Bannockburn (Vic.)

Bannockburn lies within the top 10% of areas nationally in terms of population growth performance according to AreaSearch analysis of short and medium-term trends

The population of Bannockburn (Vic.), estimated as of February 2026, is around 7,606. This figure represents an increase of 1,136 people since the 2021 Census, which reported a population of 6,470. The change was inferred from AreaSearch's estimate of the resident population at 6,913 in June 2024, based on the latest ERP data release by the ABS, and an additional 281 validated new addresses since the Census date. This results in a population density ratio of 107 persons per square kilometer. Bannockburn's growth rate of 17.6% since the 2021 census exceeded both the Rest of Vic. (8.1%) and the national average, positioning it as a growth leader in the region. Interstate migration contributed approximately 70.0% of overall population gains during recent periods.

AreaSearch is adopting 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 utilises the VIC State Government's Regional/LGA projections from 2023, adjusted using a method of weighted aggregation of population growth from LGA to SA2 levels. Growth rates by age group are applied across all areas for years 2032 to 2041. Future trends predict exceptional growth, placing Bannockburn in the top 10 percent of national non-metropolitan areas. By 2041, the suburb is expected to increase by 5,152 persons, reflecting a total increase of 57.5% over the 17 years.

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

AreaSearch analysis of ABS building approval numbers indicates around 65 new homes approved annually in Bannockburn. Between FY21 and FY25, approximately 326 homes were approved, with another 31 approved so far in FY26. Over these five years, an average of 2.3 people moved to the area per new home constructed.

New homes are being built at an average expected construction cost value of $519,000, targeting the premium market segment. This financial year has seen $9.1 million in commercial approvals, suggesting limited commercial development focus. Compared to Rest of Vic., Bannockburn maintains similar development levels per person, though building activity has slowed recently.

Ninety-seven percent of new developments are detached houses, with 3% being attached dwellings, preserving the area's traditional low density character. With around 142 people per approval, Bannockburn reflects a developing area. Population forecasts estimate an increase of 4,376 residents by 2041. At current development rates, housing supply may struggle to match population growth, potentially impacting buyer competition and property prices.

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

Changes to local infrastructure significantly impact an area's performance. AreaSearch identified six projects likely affecting the region. Notable initiatives include Brand New Commercial Spaces in Bannockburn, St Mary MacKillop Catholic Primary School Upgrade, Bannockburn South East Precinct Structure Plan, and Bannockburn North West Development Plan Area. The following list details those most relevant.

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

Bannockburn has a balanced workforce comprising white and blue collar jobs. Essential services sectors are well-represented. As of September 2025, the unemployment rate is 2.6%.

Employment stability has been maintained over the past year. AreaSearch data aggregation shows that 3,663 residents are employed, with an unemployment rate 1.2% lower than Rest of Vic.'s 3.8%. Workforce participation is high at 72.2%, compared to Rest of Vic.'s 61.4%. According to Census responses, 16.7% of residents work from home, potentially influenced by Covid-19 lockdown impacts.

Key industries include health care & social assistance, construction, and retail trade. Construction employment is particularly high at 1.4 times the regional level, while agriculture, forestry & fishing employs only 2.4% of local workers, below Rest of Vic.'s 7.5%. The area may offer limited local employment opportunities. Over a 12-month period ending in September 2025, labour force decreased by 0.1%, and employment fell by 0.2%, causing unemployment to rise by 0.1 percentage points. In contrast, Rest of Vic. saw employment contract by 0.7% and unemployment rise marginally. Jobs and Skills Australia's national employment forecasts from May-25 project overall employment growth of 6.6% over five years and 13.7% over ten years. Applying these projections to Bannockburn's employment mix suggests local employment should increase by 6.2% over five years and 13.0% over ten years, though this is a simplified extrapolation for illustrative purposes only.

The economic profile demonstrates above-average performance, with income metrics exceeding national benchmarks based on AreaSearch comparative assessment

The suburb of Bannockburn had an income level below the national average according to ATO data aggregated by AreaSearch for the financial year ending June 2023. The median income among taxpayers in Bannockburn was $54,240 and the average income stood at $66,731. This compared to figures for Rest of Vic., which were $50,954 and $62,728 respectively. Based on Wage Price Index growth of 8.25% since June 2023, current estimates would be approximately $58,715 (median) and $72,236 (average) as of September 2025. Census data from 2021 showed that incomes in Bannockburn clustered around the 63rd percentile nationally. The income bracket of $1,500 - 2,999 dominated with 39.1% of residents, mirroring the region where 30.3% occupied this bracket. Housing accounted for 14.4% of income. Residents had strong earnings, ranking them within the 72nd percentile for disposable income. The area's SEIFA income ranking placed it in the fifth decile.

Bannockburn is characterized by a predominantly suburban housing profile, with ownership patterns similar to the broader region

Bannockburn's dwelling structure, as per the latest Census, consisted of 95.8% houses and 4.1% other dwellings. In comparison, Non-Metro Vic. had 90.1% houses and 9.9% other dwellings. Home ownership in Bannockburn was at 30.0%, with mortgaged dwellings at 58.5% and rented ones at 11.4%. The median monthly mortgage repayment was $1,863, higher than Non-Metro Vic.'s average of $1,430. The median weekly rent in Bannockburn was $390, compared to Non-Metro Vic.'s $285. Nationally, Bannockburn's mortgage repayments were similar to the Australian average of $1,863, while rents exceeded the national figure of $375.

Bannockburn features high concentrations of family households, with a higher-than-average median household size

Family households constitute 85.8% of all households, including 47.3% couples with children, 27.5% couples without children, and 10.2% single parent families. Non-family households comprise the remaining 14.2%, with lone person households at 13.6% and group households at 0.9%. The median household size is 3.0 people, larger than the Rest of Vic. average of 2.4.

Bannockburn performs slightly above the national average for education, showing competitive qualification levels and steady academic outcomes

The area has lower university qualification rates than Victoria's average, with only 17.2% of residents holding such qualifications compared to the state's 33.4%. Bachelor degrees are most common among these at 11.8%, followed by graduate diplomas (2.9%) and postgraduate qualifications (2.5%). Vocational credentials are prevalent, with 45.7% of residents aged 15 and above holding them. Advanced diplomas account for 12.5% and certificates for 33.2%.

Educational participation is high, with 32.2% of residents currently enrolled in formal education. This includes 13.0% in primary, 9.3% in secondary, and 2.6% in tertiary education.

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

Bannockburn has one active public transport stop operating within its boundaries. This stop is serviced by one route, offering a total of ten weekly passenger trips. Transport accessibility in Bannockburn is rated as limited, with residents typically located 979 meters from the nearest transport stop. As a primarily residential area, most residents commute outward, with car being the dominant mode of transportation at 96%. Vehicle ownership averages 2.1 per dwelling, which is above the regional average. According to the 2021 Census, 16.7% of Bannockburn's residents work from home, a figure that may reflect COVID-19 conditions.

Service frequency across all routes averages one trip per day, equating to approximately ten weekly trips per individual stop.

Health outcomes in Bannockburn are marginally below the national average with the level of common health conditions among the general population somewhat typical, though higher than the nation's average among older cohorts

Bannockburn's health indicators show below-average outcomes based on AreaSearch's assessment as of 2021. Mortality rates and chronic condition prevalence were typical but higher than the national average among older cohorts.

Private health cover was at approximately 53% of the total population (~4,047 people), slightly above Rest of Vic.'s 50.5%. The most common conditions were asthma (9.7%) and mental health issues (8.8%), with 68.9% reporting no medical ailments, compared to Rest of Vic.'s 63.4%. Health outcomes among working-age residents were typical. However, only 13.3% of residents were aged 65 and over (1,011 people), lower than Rest of Vic.'s 23.9%. Senior health outcomes presented some challenges but ranked lower nationally than the broader population.

Bannockburn is considerably less culturally diverse than average when assessed alongside AreaSearch's national rankings for language and cultural background related metrics

Bannockburn, as per the census conducted on 9 June 2016, had a lower than average cultural diversity. The population born in Australia was 89.9%, with 93.0% being Australian citizens and 96.5% speaking English at home only. Christianity was the predominant religion, accounting for 47.2% of the population, which is slightly below the rest of Victoria's 47.3%.

The top three ancestry groups were Australian (33.2%), English (30.2%), and Irish (8.0%). Notably, Hungarian (0.5%) and Dutch (2.2%) populations were higher than the regional averages of 0.2% and 1.7%, respectively. Similarly, Croatian Australians made up 1.2% of Bannockburn's population compared to the regional average of 0.4%.

Bannockburn's population is younger than the national pattern

Bannockburn's median age is 35 years, which is lower than the Rest of Vic average of 43 and also somewhat younger than Australia's median age of 38. Compared to the Rest of Vic., the 35-44 cohort is notably over-represented in Bannockburn at 17.3%, while the 65-74 year-olds are under-represented at 7.8%. According to the 2021 Census, the 35 to 44 age group has increased from 15.2% to 17.3% of Bannockburn's population. Conversely, the 45 to 54 cohort has decreased from 13.1% to 12.4%. Demographic modeling indicates that Bannockburn's age profile will change significantly by 2041, with the 25-34 cohort projected to grow strongly at 88%, adding 849 residents to reach a total of 1,815.