Neutral Bay

Neutral Bay is positioned among the lower quartile of areas assessed nationally for population growth based on AreaSearch's assessment of recent, and medium term trends

As of May 2026, the estimated population of Neutral Bay is around 10,864. This reflects an increase of 774 people since the 2021 Census, which reported a population of 10,090. The change is inferred from AreaSearch's estimation of the resident population at 10,853 as of June 2025, based on examination of the latest ERP data release by the ABS, and an additional 149 validated new addresses since the Census date. This level of population results in a density ratio of 8,554 persons per square kilometer, placing Neutral Bay in the top 10% of national locations assessed by AreaSearch. The suburb's growth rate of 7.7% since the 2021 census exceeded both its SA4 region (5.9%) and SA3 area, marking it as a growth leader. Overseas migration contributed approximately 88.0% of overall population gains during recent periods in Neutral Bay.

AreaSearch is adopting ABS/Geoscience Australia projections for each SA2 area, released in 2024 with 2022 as the base year. For areas not covered by this data, AreaSearch utilises NSW State Government's SA2 level projections, released in 2022 with 2021 as the base year. Growth rates by age group from these aggregations are applied to all areas for years 2032 to 2041. According to demographic trends, Neutral Bay is anticipated to increase by 12 persons to reach a total population of 10,876 by 2041, reflecting an increase of 0.0% over the 16-year period.

AreaSearch assessment of residential development drivers sees a low level of activity in Neutral Bay, placing the area among the bottom 25% of areas assessed nationally

Neutral Bay has seen approximately 18 new homes approved annually based on AreaSearch analysis of ABS building approval numbers. Between FY-21 and FY-25, around 94 homes were approved, with an additional 20 approved in FY-26. Despite a decrease in population during this period, the housing supply has remained adequate relative to demand, indicating a balanced market with good buyer choice.

The average expected construction cost value of new homes is $875,000, suggesting developers are targeting the premium market segment. In FY-26, Neutral Bay recorded $33.1 million in commercial development approvals, demonstrating strong commercial development momentum. Compared to Greater Sydney, Neutral Bay has 14.0% less new development per person but ranks among the 40th percentile nationally for areas assessed, offering more limited choices for buyers and supporting demand for existing homes. Recent years have seen an acceleration in building activity, which remains below the national average. This suggests the area's established nature and potential planning limitations.

New development consists of 5.0% detached dwellings and 95.0% townhouses or apartments, favoring compact living options that offer affordable entry pathways for downsizers, investors, and first-time purchasers. With around 425 people per approval, Neutral Bay indicates a mature market. According to the latest AreaSearch quarterly estimate, the population is forecasted to gain 1 resident 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.

Neutral Bay has very high levels of nearby infrastructure activity, ranking in the top 20% nationally

Infrastructure changes significantly influence an area's performance. AreaSearch identified 37 projects likely impacting the area. Notable projects include Neutral Bay Town Centre Plaza, Woolworths Neutral Bay Mixed-Use Development, 165-173 Military Road Mixed Use Development, and Wirra Neutral Bay. The following list details those most relevant.

Professional plan users can use the search below to filter and access additional projects.

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Employment performance in Neutral Bay has been broadly consistent with national averages

Neutral Bay has a highly educated workforce. The technology sector is particularly well-represented, with an unemployment rate of 4.6% as of December 2025. Employment growth over the past year was estimated at 1.1%.

This rate is lower than Greater Sydney's employment growth of 2.2% during the same period. In Neutral Bay, 74.0% of residents participate in the workforce, compared to Greater Sydney's participation rate of 68.8%. A high proportion, 64.8%, of residents work from home, potentially due to Covid-19 lockdown impacts. Employment is concentrated in professional & technical (1.9 times the regional level), finance & insurance, and health care & social assistance sectors.

However, construction shows lower representation at 5.0% compared to the regional average of 8.6%. Many residents commute elsewhere for work, as indicated by the count of Census working population to local population. Over a 12-month period ending in December 2025, employment increased by 1.1%, while labour force grew by 1.2%, leaving unemployment broadly flat at around 4.6%. Jobs and Skills Australia's national employment forecasts from May-25 suggest that Neutral Bay's employment should increase by 7.6% over five years and 15.0% over ten years, based on industry-specific projections applied to the local employment mix.

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

The median income among taxpayers in Neutral Bay, based on AreaSearch's latest postcode level ATO data released for financial year 2023, is $79,490. The average income for the suburb was $138,944 during this period. These figures are notably high compared to national averages. Greater Sydney had a median income of $60,817 and an average of $83,003 in the same year. By March 2026, estimates suggest Neutral Bay's median income could reach approximately $87,693 and the average could be around $153,283, accounting for a 10.32% Wage Price Index growth since financial year 2023. The 2021 Census figures indicate that incomes in Neutral Bay rank highly nationally, with household, family, and personal incomes all falling between the 89th and 98th percentiles. Income analysis shows that the $1,500 - 2,999 earnings band captures 31.1% of the community (3,378 individuals), which is consistent with broader trends across the region showing 30.9% in the same category. A substantial proportion of high earners (42.4%) in Neutral Bay have incomes above $3,000 per week, indicating strong economic capacity throughout the suburb. Despite high housing costs consuming 18.0% of income, strong earnings place disposable income at the 86th percentile nationally. The area's SEIFA income ranking places it in the 10th decile.

Neutral Bay features a more urban dwelling mix with significant apartment living, with a higher proportion of rental properties than the broader region

Neutral Bay's dwelling structure, as per the latest Census, consisted of 8.3% houses and 91.8% other dwellings (semi-detached, apartments, 'other' dwellings). This contrasts with Sydney metro's figures of 55.9% houses and 44.1% other dwellings. Home ownership in Neutral Bay stood at 24.8%, with mortgaged dwellings at 21.9% and rented ones at 53.3%. The median monthly mortgage repayment was $2,895, higher than Sydney metro's average of $2,427. Median weekly rent in Neutral Bay was $550, compared to Sydney metro's $470. Nationally, Neutral Bay's mortgage repayments were significantly higher than the Australian average of $1,863, and rents were substantially above the national figure of $375.

Neutral Bay features high concentrations of lone person households and group households, with a lower-than-average median household size

Family households account for 54.3% of all households, including 18.1% couples with children, 27.5% couples without children, and 7.4% single parent families. Non-family households make up the remaining 45.7%, with lone person households at 39.7% and group households comprising 6.1%. The median household size is 2.0 people, which is smaller than the Greater Sydney average of 2.7.

Neutral Bay demonstrates exceptional educational outcomes, ranking among the top 5% of areas nationally based on AreaSearch's comprehensive analysis of qualification and performance metrics

Neutral Bay's educational attainment is notably higher than national averages. Among residents aged 15+, 61.2% hold university qualifications, compared to Australia's 30.4% and NSW's 32.2%. This high level of attainment indicates a strong foundation for knowledge-based opportunities in the area. Bachelor degrees are most prevalent at 39.7%, followed by postgraduate qualifications (17.4%) and graduate diplomas (4.1%).

Vocational pathways account for 20.5% of qualifications, with advanced diplomas at 11.6% and certificates at 8.9%. A significant portion of the population is actively engaged in education, with 24.7% pursuing formal studies. This includes 7.4% in tertiary education, 6.7% in primary education, and 4.4% pursuing secondary education.

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

Neutral Bay has 53 active public transport stops offering a mix of ferry and bus services. These stops are served by 69 individual routes, facilitating 13,625 weekly passenger trips. Transport accessibility is excellent, with residents typically located 130 meters from the nearest stop. Most residents commute outward due to its residential nature. Cars remain the dominant mode at 57%, followed by buses at 16% and walking at 14%. Vehicle ownership averages 0.6 per dwelling, below the regional average.

According to the 2021 Census, a high 64.8% of residents work from home, which may reflect COVID-19 conditions. Service frequency averages 1,946 trips per day across all routes, equating to approximately 257 weekly trips per individual stop.

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

Neutral Bay's health outcomes data shows 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 82% of Neutral Bay's total population (8,862 people) have private health cover, compared to Greater Sydney's 59.9%.

Nationally, the average is 55.7%. The most prevalent medical conditions in Neutral Bay are mental health issues and asthma, affecting 6.8 and 6.6% of residents respectively. Notably, 76.3% of residents declare themselves completely clear of medical ailments, compared to Greater Sydney's 74.6%. Neutral Bay has 18.6% of its population aged 65 and over (2,020 people), higher than Greater Sydney's 15.5%. Despite this, health outcomes among seniors in Neutral Bay are strong and align with national rankings for the general population.

Neutral Bay was found to be more culturally diverse than the vast majority of local markets in Australia, upon assessment of a range of language and cultural background related metrics

Neutral Bay's population showed higher cultural diversity than most local areas, with 22.0% speaking a language other than English at home and 39.3% born overseas. Christianity was the predominant religion in Neutral Bay, accounting for 43.2%. Judaism was overrepresented compared to Greater Sydney, comprising 1.1% versus 0.8%.

The top three ancestry groups were English (25.5%, regional average: 19.0%), Australian (17.5%) and Other (12.4%). Some ethnic groups showed notable differences: French (Neutral Bay: 1.2%, region: 0.5%), Spanish (Neutral Bay: 0.9%, region: 0.6%), Russian (Neutral Bay: 0.7%, region: 0.4%).

Neutral Bay's population aligns closely with national norms in age terms

Neutral Bay's median age is close to Greater Sydney's average at 37 years, matching Australia's median age of 38. Compared to Greater Sydney, Neutral Bay has a higher percentage of residents aged 25-34 (22.5%) but fewer residents aged 5-14 (7.3%). This concentration of 25-34 year-olds is significantly higher than the national average of 14.6%. Between the 2021 Census and now, the population aged 15 to 24 has grown from 8.4% to 9.8%, while those aged 75 to 84 have increased from 5.1% to 6.5%. Conversely, the percentage of residents aged 45 to 54 has declined from 12.1% to 10.8%. By 2041, Neutral Bay's age composition is expected to change significantly. The number of people aged 85 and above is projected to grow by 90%, reaching 639 from the current 336. This growth will be led by the aging population dynamic, with those aged 65 and above comprising 84% of the projected growth. However, population declines are projected for the age groups 15-24 and 0-4.