Bound by Port Phillip Bay, Pickles Street, Park Street and Fraser Street, Albert Park is one of Melbourne’s most expensive suburbs, measured on a price per square metre of land.
Mostly terrace houses and apartments, Albert Park is walking distance to the beach and the massive Albert Park Lake, where the Formula One Grand Prix is raced. It’s best streets are around the St Vincents Gardens and Bridport Street retail strip.
Albert Park is accessed via a light rail – however it is a straightforward drive into the city too.
According to the REIV, Albert Park’s median house price for the year ended December 31, 2007 is $932,000, up 30.3 per cent since the same time a year earlier.
This annual median figure is considered statistically more reliable than the REIV’s quarterly figures, as they are calculated using a much bigger sample.
The precinct of Middle Park – which is loosely bound by Albert Park Lake to the east, and the Middle Park Beach to the west, has higher median values. According to the REIV, Middle Park’s 2007 median house price is $1,425,000.