Mont Albert is an affluent inner eastern suburb of Melbourne. It is located 12km from the CBD, within both Boroondara & Whitehouse Council regions. Mont Albert is close neighbours to the affluent Surrey Hills & Balwyn to the west and the very developed high density suburb Box Hill to the east.
Mont Albert is close to some of the oldest suburbs of Eastern Melbourne, Hawthorn is only 5 minutes or so west of Mont Albert. It is known as an upper middle class area of Melbourne, characterised by low density, tree lined streets and large blocks.
Many homes within Mont Albert are of land sizes above 1000m2, sometimes even an acre with a pool & tennis court on the block. This is particularly common in the quieter leafy streets of the suburb. The composition for most of these households is families.
Lifestyle
Mont Albert is in the lust and open part of the Eastern Suburbs of Melbourne. Unsurprisingly, there are many quite good walking trails within Mont Albert. The Heritage Trail runs through the suburb, whilst Gawler Chain & Koonung Trail are within the neighbouring Mont Albert North.
Many locals can be found walking and exercising amongst the suburb or within Kingsley Gardens relaxing.
Most of the sporting activity in Mont Albert is done in the local nearby suburbs and grounds. Aussie Rules, Cricket & Soccer are all popular sports within the suburb.
There is a small section of shops within Hamilton Street, Whitehorse & Mont Albert Road. Locally, many of the residents will either walk here or go to Box Hill for shopping and other activities such as working out in gyms.
School Zones
Many students of the wealthy families in the suburb attend Camberwell Grammar School & Presbyterian Ladies College (PLC) in nearby Camberwell & Burwood. There are many other Independent Schools in the Eastern Suburbs that other students attend too.
Mont Albert Primary School ensures all younger residents have appropriate schooling and is rather highly rated.
Many Secondary students who attend public sector schools attend Box Hill Secondary College, in the neighbouring suburb, Box Hill.
The Berengarra School serves students with special needs in the nearby Box Hill North.
Demographics
Mont Albert is an upper middle class suburb. It historically and consistently has had median income well above average Victorian earnings. Accordingly, the average weekly income of the suburb is over $2,324 per week, with mortgage repayments very insignificant relative at $2,500 per month. Mont Albert is a suburb with an owner occupier rate higher than 70%, with around 40% of households owning their properties completely outright. Families within the suburb tend to hold properties on average more than 10 years, meaning stock levels are consistently low.
In recent decades, due it close proximity to the CBD & prestigious schools, Mont Albert has been a landing place for many wealthy immigrants. Consequently, over 15% of the suburb is from Asia, with many coming from both China & India.
Employment
Professional Services are the largest employer of individuals living in Mont Albert. Being in very close proximity to Box Hill Hospital, over 6% of the population is employed within healthcare.
Other key employers of the suburb are IT, Banking, Accounting & Education. This is due to many residents working from home or in the local Education & Centre District of Box Hill.
Many residents of Mont Albert are in jobs considered to be very low risk of unemployment, keeping unemployment numbers often under 4%, well below the Victorian and Australia average.
Transport
Most residents of Mont Albert prefer to drive privately to their locations, as it generally is a spacious suburbs and most households have 2 or more vehicles.
Mont Albert Railway Station runs trains to the CBD and out further East. Some other routes are available such as towards Belgrave or Lilydale. The trams run through Whitehorse Road towards Box Hill or Port Melbourne.
The main bus lines depart from neighbouring Box Hill at the Box Hill Railway Terminal. Smaller bus lines run within the suburb, some towards the city. Many local buses, though do not have great bus routes around Melbourne as the stop at Box Hill Railway Station does.
Shopping Centre's, Restaurants & Facilities
The main shopping facility of the suburb lies in nearby Box Hill. Most residents attend this centre, as it has everything needed: restaurants, shops, and lifestyle activities. Some residents go into the Melbourne CBD or sometimes Doncaster, about 15 minutes away.
There is a smaller section of café’s, restaurants & eateries in Hamilton Street, Whitehorse Road & Mont Albert Road. These are often filled with and recommended by many locals. Many of the more local stores, close fairly early in comparison to Box Hill.
Specialist care can be found within the Box Hill Hospital District. Aged care is amongst the northern end of the suburb towards Mont Albert North, and the neighbouring Balwyn.
Development
Mont Albert is a very low residential area, keeping the exclusive feel to the suburb. Most of the development in the suburb is close to the station or Whitehorse Road. Here there are many mixed residential blocks and businesses, fixed amongst some medium density apartments.
As a quiet suburb, most pockets hold larger than average blocks, above 600m2, with many being over 1000m2. Many dwellings are over 50 years old and are likely to remain single dwellings for many years to come.
There is some progress towards smaller townhouse developments such as a 1-2 or 1-3, though nothing like the high density developments in nearby Box Hill.
Capital Growth
Mont Albert is consistently one of the highest performing capital growth suburbs in Australia for the past 30 years. This is largely due to the exclusive nature, high income, and lack of further supply to the suburb.
Mont Albert is also situated extremely close to some of the wealthiest ‘old money’ suburbs of Melbourne to its West. Canterbury, Camberwell & Balwyn are all examples of historically affluent suburbs, which have become significantly more expensive over time. There is a large ripple effect of residents of these suburbs, who now call Mont Albert home, causing prices to rise consistently.
Due to these elements, Mont Albert has averaged above 9.5% in recent decades for houses. In many of the most aspirational pockets, there are results above 11%.
Unit supply is quite insignificant; hence it is difficult to model a rate of growth. Mont Albert is nearly entirely houses. The closest estimate is between 6-8%. This is largely also affected by the large supply of units in neighbouring Box Hill.
Cash Flow
Mont Albert is a high growth, low yield suburb, often averaging between 2-2.4% yield for houses and 3.5-4% for units. This is caused by an inverse relationship between high capital growth and rental yield.
Often rental increases come with large migration to the suburb, as it is largely owner occupied. Where policy allows larger levels of wealthy families, rental increases in Mont Albert may average above 5% year on year for periods of up to 4 years.
Rental Demand
Predominantly a family suburb of detached houses, Mont Albert experiences vacancy rates of around 1-3% on any given year.
In general, houses can see rental increases of between 2-3% on average year to year, however on years of higher migration, houses may see vacancy rates of under 1% and increases of over 5%.
Units are generally average vacancy rates between 2-4% and increases between 1-3%. The central issue around units in Mont Albert is that Box Hill is the neighbouring suburb with a large supply that is only increasing.
Why You Require a Buyers Agent in Mont Albert
Mont Albert is in one of the most desirable locations of Melbourne for a number of reasons: it is close to the CBD, it is surrounded by prestigious schools and neighbouring some of Melbourne’s best suburbs.
Despite being a very upmarket Melbourne suburb, it is still improving. Many locals who cannot afford Hawthorn or Canterbury are moving to Mont Albert, only improving the suburb.
The biggest issue with Mont Albert is simply the demand at all times. It is very difficult to source a property at market value, that does not break reserve too significantly and this is down to demand. To put things simply, your strategy is the most important piece of securing real estate, many who try fail or overpay.
Mont Albert is also a suburb where many properties are secured off market. Many deals happen over golf courses or within local communities. Some of these are the best deals available at any given point in time.
Why not seek Professional Advice from one of our consultants
We are unbiased market investors, who will put you first.
We treat every deal for your portfolio as if it were our own.
We will give the time to understand every clients situation & needs.
Our performance is unparalleled in the industry.
We have a background in Finance, Banking, Mortgages, Leveraging, Taxation & We are Present Market Investors.
We are precise down to the level of the suburb, street & house for greater performance.
The cost of our service is nearly half of what many industry professionals charge, yet their results do not represent value for the cost of their services.
Phone: (02) 9136 0263
Email: admin@compoundinvest.com.au
Comments