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

As of Nov 2025, the estimated population of the Albert Park (Vic.) statistical area (Lv2) is around 6,665, reflecting an increase of 621 people since the 2021 Census. The resident population in Jun 2024 was 6,642, with an additional 6 validated new addresses since the Census date. This results in a density ratio of 2,346 persons per square kilometer, placing it in the upper quartile relative to national locations assessed by AreaSearch. The area's population growth of 10.3% since the 2021 census exceeded the national average of 9.7%. Overseas migration contributed approximately 86.0% of overall population gains during recent periods. Population projections for the area are based on ABS/Geoscience Australia data released in 2024 with a base year of 2022, and VIC State Government's Regional/LGA projections released in 2023 adjusted to SA2 levels using weighted aggregation.

Future population trends forecast a significant increase by 2041, with the area expected to grow by 2,185 persons, reflecting a gain of 31.1% over the 17 years from 2024 to 2041.

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

Albert Park has averaged approximately 165 new dwelling approvals annually over the past five financial years, totalling an estimated 828 homes. As of FY-26, two approvals have been recorded. The average number of new residents per year arriving for each new home is around 0.1 between FY-21 and FY-25. New construction is meeting or exceeding demand, providing more options for buyers and facilitating population growth.

The average value of new properties under construction is $428,000, slightly above the regional average. In FY-26, there have been $25.8 million in commercial approvals, indicating moderate levels of commercial development. Compared to Greater Melbourne, Albert Park has 131.0% more construction activity per person, suggesting strong developer confidence in the location. New developments consist of 1.0% detached dwellings and 99.0% townhouses or apartments, reflecting a trend towards denser development to cater to downsizers, investors, and entry-level buyers. This is a significant shift from the current housing mix of 19.0% houses. Albert Park has around 17 people per approval, indicating a developing area. According to AreaSearch's latest quarterly estimate, Albert Park is projected to add 2,075 residents by 2041.

At current development rates, new housing supply should comfortably meet demand, offering 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 identified 18 projects likely impacting the area. Notable projects are Shrine to Sea Boulevard Upgrade, The Albertine, Barak Beacon Port Melbourne, and The Carter Building. Relevant projects 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.

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 1.9% in the past year.

Employment growth was estimated at 5.0%. As of September 2025, 3803 residents were employed, with an unemployment rate of 2.7%, below Greater Melbourne's 4.7%. Workforce participation matched Greater Melbourne's 64.1%. 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 7.2%. The area hosted more jobs than residents, with 1.3 workers per resident. Over September 2024 to September 2025, employment increased by 5.0%, labour force by 5.1%, leaving unemployment flat. In contrast, Greater Melbourne saw employment rise by 3.0%, labour force grow by 3.3%, and unemployment increase by 0.3%. State-level data to 25-Nov-25 showed VIC employment grew by 1.13% year-on-year, with an unemployment rate of 4.7%, compared to the national rate of 4.3%. Jobs and Skills Australia's national employment forecasts from May-25 projected national employment growth at 6.6% over five years and 13.7% over ten years. Applying these projections to Albert Park's employment mix suggested local employment should increase by 7.3% over five years and 14.6% over ten years.

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

AreaSearch's latest postcode level ATO data for financial year 2023 indicates that Albert Park's median income among taxpayers is $73,352, with an average of $145,384. This places it in the top percentile nationally, compared 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 2023, estimates for September 2025 would be approximately $79,404 (median) and $157,378 (average). Census data shows that household, family, and personal incomes in Albert Park rank highly nationally, between the 91st and 95th percentiles. The earnings profile reveals that 35.8% of residents (2,386 people) fall into the $4000+ bracket, differing from the surrounding region where the $1,500 - 2,999 category is predominant at 32.8%. This affluence is reflected in premium retail and service offerings. High housing costs consume 16.6% of income, but strong earnings result in 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). In comparison, Melbourne metro had 8.7% houses and 91.3% 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 in the area was $3,500, higher than Melbourne metro's average of $2,170. The median weekly rent figure in Albert Park was $590, compared to Melbourne metro's $420. Nationally, Albert Park's mortgage repayments were significantly higher at $3,500 versus the Australian average of $1,863, and rents were substantially higher at $590 compared to the national figure of $375.

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

Family households constitute 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, larger than the Greater Melbourne average of 1.9.

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 higher proportion with university qualifications (54.8%) compared to Australia (30.4%) and Victoria (33.4%). Bachelor degrees are the most common (32.8%), followed by postgraduate qualifications (17.2%) and graduate diplomas (4.8%). Vocational pathways account for 17.9%, with advanced diplomas at 9.0% and certificates at 8.9%. Educational participation is high, with 27.2% currently enrolled in formal education.

This includes 8.4% in primary, 7.6% in secondary, and 6.3% in 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 operational public transport stops. These comprise a mix of light rail and bus services. Six routes serve these stops, collectively facilitating 7,718 weekly passenger trips.

The average distance from residents to the nearest stop is 141 meters. Daily service frequency averages 1,102 trips across all routes, equating to approximately 266 weekly trips per individual stop.

Albert Park's residents are extremely healthy with very low prevalence of common health conditions across all age groups

Analysis of health metrics shows strong performance throughout Albert Park with very low prevalence of common health conditions across all age groups. The rate of private health cover is exceptionally high at approximately 84% of the total population (5,589 people), compared to 71.9% across Greater Melbourne and a national average of 55.7%. The most common medical conditions in the area are asthma and arthritis, impacting 7.0 and 6.6% of residents respectively, while 73.1% declared themselves completely clear of medical ailments, compared to 73.3% across Greater Melbourne.

The area has 22.4% of residents aged 65 and over (1,492 people), which is higher than the 14.3% in Greater Melbourne. Health outcomes among seniors are particularly strong, performing even better than the general population in health metrics.

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 high cultural diversity, with 27.3% born overseas and 18.8% speaking a language other than English at home. Christianity was the dominant religion, making up 45.7%. Judaism was overrepresented in Albert Park compared to Greater Melbourne, comprising 0.7% versus 3.7%.

The top three ancestry groups were English (26.5%), Australian (19.0%), and Irish (11.8%). Notable differences existed for Greek (7.0% vs regional 3.2%), French (1.1% vs 1.1%), and Polish (1.0% vs 1.5%) groups.

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

The median age in Albert Park is 46 years, which is higher than Greater Melbourne's average of 37 years and also above Australia's median age of 38 years. The 55-64 age group makes up 14.3% of the population in Albert Park, a notably higher proportion compared to Greater Melbourne's average. Conversely, those aged 25-34 make up only 8.8%, indicating an under-representation in comparison to Greater Melbourne. According to the 2021 Census, the percentage of people aged 15-24 has increased from 8.8% to 10.7%. However, the percentage of those aged 5-14 has decreased from 11.1% to 10.0%. By 2041, significant demographic changes are forecasted for Albert Park. The 45-54 age group is projected to grow substantially, with an increase of 625 people (61%), bringing the total to 1,659 from its current figure of 1,033. Meanwhile, the 0-4 age cohort is projected to decline by 3 people.