property
Albert Park Connectivity Project Lifting Nearby Property Values
The new pedestrian and cycle bridge over the railway line has already pushed up median house prices along Dundas Street and the Bridport Street precinct by double digits.
How we reported this
The Albert Park Connectivity Project reached a key milestone on 8 July 2026 when the first span of the new pedestrian and cycle bridge over the railway line was lifted into place.
The $45 million scheme, funded through the state infrastructure budget announced in March 2025, is designed to cut travel times between the Albert Park Recreation Reserve and the central business district by up to 12 minutes for cyclists and walkers. Local agents report that buyers have started factoring the shorter commute into offers on streets that previously lacked direct access.
Streets seeing the fastest gains
Properties on Dundas Street and the eastern end of Bridport Street sit within 300 metres of the new bridge landing. The Albert Park Residents Association held its annual general meeting at the Albert Park Library last month and recorded 47 members raising questions about parking restrictions once the bridge opens in early 2027. The nearby Albert Park Recreation Reserve is also scheduled to receive upgraded lighting along its western path as part of the same package.
CoreLogic data released last week showed the median house price in the Dundas Street postcode rising from $1.62 million in January 2025 to $1.84 million by June 2026. That 13.6 per cent increase outpaced the 7 per cent average recorded across the rest of the suburb over the same period. Two three-bedroom terraces on Bridport Street sold in the final week of June for $2.15 million and $2.28 million, both $180,000 above their March reserves.
Next steps for buyers and sellers
Settlement on the bridge is listed for February 2027. Prospective purchasers are advised to check the City of Port Phillip planning portal for the final traffic-management plan, which will be exhibited for 28 days from 15 August. Sellers on streets within 400 metres of the bridge are reporting multiple offers within the first week of listing, a pattern not seen since the 2022 rate-rise period.
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.