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

Albert Park's population is estimated at around 6,665 as of Feb 2026. This reflects an increase of 621 people since the 2021 Census, which reported a population of 6,044 people in the suburb of Albert Park (Vic.). The change was inferred from the resident population of 6,642 estimated by AreaSearch following examination of the latest ERP data release by the ABS on June 2024 and an additional six validated new addresses since the Census date. This level of population equates to a density ratio of 2,346 persons per square kilometer, placing it in the upper quartile relative to national locations assessed by AreaSearch. Albert Park's growth rate of 10.3% since the 2021 census exceeded the national average of 9.9%. Population growth for the area was primarily driven by overseas migration that contributed approximately 86.0% of overall population gains during recent periods.

AreaSearch is adopting ABS/Geoscience Australia projections for each SA2 area, as released in 2024 with a base year of 2022. For areas not covered by this data, AreaSearch utilises the VIC State Government's Regional/LGA projections released in 2023 with adjustments made employing a method of weighted aggregation of population growth from LGA to SA2 levels. Growth rates by age group from these aggregations are also applied across all areas for years 2032 to 2041. Examining future trends, a significant population increase is forecasted in the top quartile of national statistical areas, with the suburb expected to grow by 2,248 persons to 2041 based on aggregated SA2-level projections, reflecting a gain of 33.4% 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 has averaged approximately 165 new dwelling approvals each year over the past five financial years, totalling an estimated 828 homes. As of FY-26 so far, 2 approvals have been recorded. The average number of new residents arriving per new home over these five years is around 0.1 per year. This suggests that new construction is matching or outpacing demand in Albert Park, providing buyers with more options and enabling population growth.

The average value of new properties constructed is $428,000, which is slightly above the regional average, indicating a focus on quality developments. In FY-26 so far, there have been $25.8 million in commercial approvals, demonstrating moderate levels of commercial development. Compared to Greater Melbourne, Albert Park has 129.0% more construction activity per person, offering buyers greater choice and suggesting 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. Currently, Albert Park has around 17 people per approval, indicating a developing area. According to the latest AreaSearch quarterly estimate, Albert Park is projected to add approximately 2,225 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 impact an area's performance. AreaSearch has identified 17 projects likely to affect the area. Notable projects include Shrine to Sea Boulevard Upgrade, The Albertine, Barak Beacon Port Melbourne, and The Carter Building. Below is a list detailing those 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 the technology sector prominent. Its unemployment rate was 2.0% in December 2025. Employment grew by an estimated 4.7% over the past year.

As of December 2025, 3811 residents were employed, with an unemployment rate of 2.8%, below Greater Melbourne's rate of 4.8%. Workforce participation was 68.5%, slightly lower than Greater Melbourne's 71.3%. Notably, 53.8% of residents worked from home, potentially influenced by Covid-19 lockdowns. Key employment sectors were professional & technical (1.9 times the regional average), health care & social assistance, and finance & insurance.

Manufacturing had limited presence at 4.0%, compared to the regional average of 7.2%. The area hosted more jobs than residents, with a ratio of 1.3 workers per resident. Over the year to December 2025, employment increased by 4.7% while labour force grew by 4.7%, keeping unemployment stable at 2.8%. In contrast, Greater Melbourne saw employment rise by 2.4%, labour force grow by 2.8%, and unemployment increase slightly to 5.1%. Jobs and Skills Australia's national employment forecasts from May-25 project overall 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 this is a simplified extrapolation 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 postcode level ATO data released on Financial Year Ending 30 June 2023, Albert Park's median income among taxpayers is $73,352 with an average of $145,384. Nationally, this places Albert Park in the top percentile. Comparing to Greater Melbourne's median of $57,688 and average of $75,164. Based on Wage Price Index growth of 8.25% since Financial Year Ending 30 June 2023, current estimates for Albert Park are approximately $79,404 (median) and $157,378 (average) as of September 2025. Census data reveals household incomes rank at the 95th percentile nationally, family incomes at the 91st percentile, and personal incomes at the 94th percentile in Albert Park. The earnings profile shows that 35.8% of residents earn over $4,000 per week (2,386 people), differing from surrounding regions where the $1,500 - $2,999 category is predominant at 32.8%. This affluence supports premium retail and service offerings with 46.3% earning over $3,000 per week. High housing costs consume 16.6% of income, yet 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 dwelling structure, as per the latest Census, comprised 18.9% houses and 81.1% other dwellings (semi-detached, apartments, 'other' dwellings). This compares to Melbourne metro's 67.9% houses and 32.1% other dwellings. Home ownership in Albert Park was at 37.9%, with mortgaged dwellings at 24.4% and rented ones at 37.8%. The median monthly mortgage repayment was $3,500, above Melbourne metro's average of $2,000. 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 constitute the remaining 36.3%, with lone person households at 33.2% and group households comprising 3.3% of the total. 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 educational attainment significantly exceeds broader benchmarks. Among residents aged 15 and above, 54.8% possess university qualifications, compared to 30.4% nationally and 33.4% in Victoria. This high level of educational attainment positions the area favourably for knowledge-based opportunities. Bachelor degrees are the most prevalent at 32.8%, followed by postgraduate qualifications (17.2%) and graduate diplomas (4.8%).

Vocational pathways account for 17.9% of qualifications among those aged 15 and above, with advanced diplomas comprising 9.0% and certificates making up 8.9%. Educational participation is notably high in Albert Park, 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 serving a mix of lightrail and buses. These stops are covered by 6 routes, offering 7,718 weekly passenger trips in total. Residents enjoy excellent transport accessibility, with an average distance of 141 meters to the nearest stop. Most residents commute outward from this primarily residential area. Car remains the dominant mode of transport at 70%, while walking and cycling account for 11% and 5% respectively. Vehicle ownership stands at 0.9 per dwelling, below the regional average.

According to the 2021 Census, a high 53.8% of residents work from home, possibly due to COVID-19 conditions. Service frequency averages 1,102 trips per day across all routes, equating to around 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 excellent results according to 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 (5,589 people) have private health cover, compared to 56.7% in Greater Melbourne and the national average of 55.7%.

Asthma and arthritis are the most common medical conditions, affecting 7.0 and 6.6% of residents respectively. A total of 73.1% of residents declare themselves completely clear of medical ailments, compared to 72.6% in Greater Melbourne. Working-age residents have low chronic condition prevalence. Albert Park has 23.2% of residents aged 65 and over (1,546 people), higher than the 15.1% in Greater Melbourne. Health outcomes among seniors are particularly 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 had a higher cultural diversity than most local markets, with 27.3% of its population born overseas and 18.8% speaking a language other than English at home. Christianity was the predominant religion in Albert Park, accounting for 45.7% of the population. However, Judaism was overrepresented compared to Greater Melbourne, comprising 0.7% versus 1.0%.

The top three ancestry groups were English at 26.5%, Australian at 19.0%, and Irish at 11.8%. These figures were substantially higher than the regional averages of 20.1%, 13.4%, and 6.5% respectively. Notably, Greek ethnicity was overrepresented in Albert Park at 7.0% compared to 2.7% regionally, French at 1.1% versus 0.5%, and Polish at 1.0% versus 0.8%.

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

The median age in Albert Park is 46 years, which exceeds Greater Melbourne's average of 37 years and is also above the Australian median of 38 years. Compared to Greater Melbourne's average, the cohort aged 55-64 is notably over-represented in Albert Park at 14.6%, while those aged 25-34 are under-represented at 8.6%. Between the 2021 Census and now, the population aged 15 to 24 has grown from 8.8% to 10.9%, while the 75 to 84 cohort has increased from 7.9% to 9.3%. Conversely, the age group of 5 to 14 years has declined from 11.1% to 9.8%. Population forecasts for Albert Park indicate significant demographic changes by 2041. The 45 to 54 age cohort is projected to grow significantly, increasing by 661 people (64%) from 1,033 to 1,695. The 0 to 4 age group shows more modest growth at 6%, adding only 21 residents.