albert park

3206, Victoria

Real Estate & Property Information

Median
Price Rank 27

albert park Suburb Profile & Review

Set in the heart of Melbourne, Albert Park is renowned for its wide streets, heritage buildings, terrace houses, open air cafes, and of course as the home of the Australian Grand Prix.

Along Bridport Avenue all the way to Victoria Avenue find upmarket boutiques, cafes and exquisite delicatessens. Palm trees lining Beaconsfield Parade bring a hint of the tropics to the Port Phillip Bay beachfront, and here you can enjoy a stroll along Kerferd Road Pier or grab a coffee at the Sandbar Beach cafe.

Albert Park Lake is home to the Melbourne Sports and Aquatic Centre, Lakeside Stadium, Junction Oval, several sailing clubs and numerous restaurants and function centres. Grassy wetlands within the park attract birdwatchers in droves, while the lake allows for recreational fishing. Nearby St Vincent Gardens with its picturesque scenery and overlooking terrace houses resembles inner-city London. Frequent trams service Victoria Avenue, Canterbury Road and Mills Street, while bus routes connect to Brighton, Elwood and St Kilda. The city centre is just ten minutes along City Road.

Invest/Buy/Sell Checklist

Research
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  • 1. Capital works allowance (Division 43) Takes into account the construction costs of the building itself, such as concrete and brickwork
  • 2. Plant and equipment (Division 40) A deduction available for removable assets identified by the ATO that depreciate at a faster rate than the building eg carpet, dishwasher, blinds, ovens.

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Adding value
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albert park Demographic Data

$ 1,147,500 Median House Price

12 Minutes Average Commute

40 Median Age

5,955 Population

51.54 % Female

48.46 % Male

1567 NO OF FAMILIES

1.6 AVG CHILDREN PER FAMILY

0.9 AVG MOTOR VEHICLE PER DWELLING

What this means

The following data, without any explanation, is just that, raw data. So in order to help you research the property market, we have outlined what this demographic and real estate information means and how it can be interpreted to help you make a smarter decision when buying or selling your next house or unit in albert park, Victoria.

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albert park Demographic Data

The demographic data below has been supplied by the Australian Bureau of Statistics (ABS), which is a government body. It is based on Census data collected every 5 years on the Australian population. Although it is dated 2011, this is the latest data available and should give property investors, property buyers and sellers a very good idea when researching or reviewing their suburb.

It’s important to note when looking at this data that you don’t just use it on its own. Consider this demographic and real estate data as a whole and seek advice from a professional when thinking of buying or selling your next property.

albert park Median House Prices

  • 2008 $ 1,000,000
  • 2009 $ 1,150,000
  • 2010 $ 1,055,500
  • 2011 $ 1,147,500
  • 2012 $ 1,147,500

What this means

Median values are the most accepted measure of property values in the real estate industry in Australia. The median is the midpoint (the middle) figure when all the sold property prices over a particular period of time are ordered from their lowest to their highest value.

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albert park 5 Year Median House Prices

Here we have outlined the median value for all sales for each year over a period of 5 years. This is a more realistic timeframe when gauging how houses and units in albert park have performed, and it usually indicates how they will perform in the future.

Median values less than 3 months old are often not always accurate (due to incomplete data) and therefore cannot be relied upon for long-term albert park property price predictions.

albert park Market Property Types

  • 25 % Seperate House
  • 54 % Semi Detached
  • 20 % Flat or Unit
  • 1 % Other Dwelling

What this means

The property type in your suburb will help you identify the density of the area. The greater the number of flats, units and apartments, the more likely it is the suburb has a higher density of living and occupants are more reliant on public transport, cafes, restaurants, convenience stores and amenities, infrastructure and less reliant on their own vehicle for transport.

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albert park Market Property Types

Typically, inner city suburbs within 10km of the CBD are comprised of apartments and semi-detached homes, while middle ring suburbs have semi-detached and detached properties. Rural properties would most likely fall under the “other” category.

This ABS Property Type data combined with Population Density and Family Composition figures gives a good indication of the type of people living in an area and therefore what type of property (1-2 bed apartment or house) would be an ideal investment or property to live in.

albert park Income & Mortgage Stats

  • $ 1,981 Median Weekly Household Income
  • $ 3,000 Median Monthly Mortgage

What this means

This is one of the most compelling statistics in this section because it has a profound impact on real estate prices. It should always be considered when buying or selling property in albert park

Experts believe mortgage stress occurs in real estate when property owners are spending over 30% of their gross income on their mortgage repayments. These figures show weekly income and monthly mortgages.

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albert park Income & Mortgage Stats

To calculate the percentage of income paid towards a mortgage for the suburb of Melbourne, multiply the mortgage payment (e.g. $2450) by 12 then divide this figure by the weekly income (e.g. $1200) multiplied by 52 (weeks) to look like this ($2450 x12/$1200 x 52) x 100 = 47%

Any figure above 30% usually indicates that the suburb you intend to buy in may have property owners with a high incidence of mortgage stress. In terms of maintaining or growing property values in the future and trying to secure a strong property price when selling, this could have an impact, especially in an economic or local industry downturn.

albert park Sold Property Prices

albert park Real Estate Experts

In each suburb we have identified real estate agents who are active local experts. Our goal is to have a network of real estate agents that have been reviewed by previous clients for future buyers and sellers to rely on when making their next property move or even when they just wanting real estate advice.

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albert park Restaurants

  • VicAsia95 Victoria Ave albert park VIC 320603 9690 2390
  • The Victorian123 Beaconsfield Pde albert park VIC 320603 9686 3232
  • The Point Restaurant & BarAquatic Drivealbert park VIC 320603 9682 5566

albert park Cafes

  • Carousel22 Aughtie Drivealbert park VIC 320603 8646 6000
  • Lina's Bistro a Vin114 Bridport Streetalbert park VIC 320603 9645 5515
  • Annabelle's Bakery200 Bridport St Westalbert park VIC 320603 9699 5002

albert park Schools

  • Albert Park Primary SchoolBridport Streetalbert park VIC 3206(03) 9699 9090State Primary School
  • Albert Park College83 Danks Streetalbert park VIC 3206(03) 8695 9000State Secondary College
  • University of the Third Age224 Danks Stalbert park VIC 3206(03) 9696 3495University

albert park Childcare

  • Albert Park Preschool CtrDundas Plalbert park VIC 3206
  • South Melbourne ChildcareCarter Stalbert park VIC 3206

albert park Sporting Centres and Clubs

  • South Melbourne Rowing Clubalbert park VIC 3206Boating Club
  • Albert Park Model Yacht Clubalbert park VIC 3206Boating Club
  • Albert Park Yacht Clubalbert park VIC 3206Boating Club

albert park Vets

  • Port Phillip Animal Hospitalalbert park VIC 3206

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