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 6,713 as of May 2026. This reflects a growth of 669 people since the 2021 Census, which reported a population of 6,044. The change is inferred from AreaSearch's estimate of 6,644 residents following their examination of ABS ERP data released in June 2025 and additional validated new addresses since the Census date. This results in a density ratio of 2,363 persons per square kilometer, placing Albert Park in the upper quartile nationally according to AreaSearch assessments. The suburb's growth rate of 11.1% since the 2021 census exceeded both state (9.3%) and national averages, marking it as a growth leader. Overseas migration contributed approximately 86.0% of overall population gains during recent periods in Albert Park.

AreaSearch uses ABS/Geoscience Australia projections for each SA2 area released in 2024 with a base year of 2022. For areas not covered, they utilise VIC State Government's Regional/LGA projections from 2023, adjusting using weighted aggregation methods to SA2 levels. Growth rates by age group are applied across all areas for years 2032 to 2041. Future population trends forecast a significant increase in the suburb of Albert Park (Vic.), with an expected growth of 2,093 persons by 2041 based on aggregated SA2-level projections. This reflects a total gain of 30.1% over the 16-year period.

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

Albert Park averaged approximately 165 new dwelling approvals annually over the past five financial years, totalling an estimated 828 homes. As of FY-26100 approvals have been recorded. The population has fallen during this period, yet housing supply has remained adequate relative to demand, indicating a balanced market with good buyer choice. New properties are constructed at an average expected construction cost value of $428,000, slightly above the regional average, suggesting a focus on quality developments.

This financial year has seen $25.8 million in commercial approvals, demonstrating moderate levels of commercial development. Compared to Greater Melbourne, Albert Park has 127.0% more construction activity per person, offering buyers greater choice and indicating strong developer confidence in the location. New development consists predominantly of townhouses or apartments (99.0%), with a small percentage of detached dwellings (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 of 19.0% houses. Albert Park has around 17 people per approval, indicating a developing area. Future projections estimate an addition of 2,024 residents by 2041, with current development rates comfortably meeting demand and potentially supporting growth beyond current population projections.

Future projections show Albert Park adding 2,024 residents by 2041 (from the latest AreaSearch quarterly estimate). 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 likely impacting this region. Notable initiatives are Shrine to Sea Boulevard Upgrade, The Carter Building, Park Quarter, and Home Albert Park. Below is a list of projects expected to have the most relevance.

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 the technology sector notably represented. Its unemployment rate was 2.0% in December 2025, lower than Greater Melbourne's 4.8%. Employment growth over the past year was estimated at 5.0%.

As of December 2025, 3,867 residents were employed, with an unemployment rate of 2.8%, similar to Greater Melbourne's participation rate of 69.9%. A high proportion, 53.8% of residents, worked from home, potentially due to Covid-19 lockdown impacts. Employment was concentrated in professional & technical (1.9 times the regional average), health care & social assistance, and finance & insurance sectors. Manufacturing had limited presence with 4.0% employment compared to 7.2% regionally.

The area hosted more jobs than residents, with 1.3 workers per resident. Over the year to December 2025, employment increased by 5.0%, while labour force grew by 5.1%, keeping unemployment flat at 2.8%. In contrast, Greater Melbourne saw employment rise by 2.4% and unemployment increase slightly to 5.1%. Jobs and Skills Australia's national employment forecasts from May-25 project national employment growth of 6.6% over five years and 13.7% over ten years. Applying these projections to Albert Park's employment mix suggests local employment should increase by 7.3% over five years and 14.6% over ten years, though these are simple extrapolations for illustrative purposes only.

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

As per AreaSearch's latest data released on June 2023 for financial year 2023, Albert Park suburb has a median income among taxpayers of $73,352 and an average income of $145,384. Nationally, these figures place Albert Park in the top percentile. In comparison, Greater Melbourne's median income is $57,688 with an average of $75,164. Based on Wage Price Index growth of 9.62% since June 2023, current estimates for Albert Park would be approximately $80,408 (median) and $159,370 (average) by March 2026. Census data indicates that household, family, and personal incomes in Albert Park rank between the 91st and 95th percentiles nationally. The earnings profile shows that 35.8% of residents earn over $4,000 per week (2,403 people), differing from the surrounding region where the $1,500 - $2,999 category is dominant at 32.8%. This affluence supports premium retail and service offerings in Albert Park. High housing costs consume 16.6% of income, but strong earnings place disposable income at the 90th percentile. 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 dwelling structure, as per the latest Census, consisted of 18.9% houses and 81.1% other dwellings (semi-detached, apartments, 'other' dwellings). This contrasts with Melbourne metro's figures of 67.9% houses and 32.1% other dwellings. Home ownership in Albert Park stood at 37.9%, with mortgaged dwellings at 24.4% and rented ones at 37.8%. The median monthly mortgage repayment was $3,500, exceeding Melbourne metro's average of $2,000. The median weekly rent in Albert Park was $590, higher than Melbourne metro's $390. Nationally, Albert Park's mortgage repayments were significantly higher than the Australian average of $1,863, and 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 comprise the remaining 36.3%, with lone person households at 33.2% and group households making up 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 and above have a higher proportion with university qualifications (54.8%) compared to Australia (30.4%) and Victoria (33.4%). The area has a significant educational advantage, with bachelor degrees being the most common (32.8%), followed by postgraduate qualifications (17.2%) and graduate diplomas (4.8%). Vocational pathways account for 17.9% of qualifications, including advanced diplomas (9.0%) and certificates (8.9%). Educational participation is high, with 27.2% of residents currently enrolled in formal education.

This includes primary education (8.4%), secondary education (7.6%), and tertiary education (6.3%).

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 that collectively facilitate 7,718 weekly passenger trips. The area's transport accessibility is rated as excellent, with residents typically residing just 141 meters from the nearest stop. As primarily residential, most commuters travel outward. Cars remain the dominant mode of transport at 70%, with walking and cycling accounting for 11% and 5% respectively. On average, there are 0.9 vehicles per dwelling, below the regional norm.

According to the 2021 Census, a high proportion of residents, 53.8%, work from home, which may be influenced by COVID-19 conditions. Service frequency averages 1,102 trips daily across all routes, 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. The area has a very low prevalence of common health conditions across all age groups. Approximately 84% of Albert Park's total population (5,630 people) have private health cover, compared to Greater Melbourne's 56.7%.

Nationally, the average is 55.7%. Asthma and arthritis are the most prevalent medical conditions in Albert Park, affecting 7.0 and 6.6% of residents respectively. A total of 73.1% of residents claim to be completely free from medical ailments, compared to Greater Melbourne's 72.6%. Working-age residents have low chronic condition prevalence. The area has a higher proportion of seniors (22.8%, or 1,530 people) compared to Greater Melbourne (15.0%). Health outcomes among seniors in Albert Park are strong and align with national rankings for 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, surveyed in August 2021, had a higher cultural diversity than most local markets, with 27.3% of its population born overseas and 18.8% speaking languages other than English at home. Christianity was the dominant religion, comprising 45.7% of Albert Park's population as of 2021 data. Notably, Judaism was overrepresented in Albert Park compared to Greater Melbourne, with 0.7% versus 1.0%.

The top three ancestry groups were English (26.5%), Australian (19.0%), and Irish (11.8%). These figures are higher than the regional averages of 20.1%, 13.4%, and 6.5% respectively, as per the 2021 census data. Additionally, Greek (7.0%), French (1.1%), and Polish (1.0%) ethnic groups were notably more prevalent in Albert Park compared to regional averages of 2.7%, 0.5%, and 0.8%.

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

The median age in Albert Park is 46 years, notably higher than Greater Melbourne's average of 37 years and also above the Australian median of 38 years. Compared to Greater Melbourne's average, the cohort aged 55-64 is over-represented in Albert Park at 14.4%, while those aged 25-34 are under-represented at 9.3%. Between the 2021 Census and the present day, the population aged 15 to 24 has grown from 8.8% to 11.1%, and the cohort aged 75 to 84 has increased from 7.9% to 9.1%. Conversely, the age group of 5 to 14 has declined from 11.1% to 10.1%. Population forecasts for Albert Park indicate significant demographic changes by 2041. The cohort aged 45 to 54 is projected to grow significantly, expanding by 603 people (58%) from 1,033 to 1,637. The cohort aged 15 to 24 is expected to grow more modestly, adding only 4 residents.