property

Albert Park Rents Surge 22.9% as Vacancy Hits Just 1.5%

A vacancy rate of 1.5% and unit rents up 22.9% over the past year are creating distinct pressures for tenants and landlords in Albert Park.

By Albert Park Property Desk · Published 19 July 2026

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This article was written by AI from the linked sources and was not reviewed by a journalist before publishing. Melbourne Weather News is part of The Daily Network and follows our reasonable editorial care.

Albert Park tenants are facing tighter rental conditions as unit rents have surged 22.9% over the last 12 months while house rents have risen between 7.0% and 8.3%. The suburb's vacancy rate sits at just 1.5%, according to data compiled by Woodards.

Pressure on Tenants From Rising Costs and Limited Supply

With vacancy this low, tenants are competing for fewer available properties. Units in particular have seen the steepest increases, pushing weekly rents higher across Albert Park. The longer time units spend on the market before leasing compared with houses further signals that demand remains strong even as prices climb.

Landlords Benefit From Higher Returns but Face Sales Shifts

Landlords with units in Albert Park have recorded the largest rental gains, while house landlords have seen more moderate increases. At the same time, house sales rose 13.1% to 155 transactions in the past year, while unit sales fell 4.3% to 22. This pattern suggests some owners may be holding properties for rental income rather than selling.

Median house prices in Albert Park stand between $2.23 million and $2.47 million with annual growth of 3.8% to 7.6%. Unit prices range from $587,742 to $933,500 depending on the source, with year-on-year movements between a 14.6% decline and an 8.6% increase. Houses typically sell within 21 to 53 days, while units take 34 to 80 days.

Outlook for the Coming Months

Landlords considering new listings will need to weigh the strong rental demand against slower unit sales activity. Tenants should prepare for continued competition and higher asking rents, particularly for apartments. Local agents at firms such as Jellis Craig and Woodards can provide current availability data for Albert Park properties.

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.