Ultimo
Statistical Area - sa2

An assessment of population growth drivers in Ultimo reveals an overall ranking slightly below national averages considering recent, and medium term trends

Ultimo's population is around 9,616 as of Nov 2025. This reflects an increase of 2,206 people since the 2021 Census, which reported a population of 7,410 people. The change is inferred from the estimated resident population of 10,044 from the ABS as of June 2024 and address validation since the Census date. Ultimo's population density ratio is 17,171 persons per square kilometer, placing it in the top 10% of national locations assessed by AreaSearch, indicating high demand for land in the area. The growth rate of 29.8% since the 2021 Census exceeds both the state's (6.7%) and metropolitan area's rates, positioning Ultimo as a growth leader. Overseas migration contributed approximately 96.7% of overall population gains recently.

AreaSearch adopts ABS/Geoscience Australia projections for each SA2 area, released in 2024 with 2022 as the base year. For areas not covered by this data, NSW State Government's SA2 level projections are used, released in 2022 with 2021 as the base year. Growth rates by age group from these aggregations are applied to all areas for years 2032 to 2041. Population projections indicate a significant increase in the top quartile of national areas by 2041, with Ultimo expected to grow by 3,534 persons, reflecting a total increase of 41.2% over the 17 years.

Residential development activity is lower than average in Ultimo according to AreaSearch's national comparison of local real estate markets

Ultimo has seen few dwelling approvals in recent years. Between FY-21 and FY-25, 3 homes were approved, with another 1 approved so far in FY-26. This averages to approximately 377.3 new residents per year for each home built during this period.

The supply of dwellings is significantly lagging demand, which typically leads to heightened buyer competition and pricing pressures. New properties are constructed at an average expected cost of $491,000, indicating a focus on the premium segment with upmarket properties. In FY-26, $6.6 million in commercial development approvals have been recorded, suggesting Ultimo's residential character. Compared to Greater Sydney, Ultimo records lower building activity. This scarcity of new dwellings usually strengthens demand and prices for existing properties. However, building activity has accelerated in recent years, though it remains below the national average, indicating the area's established nature and potential planning limitations. All new construction in Ultimo between FY-21 and FY-25 comprised detached houses, sustaining the area's suburban identity with a concentration of family homes suited to buyers seeking space. This focus on detached housing is more pronounced than current patterns suggest (0.0% at Census), demonstrating ongoing robust demand for family homes despite increasing density pressures.

Ultimo has very high levels of nearby infrastructure activity, ranking in the top 10% nationally

Changes to local infrastructure significantly influence an area's performance. AreaSearch has identified 17 projects likely to impact the area. Key projects include Powerhouse Ultimo Renewal, apt.Broadway, DigiCo SYD1 Data Centre Expansion (88MW D&O Project), and Bay St, Ultimo. The following list details those most relevant.

Professional plan users can use the search below to filter and access additional projects.

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Employment performance in Ultimo exceeds national averages across key labour market indicators

Ultimo has a highly educated workforce with notable representation in the technology sector. Its unemployment rate was 3.1% as of June 2025, lower than Greater Sydney's 4.2%.

Employment growth over the past year was estimated at 1.0%. As of June 2025, 5,982 residents were employed with a workforce participation rate of 63.3%, slightly higher than Greater Sydney's 60.0%. Key industries for employment among residents are professional & technical services, accommodation & food, and education & training. Ultimo has a particular specialization in accommodation & food, employing 2.6 times the regional level.

Conversely, health care & social assistance employs only 8.3% of local workers, below Greater Sydney's 14.1%. The area functions as an employment hub with 2.0 workers per resident, hosting more jobs than residents and attracting workers from surrounding areas. Between June 2024 and June 2025, employment levels increased by 1.0% while the labour force grew by 0.6%, leading to a unemployment rate decrease of 0.3 percentage points. In contrast, Greater Sydney experienced employment growth of 2.6% and labour force growth of 2.9%, with an unemployment rate increase of 0.3 percentage points. National employment forecasts from Jobs and Skills Australia, released in May 2025, project national employment expansion by 6.6% over five years and 13.7% over ten years. Applying these projections to Ultimo's employment mix suggests local growth of approximately 6.8% over five years and 13.7% over ten years.

Income levels sit below national averages according to AreaSearch assessment

AreaSearch's latest postcode level ATO data for financial year 2022 shows Ultimo's median income among taxpayers was $41,108 with an average of $61,333. This is below the national average. Greater Sydney's median income was $56,994 and average was $80,856 during the same period. Based on Wage Price Index growth of 12.61% since financial year 2022, current estimates for Ultimo would be approximately $46,292 (median) and $69,067 (average) as of September 2025. Census data indicates household, family and personal incomes in Ultimo rank modestly, between the 43rd and 53rd percentiles. Income distribution shows that 32.7% of locals (3,144 people) fall into the $1,500 - $2,999 category, reflecting regional patterns where 30.9% occupy this range. Housing affordability pressures are severe in Ultimo, with only 75.4% of income remaining, ranking at the 43rd percentile. The area's SEIFA income ranking places it in the 7th decile.

Ultimo features a more urban dwelling mix with significant apartment living, with a higher proportion of rental properties than the broader region

Dwelling structure in Ultimo, as per the latest Census, comprised 0.2% houses and 99.8% other dwellings. In comparison, Sydney metro had 2.3% houses and 97.7% other dwellings. Home ownership in Ultimo was at 13.2%, with mortgaged dwellings at 13.4% and rented dwellings at 73.4%. The median monthly mortgage repayment in Ultimo was $2,500, below Sydney metro's average of $2,705. The median weekly rent figure in Ultimo was $500, compared to Sydney metro's $550. Nationally, Ultimo's median monthly mortgage repayments were higher at $2,500 than the Australian average of $1,863, and rents were substantially above the national figure of $375.

Ultimo features high concentrations of group households and lone person households, with a higher-than-average median household size

Family households constitute 45.4% of all households, including 10.5% couples with children, 27.1% couples without children, and 5.1% single parent families. Non-family households account for the remaining 54.6%, with lone person households at 36.6% and group households comprising 18.1%. The median household size is 2.1 people, larger than the Greater Sydney average of 1.9.

Ultimo demonstrates exceptional educational outcomes, ranking among the top 5% of areas nationally based on AreaSearch's comprehensive analysis of qualification and performance metrics

Educational attainment in Ultimo is notably higher than broader benchmarks. Among residents aged 15+, 57.2% hold university qualifications, compared to 30.4% nationally and 32.2% in NSW. Bachelor degrees are the most common at 36.1%, followed by postgraduate qualifications (18.9%) and graduate diplomas (2.2%). Vocational pathways account for 19.6% of qualifications, with advanced diplomas at 12.0% and certificates at 7.6%.

Educational participation is high, with 45.6% of residents currently enrolled in formal education. This includes 24.0% in tertiary education, 2.7% in primary education, and 1.6% pursuing secondary education. Ultimo's three schools have a combined enrollment of 1,790 students as of the latest data. The area has significant socio-educational advantages with an ICSEA score of 1138. Educational institutions include one primary, one secondary, and one K-12 school. Ultimo functions as an education hub with 17.9 school places per 100 residents, significantly above the regional average of 7.7, attracting students from surrounding communities.

Transport servicing is high compared to other areas nationally based on assessment of service frequency, route connectivity and accessibility

Transport analysis shows 13 active stops operating in Ultimo, offering mixed bus services. These stops are covered by 34 routes, facilitating 9,446 weekly passenger trips. Transport access is rated excellent, with residents typically placed 136 meters from the nearest stop.

Service frequency averages 1,349 daily trips across all routes, translating to about 726 weekly trips per individual stop.

Ultimo's residents boast exceedingly positive health performance metrics with very low prevalence of common health conditions across all age groups

Health outcomes data shows exceptional results across Ultimo, with very low prevalence of common health conditions across all age groups. The rate of private health cover is relatively low at approximately 51% of the total population (~4,865 people), compared to 69.7% across Greater Sydney.

Mental health issues and asthma are the most common medical conditions in Ultimo, impacting 5.8 and 4.8% of residents respectively. 85.5% of residents declare themselves completely clear of medical ailments, compared to 77.4% across Greater Sydney. As of 2016, 4.9% of Ultimo's residents are aged 65 and over (472 people), which is lower than the 9.7% in Greater Sydney. Health outcomes among seniors in Ultimo are particularly strong, broadly aligned with the general population's health profile.

Ultimo is among the most culturally diverse areas in the country based on AreaSearch assessment of a range of language and cultural background related metrics

Ultimo has one of the highest linguistic diversities in Australia, with 62.7% of its residents speaking a language other than English at home. Born overseas make up 71.2% of Ultimo's population. Christianity is the predominant religion, practiced by 22.2%.

Buddhism, however, is more prevalent here than in Greater Sydney, comprising 13.9%, compared to the regional average of 7.1%. In terms of ancestry, Chinese residents make up 27.7% of Ultimo's population, significantly higher than the regional average of 13.0%. The 'Other' category comprises 24.2%, also notably higher than the region's 16.1%. English ancestry is less common in Ultimo at 11.9%, compared to the regional average of 19.8%. Certain ethnic groups show notable variations: Spanish residents make up 1.1% of Ultimo, slightly higher than the regional average of 1.0%. Korean residents comprise 1.7%, higher than the region's 1.1%. Russian ancestry is less common at 0.6%, compared to the regional average of 0.8%.

Ultimo hosts a very young demographic, ranking in the bottom 10% of areas nationwide

Ultimo's median age is 28, lower than Greater Sydney's 37 and Australia's 38. Notably, those aged 25-34 make up 36.6% of Ultimo's population, compared to Greater Sydney's 19.0%. The 5-14 age group comprises only 3.0%, lower than Greater Sydney's 17.9%. Nationally, the 25-34 age group constitutes 14.5%. Post-2021 Census data shows Ultimo's median age decreased from 30 to 28 years. The 15-24 age group grew from 20.6% to 29.9%, while the 35-44 cohort declined from 17.3% to 13.7%, and the 45-54 group dropped from 8.1% to 5.8%. By 2041, Ultimo's population is projected to change significantly. The 45-54 age group is expected to grow by 226%, adding 1,258 residents to reach 1,815. Conversely, the 25-34 age group is forecast to decrease by 565 residents.