Suburb Profile: Albert Park
I'm sitting here at Hot Honey café in Armstrong Street, Middle Park. Middle Park and Albert Park are only 4 kilometres from the CBD and have a vast array of cafes, bookstores and great amenities.
Within a short walk directly in front of me we have Port Phillip Bay, great walking tracks and beach, and directly behind me we have Albert Park Lake Reserve and the Aquatic Centre. Just marvellous facilities that Melbourne offers.
Housing in Albert Park
Albert Park and Middle Park is a great place in Melbourne to live. It has a vast array of housing styles, but in particular the desirable Federation, Victorian and Edwardian styles.
Entry price for the single-fronted Victorian in Albert Park and Middle Park is really becoming unaffordable, with entry price now commencing at around $1 million. Entry price for a one-bedroom flat starts at around the $450,000 mark.
Albert Park and Middle Park have incredibly high land values, in the range of $5,000 to $6,000 per square metre. Of course, they're not making any more land, so this narrow peninsula of land underpins the high land values in this location.
Transportation
Public transportation is excellent, with light rail running along Canterbury Road into the CBD, and of course a tram just around the corner here in Mills Street that runs straight into the city.
Lifestyle
Albert Park and Middle Park really has three villages. It has the Armstrong village, Bridport Street and Victoria Avenue.
Some of the best streets in Albert Park and Middle Park are of course St Vincent Place, Richardson Street, Page Street, Harold Street and Nimmo Street — all within walking distance to these great villages, and of course within walking distance to the Albert Park Reserve and the beach.
Streetscape
So we're driving down Richardson Street, Albert Park, and as you can see it's a beautiful wide boulevard, beautiful trees, and certainly the autumn leaves are out. You'd almost think this is Ballarat, it's that close. You could be out kicking a footy on the road.
But fantastic examples of Victorian and Federation style architecture. What I really like about Richardson Street, one of the premier streets in Albert Park, is the continuity of that architectural style. You can see on my right here a beautiful row of Federation and Victorian style architecture.
We're in Richardson Street, Albert Park, and behind me is a great example of what can be done with a period style double-fronted house that has been fully renovated. This Federation style unrenovated dwelling behind me recently sold for $1.85 million.
Investment tips
When selecting good investment property, it's not just about the location in Albert Park or Middle Park. It's about the street within that location, and if you're buying a flat it's the position of that flat within the block.
