New 312-Unit Tower Transforms Albert Park's Housing Market in 2028

The Albert Park City Council approved a 28-storey apartment tower at 45 Lakeside Drive on July 7, with construction set to begin in early 2027.

The approval comes as vacancy rates in the suburb sit at 2.8 percent, the lowest level recorded by the local real estate board since 2023. International conflicts have not altered buyer demand for units near the central lake precinct, where limited new supply has kept competition high among investors and owner-occupiers alike.

The site sits two blocks from the Albert Park Yacht Club and opposite the entrance to the Albert Park Golf Course. Residents will also use the nearby Parkview Community Centre for meetings on planning objections, a venue that hosted three public forums on the tower in June.

Supply and price signals

Units will range from 58 square metres for one-bedroom apartments priced from $685,000 to 112 square metres for three-bedroom layouts listed at $1.45 million. The June 2026 median apartment price in Albert Park reached $1.19 million, up 4.2 percent from the same month last year, according to the suburb's quarterly sales report released last week.

Developers expect the first 120 units to settle by December 2028. Buyers who register interest before the end of August receive priority allocation and a fixed price for 90 days, a standard clause in the sales contract issued by the project's marketing agent.

Local agents advise checking flood overlays on the council's online mapping tool before inspecting display suites, which open on Lakeside Drive from August 15. Early contracts include a 10 percent deposit held in trust until the building reaches practical completion.

This article is general information only and is not personal financial or investment advice. Consider your own circumstances and seek licensed professional advice before making financial decisions.