Start your engines, Melbourne is gearing up to hold the 30th anniversary Formula 1 Grand Prix this weekend and locals are getting all revved up.
Where some F1 circuits are in far flung locations, Melbourne’s race is front and centre in the affluent neighbourhood of Albert Park. Property prices in the postcode average $2.445 million according to PropTrack data, but houses have sold for as much as $15.1 million.
Marshall White Port Phillip’s Ben Manolitsas said there's always a buzz around the Port Phillip Bay village at this time of year.
“It’s an area with plenty of car enthusiasts. In South Melbourne, there is a Porsche club that meets regularly in Port Melbourne, there's even a car dealer that has a regular supercar meet at their dealership. There's a real energy in the village at this time of year," Mr Manolitsas said.
The 2026 Formula 1 Grand Prix takes place in Melbourne's Albert Park this weekend. Picture: realestate.com.au
He said that securing a property on the home turf of Australia’s only F1 race is a status symbol for fans.
“There’s definitely an allure for people. It's one of many for Albert Park, but the Grand Prix is certainly a big one.”
Since technology has improved over recent years, Mr Manolitsas said the main downside to the race - the roaring engines - is less of a worry to locals than years gone by. And a real drawcard for residents of Albert Park, who happen to be car aficionados, is the free locals day held just days before the main event.
“That’s a real perk. I think they have around 20,000 kids come for fun day activities where families get to see the cars, some friendly races and games,” he said.
Securing a home on the home turf of Australia’s only F1 is a status symbol for fans. Picture: realestate.com.au
He added that the raciest weekend on Melbourne’s calendar might be a hive of activity around the Bayside suburbs, but it’s business as usual for real estate agents.
“We’ll have a full day of opens on Saturday, I think there's just more energy and more traffic,” he explained.
“What it does do though is put Albert Park on the world map as international visitors walk around and think, ‘This is a pretty good place to live.’”
Albert Park has a collection of standout homes currently on the market from traditional terraces to show-stopping trophy homes.
1. Second frontage with self-contained guest house
Netwealth boss Matthew Heine and his wife Alexandra have just listed their Albert Park home, which could set a new local benchmark if it gets across the finishing line within its $15 million to $16 million price expectations.
22 Young Street, Albert Park has a price guide of $15m-16m. Picture: realestate.com.au
Their period Bayside property was given a contemporary addition with the help of Ewert Leaf Architects and interiors by Tamsin Johnson with landscaping by Sam Barber.
The Heines bought the double-fronted residence in 2017, but have now entrusted Marshall White Port Phillip’s Mr Manolitsas and Oliver Bruce with the listing.
The classic facade hides a stunning modern renovation. Picture: realestate.com.au
The Heines’ Albert Park home on Young St has five-bedrooms, five bathrooms bathrooms and a long list of luxurious features. It also comes with a three-car garage - a rarity in the City of Port Phillip.
“Multiple secure car spaces can be hard to find,” Mr Manolitsas said.
“We’ve also got a new listing in Elwood with an eight-car garage in the basement - that’s almost unheard of in the City of Port Phillip.”
2. York House
Also for sale, York House, built in the 1870s is a landmark property with an exceptional 10m frontage to both Canterbury Rd and Young St.
16 Canterbury Road, Albert Park has a price guide of $4.3m - $4.6m. Picture: realestate.com.au
Its iconic Hawthorn brick façade has been held by the same family since 1941. Many of its period features have been retained with private gardens and several outbuildings including two single lock up garages.
Perfectly positioned for sports lovers, it sits opposite the picturesque Albert Park Lake near Melbourne Sports and Aquatic Centre, as well as the famous track.
3. 40m deep block
Beyond its ornate heritage exterior, this double-fronted house at 106 Kerferd Road sits on 390sqm and has a deep 40m block.
106 Kerferd Rd has a price guide of $4.6m - $4.8m. Picture: realestate.com.au
There are detailed lead light windows, arched hallways, soaring ceilings and polished timber floors throughout. Additional features include a workshop with powder room, split system air-conditioning, gas ducted heating and off-street parking accessed via Johnson Lane.
The home is just 500m from Albert Park Beach and moments to the park and lake.
4. One of Albert Park's 'most iconic homes'
A wow-factor facade, complete with its own tower, Lawler House is an Albert Park icon with loads of heritage charm and sympathetically renovated interiors.
92 Page Street, Albert Park has a price guide of $10m-11m. Picture: realestate.com.au
The five-bedroom residence has formal and informal entertaining rooms, a Calacatta Viola marble kitchen, a pool and panoramic 360-degree views of the city skyline across Port Phillip Bay from the unique turret room.
The triple garage offers a rare inclusion for car lovers and the fully self-contained one-bedroom unit above is the perfect place to park guests on Grand Prix weekend.
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