terraces and cafes, near the bay.
  • Middle Park: Leafy bayside suburb with beachside parks and a quiet residential feel.
  • Melbourne: The state capital and CBD, a dense urban core of shops and skyscrapers.
  • Southbank: Riverside precinct of high-rise buildings, cultural institutions and lively dining.
  • St Kilda West: Small beachside neighbourhood with older homes and coastal foreshore reserves.

How does Albert Park compare to nearby suburbs?

  • Median house prices: Albert Park’s median house price is 83.0% higher than South Melbourne’s.
  • Median unit prices: Albert Park’s median unit price is 14.3% lower than South Melbourne’s.
  • House price growth: Over the past 12 months, house prices in Albert Park have grown 1.9% higher than in St Kilda West.
  • Unit price growth: Over the past 12 months, unit prices in Albert Park have grown 16.3% higher than in South Melbourne.
  • Selling speed for houses: Properties in Albert Park are selling 41.7% faster than in South Melbourne.
  • Investment considerations: In Albert Park, the rental yield for house is 57.4% higher than the Melbourne average, while the rental yield for units is 10.2% higher.
  • House price growth: Over the past 12 months, house prices in Albert Park have grown 136.6% higher than the average rate of growth across Melbourne.
  • Unit price growth:Over the past 12 months, unit prices in Albert Park have grown 62.8% higher than the average rate of growth for units across Melbourne.

Choose the right real estate agents in Albert Park

There are 37 real estate agents in Albert Park, but they don’t all deliver the same results.

Some agents have a much stronger presence in the suburb, with just 5 agents handling around 50.4% of all sales in the past year.

Commission rates in Albert Park typically range from 1.8% to 2.47%. Comparing agents—including what they charge, what’s included, and how they structure their fees—is not only important when choosing an agent, the right structure can help ensure your chosen agent is motivated to achieve the best possible result.

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