Albert Park
Three numbers define this bayside pocket: a median age of 46 that runs 6.0 years above national, a 62.2% share of semi-detached terraces, and household income in the 92.7th percentile. The terrace-heavy stock is the legacy of Victorian-era subdivision, which is why separate houses sit at just 18.9% and apartments at 18.7%. University qualifications reach 62.9%, fully 32.8 points above the national figure, and that educated, established base scores decile 10 on IRSAD and decile 9 on IRSD. The catch is a 15.4% vacancy rate and a crime rate of 96.5 per 1,000 residents, both higher than the suburb's wealth profile would suggest.
Population
6,044
Median Age
46.0
Household IncomeiMedian weekly household income (ABS Census)
$2,533/wk
DAs (12 months)iDevelopment Applications lodged in the past year
13
Median House
$1.9M
Apr-Jun 2024
Buyers face a median house price of $1,855,000 for the June 2024 quarter, with the longer price series peaking at $2,475,000 in 2022 and sitting 5.9% below that peak by 2024. The stock is unusual: 62.2% semi-detached terraces dominate, separate houses are only 18.9% and apartments 18.7%, so a freestanding home competes for scarce supply. Three-bedroom dwellings lead at 38.3% and two-bedroom at 34.0%, leaving larger 4-plus homes at just 15.3%. Monthly mortgage repayments average $3,500, producing a mortgage-to-income ratio of 31.9%, above the 30% stress threshold even with incomes in the 92.7th percentile. Outright owners at 37.8% outnumber mortgage holders at 24.5%, which signals housing held by established, debt-free owners rather than recent entrants.
For Buyers
Buyers face a median house price of $1,855,000 for the June 2024 quarter, with the longer price series peaking at $2,475,000 in 2022 and sitting 5.9% below that peak by 2024. The stock is unusual: 62.2% semi-detached terraces dominate, separate houses are only 18.9% and apartments 18.7%, so a freestanding home competes for scarce supply. Three-bedroom dwellings lead at 38.3% and two-bedroom at 34.0%, leaving larger 4-plus homes at just 15.3%. Monthly mortgage repayments average $3,500, producing a mortgage-to-income ratio of 31.9%, above the 30% stress threshold even with incomes in the 92.7th percentile. Outright owners at 37.8% outnumber mortgage holders at 24.5%, which signals housing held by established, debt-free owners rather than recent entrants.
For Investors
A 37.7% renter share and weekly rent of $590 give landlords a deep tenant pool, but the math favours caution. Against the $1,855,000 house median, that rent implies a gross yield near 1.7%, low even by inner-Melbourne standards. The 15.4% vacancy rate points to real softness, well above a healthy 2 to 3% band, and the terrace-and-apartment mix at 80.9% of dwellings competes hard for tenants. Demand support leans on migration: net overseas inflow runs about 459 a year while internal migration removes 207, and rent grew 6.7% over the measured period. Development is thin at 8 applications in 12 months, mostly single-dwelling permits rather than new supply. With annual population growth at 0.94%, the investment case rests on capital preservation more than yield.
Development Activity
Total DAs
18
Last 12 Months
13
YoY ChangeiYear-over-year change in DA lodgements
+333.3%
Avg DA CostiAverage estimated cost per DA in the past year
N/A
Monthly DA Lodgements
DA Categories
Schools in Albert Park iICSEA: school advantage index. 1000 = national avg, higher = more advantaged
Albert Park Primary School
Prep-6 · 430 students
Albert Park College
7-12 · 1657 students
South Melbourne Park Primary School
Prep-6 · 402 students
Demographics
The median age of 46 is 6.0 years above national, and the trajectory is aging: the senior share rose 4.8 points while the working-age share fell 4.4 points over the decade. Overseas-born residents reach 27.3%, which is 5.7 points above the national figure. Ancestry leans Anglo-Celtic, led by English (2,213), Irish (984) and Scottish (722), with a notable Greek community of 589, and Greek is the top non-English language at 213 speakers ahead of Italian (42). University qualifications at 62.9% run 32.8 points above national, among the highest anywhere. Average household size is 2.2, which is 0.3 below national, consistent with the older profile where couples without children make up 29.7% of the 4,471 families.
Age Distribution
Bedrooms
Dwelling Structure
18.9%
Houses
62.2%
Townhouse
18.7%
Apartment
Tenure
Tenure splits into near-thirds: 37.8% own outright, 24.5% carry a mortgage and 37.7% rent. Outright owners outnumbering mortgage holders points to long-held, debt-free wealth rather than a churn of new buyers. The stock is 62.2% semi-detached terraces and 18.7% apartments, leaving separate houses at only 18.9%, which keeps detached-house prices elevated through scarcity. Three-bedroom dwellings account for 38.3% and two-bedroom 34.0%, while 4-plus bedroom homes are 15.3%. The house median of $1,855,000 sits 5.9% below the 2022 peak of $2,475,000, yet the broader 13-quarter series shows a 71.3% rise since 2013 at a 4.6% CAGR. Mortgage-to-income at 31.9% exceeds the stress threshold while rent-to-income at 23.3% stays comfortable, a divergence that reflects how steep purchase prices are relative even to 92.7th-percentile incomes.
Median House Price Trend
Source: State Valuer-General
Mortgage / mo
$3,500
Rent / wk
$590
HH Size
2.2
Personal Income / wk
$1,333
Vacancy Ratei% of dwellings unoccupied on Census night (ABS 2021)
15.4%
Unoccupied
457
Rent / IncomeiMedian rent as % of household income. Over 30% = housing stress
23.3%
Mortgage / IncomeiMedian mortgage as % of household income. Over 30% = housing stress
31.9% stressed
Community Profile
Languages Spoken at Home
Ancestry
Household Composition
29.7%
Couples, no children
4,471
Total families
Economy & Employment
The local workforce concentrates in high-paying knowledge sectors: Professional/Tech leads at 21.7% (526 workers), Healthcare follows at 13.7% (332) and Finance at 9.3% (226), with Education at 8.5% and Construction at 7.4%. By occupation, Professionals (1,201) and Managers (831) dominate, which aligns with the decile 10 IEO score for education and occupation. Unemployment is low at 3.6% and the full-time employment rate is 67.2%, though participation reads 60.3% because the aging profile leaves 1,615 residents not in the labour force. One anomaly stands out: the IER score for economic resources sits at decile 5 against decile 10 on IRSAD, because the 37.7% renter base depresses the household-asset measures that IER weighs.
Unemployment
2.9%
Labour Force
11,040
Unemployed
317
Quarterly Trend
Source: SALM Dec-25
Socio-Economic Indexes (SEIFA)iABS index ranking suburbs from 1 (most disadvantaged) to 10 (most advantaged)
Full-time
67.2%
Part-time
29.2%
Participation
60.3%
Employed
2,935
Occupations
Top Industries
University
62.9%
Postgraduate
21.7%
Born Overseas
27.3%
Dwellings
2,504
Transport to Work
Transport here is car-led: 75.5% drive while just 1.1% take public transport and 18.5% walk or cycle, the high active-transport share reflecting the compact 2.84 km2 bayside footprint. The suburb earns decile 10 on IRSAD, the top advantage tier nationally, and decile 9 on IRSD for relative disadvantage, so very few residents face deprivation. Volunteering runs at 20.1% and only 4.5% of residents (263 people) need daily assistance despite the older median age of 46. The clear caveat is safety: the crime rate of 96.5 per 1,000 is high for an affluent area, driven by 454 property and deception offences out of 583 total, which is typical of a high-footfall area near the bay rather than violent crime, since crimes against the person number just 70.
Drive
75.5%
Public Transport
1.1%
Walk / Cycle
18.5%
Work from Home
N/A
Population Forecast
+0.94%/yr
(+163 people/yr)
EstablishedAlbert Park is an established, slow-growth suburb: annual population growth registers 0.94% with a 10-year change of 12.0%. The dominant driver is overseas migration at roughly 459 a year, partly offset by net internal outflow of about 207, a pattern of inbound migrants replacing departing locals. The trajectory is aging, with the senior share up 4.8 points while the working-age share fell 4.4 points, leaving the median age of 46 a full 6.0 years above national. Gentrification reads as early signs at a score of 25, supported by the COVID recovery from a 6.3% dip back to full strength. Affordability improved from 43.3% in 2011 to 36.5% in 2021, though real incomes grew a modest 3.0%, below the pace seen in faster-growing markets.
Historical + Forecast
Hamilton-Perry + Holt smoothing on ERP 2001-2025
Age Cohort Forecast
Primary Driver
Overseas Migration
Net Overseas / yr
+459
Net Internal / yr
-207
Gentrification Signal
Early signs
Population +15% since 2011, Net internal outflow -207/yr, Strong overseas inflow +459/yr, COVID recovered (-6% dip → full recovery)
Safety & Crime
Total Offences
583
Year ending June 2024
Rate per 1,000 People
96.5
Offence Categories
Source: Crime Statistics Agency Victoria / SA Police
National Ranking iPercentile rank among ~15,000 AU suburbs. 90% = higher than 90% of suburbs
How Albert Park compares to ~15,000 Australian suburbs
Frequently Asked Questions
Is Albert Park a good suburb to live in?
Albert Park scores decile 10 on IRSAD and decile 9 on IRSD, the top advantage tiers nationally, with household income in the 92.7th percentile. University qualifications reach 62.9%, 32.8 points above national. The main trade-offs are a $1,855,000 house median and a crime rate of 96.5 per 1,000, higher than the wealth profile suggests.
What is the median house price in Albert Park?
The median house price is $1,855,000 for the June 2024 quarter, sitting 5.9% below the 2022 peak of $2,475,000. Over the longer 13-quarter series prices rose 71.3% since 2013 at a 4.6% annual rate. Weekly rent averages $590 and monthly mortgage repayments run about $3,500.
What schools are in Albert Park?
No schools are recorded inside the 2.84 km2 Albert Park boundary in this dataset, so families rely on schools in neighbouring suburbs. The resident base is highly educated, with university qualifications at 62.9%, which is 32.8 points above the national figure.
Is Albert Park safe?
The recorded crime rate is 96.5 per 1,000 residents, higher than the suburb's wealth would suggest, but 454 of the 583 offences are property and deception related. Crimes against the person number just 70, so the profile leans toward opportunistic property crime in a high-footfall bayside area rather than violence.
Is Albert Park good for property investment?
Rent of $590 a week against a $1,855,000 house median gives a gross yield near 1.7%, low for the market, and the 15.4% vacancy rate signals softness. Net overseas migration of about 459 a year supports demand, but 0.94% annual population growth means returns depend on capital growth more than yield.
How is Albert Park's population changing?
Population growth is 0.94% annually with a 12.0% rise over 10 years, classifying it as established and slow-growth. The profile is aging, with the senior share up 4.8 points and the working-age share down 4.4 points over the decade, while overseas migration of about 459 a year is the main growth driver.
What is the rental market like in Albert Park?
Renters make up 37.7% of households and weekly rent averages $590, giving a rent-to-income ratio of 23.3%, comfortably below the 30% stress threshold. The 15.4% vacancy rate is well above a healthy 2 to 3% band, so tenants have more choice than in tighter inner-Melbourne markets.
How to read these comparisons
Phrases like "above the national average" reference the unweighted median across Australian suburbs with more than 1,000 residents, not population-weighted national figures. Suburb-level medians are more useful for ranking suburbs against each other; ABS census headlines are population-weighted (so dominated by Sydney and Melbourne) and can read very differently.
Current baseline (refreshed 2026-05-10): median age 40, university-educated 30.1%, born overseas 21.6%, average household size 2.5 people.
Data sources: ABS 2021 Census (demographics, income, tenure), state Valuer-General (house prices), Department of Jobs SALM (unemployment), ACARA (school ICSEA), state Crime Statistics agencies (offences), council DA portals (development applications). Population forecasts use a Hamilton-Perry cohort model calibrated to ABS ERP.
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