Albert Park vs South Melbourne.
Comparing two suburbs with median house prices of $2,085,000 and $1,760,000.
South Melbourne (median $1,760,000) is roughly 18% cheaper to buy into than Albert Park ($2,085,000).
On school quality, the average ICSEA across schools serving Albert Park (1126) sits above South Melbourne (1124).
For buyers
South Melbourne is the lower entry point at $1,760,000 median, 18% below the other suburb. For first home buyers, that translates to a smaller deposit and lower stamp duty bill.
For investors
Albert Park offers the higher gross rental yield (2.87% vs 1.92%), favouring cash-flow investors.
For families
Albert Park edges out on average school ICSEA (1126 vs 1124).
Common questions
Is Albert Park or South Melbourne cheaper to buy in?
South Melbourne has the lower median house price at $1,760,000, roughly 18% below Albert Park ($2,085,000). The gap on units is usually similar but worth checking on the full suburb profiles.
Does Albert Park or South Melbourne have better schools?
On average school ICSEA (the ACARA index that benchmarks educational advantage), Albert Park scores 1126 vs 1124 in South Melbourne. ICSEA is a school-community indicator, not a quality rating, so always check NAPLAN results and catchment boundaries for the specific address you're considering.
Which suburb has higher rental yield, Albert Park or South Melbourne?
Gross rental yield on houses is 2.87% in Albert Park vs 1.92% in South Melbourne. Gross yield equals annual rent divided by purchase price. Net yield (after strata, rates, insurance, agent fees and maintenance) typically runs 1.5-2 percentage points lower.
The numbers behind the take
Price & Market
Rental
Lifestyle & Demographics
Risk & Hazard
Schools
Climate
Green dot = better on that metric (lower price, higher growth, higher walkability, lower risk).
Compare Albert Park against another suburb