Start your engines, Melbourne is preparing to host the 30th anniversary of the Formula 1 Grand Prix this weekend and the locals are going into a frenzy.
While some F1 circuits are in remote locations, the Melbourne race takes place centrally in the affluent Albert Park district. According to PropTrack data, real estate prices in the zip code average $2.445 million, but homes have sold for as much as $15.1 million.
Ben Manolitsas from Marshall White Port Phillip said there is always a buzz around the Port Phillip Bay village at this time of year.
“It’s an area with a lot of car enthusiasts. In South Melbourne there is a Porsche club that meets regularly in Port Melbourne, there is even a car dealer that holds regular supercar meetings at their dealership. There is a real energy in the village at this time of year,” Mr Manolitsas said.
He said securing a property at the home of Australia’s only F1 race is a status symbol for fans.
“There’s definitely an attraction for people. It’s one of many for Albert Park, but the Grand Prix is certainly big.”
As technology has improved in recent years, Mr Manolitsas says the main drawback to the race – the roaring engines – is less of a concern to locals than it was years ago. And a real draw for Albert Park residents who happen to be car enthusiasts is the Free Locals Day held just days before the main event.
“That’s a real benefit. I think about 20,000 kids come for fun daytime activities where families can see the cars, some friendly racing and games,” he said.
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Securing a house on the home turf of Australia’s only F1 is a status symbol for fans. Image: realestate.com.au
He added that the most racist weekend on Melbourne’s calendar may be a hive of activity around the Bayside suburbs, but it’s business as usual for real estate agents.
“We’ll be open a full day on Saturday, I think there’s just more energy and more traffic,” he explained.
“What it does do 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 striking homes currently on the market, from traditional terraces to striking trophy homes.
1. Second facade with independent guesthouse
Netwealth boss Matthew Heine and his wife Alexandra have just put their Albert Park home on the market, which could set a new local benchmark if it crosses the finish line within price expectations of $15 million to $16 million.
22 Young Street, Albert Park has a price guide of $15-16 million. Image: realestate.com.au
Their historic Bayside property received a contemporary addition with the help of Ewert Leaf Architects and interior design by Tamsin Johnson with landscaping by Sam Barber.
The Heines bought the double home in 2017, but have now entrusted the home to Mr Manolitsas and Oliver Bruce of Marshall White Port Phillip.
Behind the classic facade lies a beautiful modern renovation. Image: realestate.com.au
Heines’ Albert Park home on Young St has five bedrooms, five bathrooms and a long list of luxury amenities. It also comes with a three-car garage – a rarity in the city of Port Phillip.
“It can be difficult to find multiple secure parking spaces,” Manolitsas said.
“We also have a new property in Elwood with an eight-car garage in the basement – which is almost unheard of in the city of Port Phillip.”
2. York House
York House, built in the 1870s, is also for sale and is a Grade II listed building with an exceptional 10 meter frontage on both Canterbury Rd and Young St.
16 Canterbury Road, Albert Park has a price guide of $4.3 million – $4.6 million. Image: realestate.com.au
Hawthorn’s iconic brick facade has been owned by the same family since 1941. Many of the period features have been retained, with private gardens and several outbuildings, including two single enclosed garages.
Perfectly positioned for sports enthusiasts, it is located opposite the picturesque Albert Park Lake, close to the Melbourne Sports and Aquatic Centre, as well as the famous circuit.
3. Block of 40 meters deep
In addition to its ornate heritage exterior, this double-fronted house at 106 Kerferd Road sits on a 390m2 plot and a 40m deep block.
106 Kerferd Rd has a price guide of $4.6 million – $4.8 million. Image: realestate.com.au
There are detailed stained glass windows, vaulted hallways, high ceilings and polished wooden floors. Additional features include a workshop with powder room, split system air conditioning, gas heating and on-site parking accessed via Johnson Lane.
The house is just 500 meters from Albert Park beach and a stone’s throw from the park and lake.
4. One of Albert Park’s ‘most iconic houses’
A facade with a wow factor, complete with its own tower, Lawler House is an Albert Park icon with plenty of historic charm and sympathetically renovated interiors.
92 Page Street, Albert Park has a price guide of $10 million-11 million. Image: realestate.com.au
The five-bedroom residence features formal and informal entertaining areas, a Calacatta Viola marble kitchen, a swimming pool and 360-degree panoramic views of the city skyline across Port Phillip Bay from the unique tower room.
The triple garage provides a rare addition for car enthusiasts and the fully self-contained one bedroom unit above is the perfect place to park guests during the Grand Prix weekend.
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