Trash or treasure?

Went out for a walk with my other half, making the most of his day off. I saw something around the corner that I'd never noticed before. This very colourful wall. I somewhat wandered off, leaving my poor man a little befuddled.

This wall is literally 20 metres from a road I walk numerous times every day. It is within my line of sight every time I pass. BUT I NEVER NOTICED IT?!

I live in upper-middle class Melbourne. Any graffiti is always very quickly removed, and there are no funded youth projects doing murals in this area. I actually made calls to find out. But this appears to have been done for a much longer time than any other graffiti lasts.
I quite like it, and am actually considering using it for an upcoming location shoot I have with a band.

Thoughts?
Do you see it as art? Or is it just one more trouble-maker merely vandalising?