I live, work and own a property in Albert Park so clearly, I am a big fan! However, putting on my Melbourne Buyers Agent hat and attempting to remain neutral and un-emotive, I am very confident recommending it to clients based both on its lifestyle and capital growth performance.
It is one of the most expensive suburbs in Melbourne on a $ per sqm basis.
Why is this?
It is very Melbournesque – charming historic architecture – particularly Victorian single and double fronted terraces.
The consistent heritage architecture appeal of the streetscapes of the suburb are protected by a Heritage Overlay leaving very limited opportunities to demolish heritage houses and get higher density housing stock in.
As a result, the consistent capital growth of the suburb over multiple decades has been very impressive.
Residents enjoy its “village” vibe with numerous cafes, restaurants, retail options, including an IGA supermarket, small format Woolworths and a boutique grocer – Gumtree, and perhaps Melbourne’s best pizza at Italian Artisans on Victoria Avenue. A local independent bookshop adds appeal to any suburb and Albert Park is fortunate to have a great one (ABIA Bookstore of the Year 2022) – Avenue Bookstore in Dundas Place.
It is incredibly convenient – walking distance to South Melbourne Market, Albert Park Lake and the western section of the CBD. Or a short tram or light rail ride into the city.
Cyclists, both commuters and the lycra-clad recreational cyclist, are well-catered for. In the weekend, groups of cyclists, post their Beach Road rides, are a common site at local cafes.
St Vincent Place (overlooking St Vincent Gardens) is one of the most expensive localities in Melbourne and Richardson Street – running between Albert and Middle Parks – is also generally regarded as one of Melbourne’s premier streets. Barrett Street is beautifully tree lined, quiet and running between Gasworks Park and Victoria Avenue is another great option and, in my view, a bit underrated.
St Vincent Gardens gets my vote as one of Melbourne’s most beautiful parks and is well utilised by locals, including those playing at the Albert Park Tennis Club within the gardens which must have one of, if not the most, beautiful settings for a tennis club in Melbourne.
There is also a Bowls Club at the other end of St Vincent Gardens.
Gasworks Arts Park is an 8-hectare parkland also containing a community arts centre owned by the City of Port Phillip with two theatres, art galleries, artist studios and a café. It hosts a monthly Farmers Market.
If Albert Park has a weakness for family buyers, it has traditionally been the need to leave the suburb for quality secondary schooling, generally meaning a trip to private schools in relatively nearby South Yarra.
However, Albert Park College is a relatively new co-educational state school with three campuses, including an Environmental Arts Hub in Port Melbourne, has gained a reputation as a very good college both academically (VCE results in the state’s top ten percentile) and in terms of student experience.
Albert Park is very expensive – but justifiably so.
Last update: 21 Mar 2023
