Resilience, demand and lifestyle appeal have underpinned another strong year for Port Phillip’s real estate market. An imbalance of high demand with limited supply has continued to drive robust performance across Albert Park, Middle Park, St Kilda, Elwood, South Melbourne and Port Melbourne.
Our team continues to field consistent interest from local and interstate buyers, with quality apartments and well-located homes at the top of the wish list. The area’s vibrant coastal lifestyle, cultural energy and excellent transport connections make it especially popular with professionals, downsizers and investors.
Albert Park continues to be one of Melbourne’s best-performing suburbs, with a median house price of $2.36m, rising 12.5% in the last 12 months to June according to Property Data Online (PDOL).
Apartment living in the region is also in demand – unit prices have jumped 15% in Middle Park in the 12 months to June 2025, according to PDOL data. Tight supply and strong demand have translated into steady capital growth, competitive sales conditions and rising rental yields, especially for well-located apartments and townhouses. Investors are benefiting from solid returns, while homeowners are enjoying stable or increasing property values.
Interest rate cuts have begun to restore buyer confidence, particularly in premium suburbs such as Elwood and Albert Park. Affordability has improved, and demand is increasing in areas where median prices had previously softened. Further cuts throughout 2025 should drive renewed competition, price growth and increased market activity.
