Albert Park (Vic.)

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

Based on ABS population updates and AreaSearch validations, the suburb of Albert Park (Vic.) had an estimated population of 6,665 as of Feb 2026. This reflected a growth of 621 people since the 2021 Census, which reported a population of 6,044 people. The increase was inferred from AreaSearch's estimate of 6,642 residents following their examination of ABS' June 2024 ERP data release and six additional validated new addresses since the Census date. This resulted in a density ratio of 2,346 persons per square kilometer, placing Albert Park in the upper quartile relative to national locations assessed by AreaSearch. The suburb's 10.3% growth since the 2021 census exceeded the national average (9.9%). Overseas migration contributed approximately 86.0% of overall population gains during recent periods.

AreaSearch adopted ABS/Geoscience Australia projections for each SA2 area, released in 2024 with a base year of 2022. For areas not covered by this data, AreaSearch utilised VIC State Government's Regional/LGA projections released in 2023, adjusting them using weighted aggregation methods to SA2 levels. Growth rates by age group were applied across all areas for years 2032 to 2041. Future population trends indicate a significant increase is forecasted for the suburb of Albert Park (Vic.), with an expected growth of 2,197 persons to 2041 based on aggregated SA2-level projections, reflecting a gain of 31.3% in total over the 17 years.

AreaSearch assessment of residential development activity positions Albert Park among the top 25% of areas assessed nationwide

Based on AreaSearch analysis of ABS building approval numbers allocated from statistical area data, Albert Park averaged approximately 165 new dwelling approvals annually over the past five financial years, totalling an estimated 828 homes. As of FY-26 so far, 2 approvals have been recorded. Over these five years, from FY-21 to FY-25, an average of around 0.1 new residents per year arrived for each new home approved. This indicates that new construction is keeping pace with or even exceeding demand, providing more options for buyers and potentially supporting population growth beyond current projections.

The average value of new properties constructed during this period was approximately $428,000, slightly above the regional average, suggesting a focus on quality developments. In FY-26 to date, there have been $25.8 million in commercial approvals, demonstrating moderate levels of commercial development activity. When compared with Greater Melbourne, Albert Park has 131.0% more construction activity per person, offering buyers greater choice and indicating strong developer confidence in the location. New development in Albert Park consists predominantly of townhouses or apartments, making up 99.0% of approvals, with detached dwellings accounting for only 1.0%. This trend reflects reduced availability of development sites and addresses shifting lifestyle demands and affordability requirements, marking a significant change from the current housing mix, which is currently 19.0% houses. Albert Park's population density, at around 17 people per approval, indicates that it is a developing area. According to AreaSearch's latest quarterly estimate, Albert Park is projected to add approximately 2,084 residents by 2041.

At current development rates, new housing supply should comfortably meet demand, providing good conditions for buyers and potentially supporting growth beyond current population projections.

Albert Park 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 that may impact this region. Notable initiatives include Shrine to Sea Boulevard Upgrade, The Albertine, Barak Beacon Port Melbourne, and The Carter Building. The following list details those expected to be most 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 exceptional employment performance in Albert Park places it among Australia's strongest labour markets

Albert Park has a highly educated workforce with significant representation in the technology sector. Its unemployment rate is 1.9% and it experienced an estimated employment growth of 4.8% over the past year, according to AreaSearch's aggregation of statistical area data. As of September 2025, there are 3,774 residents employed with an unemployment rate of 2.7%, which is below Greater Melbourne's rate of 4.7%.

The workforce participation rate in Albert Park is 68.2%, compared to Greater Melbourne's 71.0%. A high proportion (53.8%) of residents work from home, though Covid-19 lockdown impacts should be considered. Employment among residents is concentrated in professional & technical, health care & social assistance, and finance & insurance sectors. The area has a notable concentration in professional & technical employment at 1.9 times the regional average, while manufacturing has limited presence with 4.0% employment compared to 7.2% regionally.

There are 1.3 workers per resident, indicating that Albert Park functions as an employment hub hosting more jobs than residents and attracting workers from surrounding areas. Between September 2024 and September 2025, employment increased by 4.8%, while the labour force increased by 4.9%, causing the unemployment rate to rise by 0.1 percentage points. In contrast, Greater Melbourne saw employment rise by 3.0%, labour force grow by 3.3%, and unemployment increase by 0.3 percentage points. National employment forecasts from Jobs and Skills Australia suggest that Albert Park's employment should increase by 7.3% over five years and 14.6% over ten years, based on simple weighting extrapolations of national projections against the local employment mix.

The economic profile demonstrates exceptional strength, placing the area among the top 10% nationally based on comprehensive AreaSearch income analysis

Albert Park's median income among taxpayers was $73,352 in financial year 2023, with an average of $145,384. This places it in the top percentile nationally. In comparison, Greater Melbourne had a median income of $57,688 and an average of $75,164. By September 2025, estimates suggest Albert Park's median income would be approximately $79,404 and the average would be around $157,378, based on Wage Price Index growth of 8.25%. Census data shows household, family, and personal incomes in Albert Park rank between the 91st and 95th percentiles nationally. The earnings profile indicates that 35.8% of residents (2,386 people) earn over $4000 per week, which is higher than the surrounding region where the $1,500 - 2,999 category predominates at 32.8%. This affluence is reflected in premium retail and service offerings. High housing costs consume 16.6% of income, but strong earnings place disposable income at the 90th percentile nationally. The area's SEIFA income ranking places it in the 9th decile.

Albert Park displays a diverse mix of dwelling types, with above-average rates of outright home ownership

Albert Park's dwellings, as per the latest Census evaluation, consisted of 18.9% houses and 81.1% other dwellings (semi-detached, apartments, 'other' dwellings). This contrasts with Melbourne metro's 67.9% houses and 32.1% other dwellings. The home ownership rate in Albert Park was 37.9%, with mortgaged dwellings at 24.4% and rented ones at 37.8%. The median monthly mortgage repayment in the area was $3,500, exceeding Melbourne metro's average of $2,000. The median weekly rent figure for Albert Park was recorded at $590, higher than Melbourne metro's $390. Nationally, Albert Park's mortgage repayments were significantly higher than the Australian average of $1,863, while rents were substantially above the national figure of $375.

Albert Park features high concentrations of lone person households, with a lower-than-average median household size

Family households account for 63.7% of all households, including 28.1% couples with children, 26.6% couples without children, and 7.7% single parent families. Non-family households constitute the remaining 36.3%, with lone person households at 33.2% and group households comprising 3.3%. The median household size is 2.2 people, which is smaller than the Greater Melbourne average of 2.6.

Albert Park shows strong educational performance, ranking in the upper quartile nationally when assessed across multiple qualification and achievement indicators

Albert Park's residents aged 15+ have a notably higher university qualification rate of 54.8%, compared to Australia's 30.4% and Victoria's 33.4%. This high educational attainment is led by bachelor degrees at 32.8%, followed by postgraduate qualifications (17.2%) and graduate diplomas (4.8%). Vocational pathways account for 17.9% of qualifications, with advanced diplomas at 9.0% and certificates at 8.9%. Educational participation is significantly high, with 27.2% of residents currently enrolled in formal education, including 8.4% in primary, 7.6% in secondary, and 6.3% pursuing tertiary education.

Educational participation is notably high, with 27.2% of residents currently enrolled in formal education. This includes 8.4% in primary education, 7.6% in secondary education, and 6.3% pursuing tertiary education.

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

Albert Park has 29 active public transport stops, offering a mix of light rail and bus services. These stops are served by six different routes, collectively facilitating 7,718 weekly passenger trips. Residents enjoy excellent transport accessibility, with an average distance of 141 meters to the nearest stop. As a predominantly residential area, most residents commute outward. The car is the primary mode of transportation, used by 70% of residents, while walking and cycling account for 11% and 5% respectively. Vehicle ownership averages 0.9 per dwelling, lower than the regional average.

According to the 2021 Census, a high proportion of residents, 53.8%, work from home, which may be influenced by COVID-19 conditions. The service frequency across all routes averages 1,102 trips per day, equating to approximately 266 weekly trips per individual stop.

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

Albert Park's health outcomes show exceptional results based on AreaSearch's assessment of mortality rates and chronic condition prevalence, with very low prevalence across all age groups. Private health cover is exceptionally high at approximately 84% of the total population (5,589 people), compared to 56.7% in Greater Melbourne and a national average of 55.7%. The most common medical conditions are asthma and arthritis, affecting 7.0 and 6.6% of residents respectively, while 73.1% report being completely clear of medical ailments, compared to 72.6% across Greater Melbourne.

Working-age residents have low chronic condition prevalence. Albert Park has 22.9% of residents aged 65 and over (1,526 people), higher than the 15.1% in Greater Melbourne. Health outcomes among seniors are strong, with national rankings broadly in line with the general population.

The level of cultural diversity witnessed in Albert Park was found to be above average when compared nationally for a number of language and cultural background related metrics

Albert Park's population showed higher cultural diversity than most nearby areas, with 27.3% born overseas and 18.8% speaking languages other than English at home. Christianity was the prevalent religion in Albert Park, comprising 45.7%. Notably, Judaism was overrepresented at 0.7%, compared to Greater Melbourne's 1.0%.

The top ancestral groups were English (26.5%), Australian (19.0%), and Irish (11.8%). These figures exceeded regional averages of 20.1% for English and 6.5% for Irish. Other ethnicities with notable divergences included Greeks at 7.0% (vs regional 2.7%), French at 1.1% (vs 0.5%), and Polish at 1.0% (vs 0.8%).

Albert Park hosts an older demographic, ranking in the top quartile nationwide

The median age in Albert Park is 46 years, which is notably higher than Greater Melbourne's average of 37 years and also exceeds the Australian median of 38 years. Compared to Greater Melbourne's average, the 55-64 age cohort is significantly over-represented in Albert Park at 14.6%, while the 25-34 age group is under-represented at 8.4%. Between the 2021 Census and the present day, the population of 15 to 24 year-olds has grown from 8.8% to 10.7%, while the 75 to 84 age cohort increased from 7.9% to 9.2%. Conversely, the 5 to 14 age group has declined from 11.1% to 9.9%. Population forecasts for Albert Park in the year 2041 indicate substantial demographic changes. The 45-54 age cohort is projected to significantly grow by 622 people, increasing from 1,039 to 1,662 residents. Meanwhile, the 15-24 age group is forecasted to experience more modest growth of 2%, adding only 13 residents.