Ultimo

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, as of November 2025, is around 10,044 people. This figure reflects an increase of 2,634 people since the 2021 Census, which reported a population of 7,410 people. The change was inferred from the estimated resident population of 10,044 as of June 2024 and address validation since the Census date. This level of population results in a density ratio of 17,935 persons per square kilometer, placing Ultimo in the top 10% of national locations assessed by AreaSearch, indicating high demand for land in the area. Ultimo's growth rate of 35.5% since the 2021 Census exceeded both the state average (7.6%) and Greater Sydney's growth, making it a growth leader in the region. Overseas migration contributed approximately 96.7% of Ultimo's population gains during recent periods.

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, AreaSearch uses NSW State Government's SA2 level projections, released in 2022 with 2021 as the base year. Growth rates by age group are applied to all areas for years 2032 to 2041. According to population projections, Ultimo is forecasted to experience significant population growth, increasing by 3,534 persons to 2041 based on the latest annual ERP population numbers, reflecting an increase of 35.2% over the 17-year period.

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

Ultimo has seen minimal dwelling approvals in recent years. Specifically, three homes were approved between the financial years 2021 (FY-21) and 2025 (FY-25), with one more approved so far in FY-26. This low supply, averaging 377.3 new residents per year for each home built over those five years, has significantly lagged behind demand, likely leading to increased buyer competition and pricing pressures.

The average construction cost of these new properties was $491,000, indicating a focus on the premium segment with upmarket dwellings. In comparison, Greater Sydney has recorded higher building activity. This scarcity of new dwellings typically strengthens demand and prices for existing properties in Ultimo. However, building activity has accelerated in recent years, though it remains below the national average, suggesting the area's established nature and potential planning limitations. All new construction in Ultimo since FY-21 has been comprised of detached houses, sustaining its suburban identity with a concentration of family homes suited to buyers seeking space. This focus on detached housing is more pronounced than current demographic patterns suggest (0.0% at Census), indicating robust demand for family homes despite increasing density pressures.

Ultimo has strong levels of nearby infrastructure activity, ranking in the top 30% nationally

Changes to local infrastructure significantly impact an area's performance. AreaSearch has identified 18 projects that could affect the region. Notable initiatives include Powerhouse Ultimo Renewal, apt.Broadway, DigiCo SYD1 Data Centre Expansion (88MW D&O Project), and The Post House. Projects of greatest relevance are listed below.

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

Denotes AI-based impression for illustrative purposes only, not to be taken as definitive under any circumstances. Please follow links and conduct other investigations from the project's source for actual imagery. Developers and project owners wishing us to use original imagery please Contact Us and we will do so.

Employment conditions in Ultimo demonstrate strong performance, ranking among the top 35% of areas assessed nationally

Ultimo has a highly educated workforce with significant representation in the technology sector. Its unemployment rate is 2.8%. Over the past year, it has maintained relative employment stability.

As of September 2025, there are 6,117 employed residents, with an unemployment rate of 2.4% compared to Greater Sydney's 4.2%. Workforce participation in Ultimo is slightly lower at 66.2%, versus Greater Sydney's 70.0%. According to Census responses, 47.8% of residents work from home. The key industries for employment are professional & technical services, accommodation & food, and education & training.

Ultimo specializes in the accommodation & food industry with an employment share 2.6 times the regional level. Conversely, health care & social assistance employs only 8.3% of local workers, below Greater Sydney's 14.1%. There are 2.0 workers per resident, indicating Ultimo functions as an employment hub attracting workers from nearby areas. Between September 2024 and September 2025, employment levels increased by 0.3%, while the labour force decreased by 0.3%, leading to a 0.6 percentage point decrease in unemployment. In contrast, Greater Sydney experienced employment growth of 2.1% and labour force growth of 2.4%. National employment forecasts from Jobs and Skills Australia predict national employment will expand by 6.6% over five years and 13.7% over ten years. Applying these projections to Ultimo's employment mix suggests local employment should increase by 6.8% over five years and 13.7% over ten years, assuming constant population projections for illustrative purposes.

Income levels sit below national averages according to AreaSearch assessment

AreaSearch's latest postcode level ATO data for financial year 2023 shows Ultimo SA2's median income among taxpayers is $41,716. The average income for Ultimo during this period was $59,906. This is below the national average. Comparing with Greater Sydney, Ultimo's median income is lower at $60,817, and its average income is also lower at $83,003. Based on Wage Price Index growth of 8.86% since financial year 2023, current estimates for Ultimo would be approximately $45,412 median income and $65,214 average income as of September 2025. Census data reveals household incomes rank modestly in Ultimo at the 43rd percentile. Family incomes also rank modestly at the 48th percentile, while personal incomes rank at the 53rd percentile. Income distribution shows that 32.7% of locals (3,284 people) fall within the $1,500 - 2,999 income category. This pattern is similar to the region where 30.9% occupy this range. Housing affordability pressures are severe in Ultimo with only 75.4% of income remaining after housing costs, 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

Ultimo's dwelling structure, as per the latest Census, comprised 0.2% houses and 99.8% other dwellings. In contrast, Sydney metro had 55.9% houses and 44.1% other dwellings. Home ownership in Ultimo stood at 13.2%, with mortgaged dwellings at 13.4% and rented ones at 73.4%. The median monthly mortgage repayment was $2,500, surpassing Sydney metro's average of $2,427. Median weekly rent in Ultimo was $500, higher than Sydney metro's $470. Nationally, Ultimo's mortgage repayments were significantly higher at $2,500 compared to 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 lower-than-average median household size

Family households comprise 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, which is smaller than the Greater Sydney average of 2.7.

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

Ultimo's residents aged 15+ have a higher educational attainment than broader benchmarks. 57.2% hold university qualifications, compared to Australia's 30.4% and NSW's 32.2%. This gives Ultimo a strong position for knowledge-based opportunities. 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 among those aged 15+, with advanced diplomas at 12.0% and certificates at 7.6%. Educational participation is high, with 45.6% currently enrolled in formal education. This includes 24.0% in tertiary education, 2.7% in primary education, and 1.6% pursuing secondary education.

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

Ultimo has 14 active public transport stops, all of which are bus stops. These stops are served by 34 different routes that together facilitate 10,627 weekly passenger trips. The area's transport accessibility is rated as excellent, with residents typically living just 136 meters from the nearest stop. As it is primarily residential, most residents commute outward. Walking is the most common mode of travel to the stops at 26%, followed by train use at 22%. Vehicle ownership is low, averaging 0.2 per dwelling.

According to the 2021 Census, 47.8% of residents work from home, which may be partially due to COVID-19 conditions. The average service frequency across all routes is 1,518 trips per day, equating to approximately 759 weekly trips per stop.

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

Ultimo's health outcomes show excellent results according to AreaSearch's assessment. Mortality rates and chronic condition prevalence are very low across all age groups. Approximately 49% of Ultimo's total population (~4,911 people) has private health cover, compared to Greater Sydney's 59.9% and the national average of 55.7%.

Mental health issues affect 5.8% of residents, with asthma impacting 4.8%. Around 85.5% declare themselves completely clear of medical ailments, higher than Greater Sydney's 74.6%. As of 2021, 4.9% of Ultimo's residents are aged 65 and over (493 people), lower than Greater Sydney's 15.3%. Health outcomes among seniors align with the general population nationally.

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 language diversity in Australia, with 62.7% speaking a language other than English at home. Born overseas makes up 71.2% of Ultimo's population. Christianity is the predominant religion, accounting for 22.2%.

Buddhism, however, is significantly higher at 13.9%, compared to Greater Sydney's average of 4.1%. In terms of ancestry, Chinese is the largest group at 27.7%, much higher than the regional average of 8.4%. Other ancestry comprises 24.2%, also substantially higher than the regional average of 16.0%. English ancestry is notably lower at 11.9%, compared to the region's 19.0%. Spanish, Korean and Russian ethnicities are overrepresented in Ultimo: Spanish at 1.1% (vs 0.6%), Korean at 1.7% (vs 1.1%) and Russian at 0.6% (vs 0.4%).

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

Ultimo has a median age of 28, which is lower than Greater Sydney's figure of 37 and Australia's median of 38. The most prominent age group in Ultimo is those aged 25-34 (36.6%), while the 5-14 age group is smaller at 3.0% compared to Greater Sydney. This concentration of 25-34 year-olds is higher than the national figure of 14.5%. Post-2021 Census data shows a decrease in median age from 30 to 28 years, indicating rejuvenation. The population aged 15-24 has grown from 20.6% to 29.9%, while the 35-44 cohort has declined from 17.3% to 13.7% and the 45-54 group has dropped from 8.1% to 5.8%. By 2041, Ultimo's population is projected to see significant changes. The 45-54 age group is expected to grow by 212%, adding 1,233 residents to reach 1,815. Conversely, the 25-34 age group is forecasted to decrease by 722 residents.