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 May 2026, is approximately 10,534. This figure represents a growth of 3,124 people since the 2021 Census, which reported a population of 7,410. The increase is inferred from ABS estimates and address validation between June 2025 and the Census date. Ultimo's population density stands at 18,810 persons per square kilometer, placing it in the top 10% of national locations assessed by AreaSearch. The area's 42.2% growth since the 2021 census surpasses both state (7.1%) and Greater Sydney averages, making Ultimo a regional population growth leader. Overseas migration contributed approximately 97.3% to Ultimo's recent population gains.

AreaSearch uses ABS/Geoscience Australia projections for each SA2 area released in 2024 with a base year of 2022. For areas not covered, AreaSearch employs NSW State Government's SA2 level projections released in 2022 using a base year of 2021. Growth rates by age group from these aggregations are applied to all areas for years 2032 to 2041. Future population trends indicate a significant increase in Ultimo, with an expected rise of 2,880 persons by 2041 based on the latest annual ERP population numbers. This reflects a total gain of 27.3% over the 16-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, totalling 3 homes over the past five financial years. As of FY26, there is 1 recorded approval. The average new resident count per year for every home built between FY21 and FY25 was 377.3, indicating significant demand exceeding supply, which typically drives price growth and increased buyer competition. New dwellings are developed at an average expected construction cost of $491,000, suggesting a focus on the premium segment with upmarket properties.

In comparison to Greater Sydney, Ultimo shows reduced construction activity, which often reinforces demand and pricing for existing dwellings. However, development activity has increased in recent periods, though it remains lower than national levels, potentially indicating market maturity or development constraints. All new constructions have been standalone homes, maintaining the area's suburban identity with a concentration of family homes suited to buyers seeking space. Notably, developers are building more traditional houses than the current mix suggests (0.0% at Census), implying continued strong demand for family homes despite density pressures.

Ultimo has strong levels of nearby infrastructure activity, ranking in the top 40% nationally

Changes to local infrastructure significantly influence an area's performance. AreaSearch has identified 20 projects that could impact the region. Notable initiatives include Powerhouse Ultimo Revitalisation, apt.Broadway, DigiCo SYD1 Data Centre Expansion (88MW D&O Project), and Central Place Sydney. The following list details those most likely to be relevant.

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.

The labour market in Ultimo shows considerable strength compared to most other Australian regions

Ultimo has an educated workforce with the technology sector being notably represented. Its unemployment rate was 2.8% as of December 2025, showing employment stability over the past year. By this date, Ultimo's unemployment rate was 1.4% lower than Greater Sydney's rate of 4.2%.

Workforce participation in Ultimo lagged at 63.1%, compared to Greater Sydney's 68.8%. According to Census responses, 47.8% of residents worked from home, potentially influenced by Covid-19 lockdown impacts. Key employment sectors were professional & technical, accommodation & food, and education & training. Ultimo showed strong specialization in accommodation & food with an employment share 2.6 times the regional level.

Conversely, health care & social assistance had lower representation at 8.3% compared to the regional average of 14.1%. There were 2.0 workers per resident as recorded during the Census, indicating Ultimo functions as an employment hub attracting workers from surrounding areas. Between December 2024 and December 2025, employment increased by 0.3%, while labour force decreased by 0.0% in Ultimo, leading to a fall in unemployment rate of 0.3 percentage points. This contrasted with Greater Sydney where employment rose by 2.2%. National employment forecasts from May-25 suggest Ultimo's employment should increase by 6.8% over five years and 13.7% over ten years, based on industry-specific projections applied to Ultimo's employment mix.

Income levels sit below national averages according to AreaSearch assessment

AreaSearch's latest postcode level ATO data for financial year 2023 indicates Ultimo SA2 had a median taxpayer income of $41,716 and an average of $59,906. These figures are below the national average. Greater Sydney's median was $60,817 with an average of $83,003. Based on Wage Price Index growth of 10.32% since financial year 2023, estimated incomes as of March 2026 would be approximately $46,021 (median) and $66,088 (average). Census data shows household, family, and personal incomes in Ultimo rank modestly between the 43rd and 53rd percentiles. Income distribution reveals that 32.7% of residents earn $1,500 - $2,999 weekly, similar to regional levels at 30.9%. Housing affordability pressures are severe with only 75.4% of income remaining, ranking at the 43rd percentile. Ultimo'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 structures, as per the latest Census, consisted of 0.2% houses and 99.8% other dwellings (semi-detached, apartments, 'other' dwellings). This contrasts with Sydney metro's 55.9% houses and 44.1% other dwellings. Home ownership in Ultimo stood at 13.2%, with mortgaged properties at 13.4% and rented dwellings 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 recorded at $500, compared to Sydney metro's $470. Nationally, Ultimo's mortgage repayments were significantly higher 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 lower-than-average median household size

Family households account for 45.4 percent of all households, including 10.5 percent couples with children, 27.1 percent couples without children, and 5.1 percent single parent families. Non-family households constitute the remaining 54.6 percent, with lone person households at 36.6 percent and group households comprising 18.1 percent of the total. 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

Educational attainment in Ultimo is notably high, with 57.2% of residents aged 15 and above holding university qualifications as of the latest data. This compares to national figures of 30.4% for Australia and 32.2% for New South Wales (NSW). Bachelor degrees are the most common at 36.1%, followed by postgraduate qualifications at 18.9% and graduate diplomas at 2.2%. Vocational pathways account for 19.6% of qualifications, with advanced diplomas making up 12.0% and certificates 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.

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

Public transport analysis shows 14 active stops operating in Ultimo, serving a mix of bus routes. These stops are served by 34 individual routes, collectively providing 10,627 weekly passenger trips. Transport accessibility is rated excellent, with residents typically located 136 meters from the nearest stop. Most residents commute outward due to its residential nature. Walking is notably common at 26%, followed by train use at 22%. Vehicle ownership averages 0.2 per dwelling, below the regional average.

According to the 2021 Census, a high 47.8% of residents work from home, which may reflect COVID-19 conditions. Service frequency averages 1,518 trips per day across all routes, equating to approximately 759 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

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 (~5,151 people) has private health cover, compared to Greater Sydney's 59.9%.

Nationally, the average is 55.7%. Mental health issues and asthma are the most prevalent medical conditions in Ultimo, affecting 5.8% and 4.8% of residents respectively. 85.5% of residents report being completely clear of medical ailments, compared to Greater Sydney's 74.6%. Ultimo has a lower proportion of seniors aged 65 and over at 4.4% (463 people), compared to Greater Sydney's 15.5%. Health outcomes among seniors in Ultimo are strong and align with national rankings.

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's population is highly diverse with 62.7% speaking a language other than English at home and 71.2% born overseas. Christianity is the predominant religion, comprising 22.2%. Buddhism is notably overrepresented at 13.9%, compared to Greater Sydney's average of 4.1%.

In terms of ancestry, Chinese is highest at 27.7%, Other at 24.2%, and English at 11.9%. Spanish (1.1%), Korean (1.7%) and Russian (0.6%) are overrepresented compared to regional averages.

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

Ultimo's median age is 27, which is lower than Greater Sydney's average of 37 and Australia's average of 38. Compared to Greater Sydney, Ultimo has a higher proportion of residents aged 25-34 (37.8%) but fewer residents aged 5-14 (2.9%). This concentration of 25-34-year-olds is significantly higher than the national average of 14.6%. Post the 2021 Census, Ultimo's median age has decreased by 3.1 years to 27 from 30. The population aged 15-24 grew from 20.6% to 30.9%, while those aged 25-34 increased from 35.8% to 37.8%. Conversely, the 35-44 age group declined from 17.3% to 13.5% and the 45-54 age group dropped from 8.1% to 5.0%. By 2041, Ultimo's age profile is projected to change significantly. The 35-44 age cohort is expected to rise substantially, increasing by 76% from 1,422 to 2,508 people. Meanwhile, the 25-34 age cohort is projected to decrease by 867 people.