Princes Hill

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

Princes Hill's population is estimated at around 2,163 as of Nov 2025. This reflects an increase of 158 people since the 2021 Census, which reported a population of 2,005 people. The change is inferred from AreaSearch's estimation of 2,155 residents following examination of ABS' ERP data release in June 2024 and validation of two new addresses since the Census date. This level of population equates to a density ratio of 5,030 persons per square kilometer, placing Princes Hill in the top 10% nationally according to AreaSearch. The area's 7.9% growth since census is within 1.8 percentage points of the national average (9.7%). Population growth was primarily driven by overseas migration contributing approximately 87.0%.

AreaSearch adopts ABS/Geoscience Australia projections for each SA2 area, released in 2024 with a base year of 2022. For areas not covered, AreaSearch utilises VIC State Government's Regional/LGA projections from 2023 with adjustments made employing weighted aggregation. Growth rates by age group are applied across all areas for years 2032 to 2041. Based on aggregated SA2-level projections, Princes Hill is forecasted to increase by 500 persons to 2041, reflecting a total increase of 20.8% over the 17 years.

The level of residential development activity in Princes Hill is very low in comparison to the average area assessed nationally by AreaSearch

Princes Hill has seen approximately 2 dwellings approved annually for development over the past 5 financial years up until FY-26. This totals an estimated 11 homes, with 0 approvals recorded so far in FY-26. The population has declined recently, but housing supply has remained adequate relative to demand, resulting in a balanced market with good buyer choice.

New properties are constructed at an average cost of $1,384,000, indicating developers target the premium market segment. Compared to Greater Melbourne, Princes Hill shows significantly reduced construction activity (85.0% below regional average per person), which typically strengthens demand and prices for existing properties. This activity is also below national averages, suggesting possible planning constraints. New building activity consists of 50.0% detached houses and 50.0% medium to high-density housing, appealing to downsizers, investors, and entry-level buyers. There are around 834 people per dwelling approval in Princes Hill, reflecting a highly mature market. Population forecasts estimate an increase of 449 residents by 2041.

If current development rates continue, housing supply may not keep pace with population growth, potentially increasing competition among buyers and supporting stronger price growth.

Princes Hill has very high levels of nearby infrastructure activity, ranking in the top 10% nationally

No infrastructure changes or major projects have been identified by AreaSearch that are likely to impact the area. Key projects include Brunswick and Parkville Level Crossing Removals, M205 Carlton Water Main Renewal, Parkville Quarter, and Errol Street Private Hospital.

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AreaSearch analysis reveals Princes Hill recording weaker employment conditions than most comparable areas nationwide

Princes Hill has an educated workforce with notable representation in the technology sector. The unemployment rate was 7.5% as of September 2025, with estimated employment growth of 3.7%.

This is based on AreaSearch's aggregation of statistical area data. As of that date, 1,250 residents were employed while the unemployment rate was 2.8% higher than Greater Melbourne's rate of 4.7%. Workforce participation was similar to Greater Melbourne's rate of 64.1%. Leading employment industries among Princes Hill residents include professional & technical services, health care & social assistance, and education & training.

The area has a strong specialization in professional & technical services, with an employment share 1.8 times the regional level. Conversely, construction shows lower representation at 3.4% compared to the regional average of 9.7%. During the year to September 2025, employment levels increased by 3.7%, and labour force increased by 4.6%. This caused the unemployment rate to rise by 0.7 percentage points in Princes Hill. In contrast, Greater Melbourne experienced employment growth of 3.0% and labour force growth of 3.3%, with a 0.3 percentage point rise in unemployment. State-level data from 25-Nov shows that Victoria's employment grew by 1.13% year-on-year, adding 41,950 jobs. The state unemployment rate was 4.7%, compared to the national rate of 4.3%. Victoria's employment growth outpaced the national average of 0.14%. Jobs and Skills Australia's national employment forecasts from May-25 suggest that national employment will expand by 6.6% over five years and 13.7% over ten years. Applying these projections to Princes Hill's employment mix suggests local employment should increase by 7.3% over five years and 14.8% over ten years, based on a simple weighting extrapolation for illustrative purposes.

The area exhibits notably strong income performance, ranking higher than 70% of areas assessed nationally through AreaSearch analysis

In Princes Hill suburb, based on AreaSearch's aggregation of latest postcode level ATO data for financial year ending June 2023, median taxpayer income was $61,106 and average income was $100,381. These figures are notably high compared to national averages of $57,688 and Greater Melbourne's $75,164 respectively. By September 2025, estimated incomes would be approximately $66,147 (median) and $108,662 (average), accounting for an 8.25% increase in Wage Price Index since June 2023. According to the 2021 Census, Princes Hill ranks high nationally for household, family, and personal incomes, between the 79th and 88th percentiles. Income analysis shows that 28.3% of residents (612 people) fall into the $4000+ bracket, differing from regional patterns where the $1,500 - 2,999 bracket dominates at 32.8%. Economic strength is evident with 37.6% of households earning high weekly incomes exceeding $3,000, supporting elevated consumer spending. Housing expenses account for 14.8% of income. Residents rank within the 79th percentile for disposable income, and the area's SEIFA income ranking places it in the 9th decile.

Princes Hill displays a diverse mix of dwelling types, with above-average rates of outright home ownership

Princes Hill's dwelling structure in the latest Census showed 14.1% houses and 85.9% other dwellings, compared to Melbourne metro's 12.8% houses and 87.2% other dwellings. Home ownership in Princes Hill was 37.3%, with mortgaged dwellings at 17.3% and rented dwellings at 45.3%. The median monthly mortgage repayment was $3,000, higher than Melbourne metro's average of $2,326. Median weekly rent in Princes Hill was $462, compared to Melbourne metro's $451. Nationally, Princes Hill's mortgage repayments were significantly higher at $3,000 versus the Australian average of $1,863, and rents were substantially above the national figure of $375.

Princes Hill features high concentrations of group households and lone person households, with a higher-than-average median household size

Family households account for 57.1% of all households, including 20.0% couples with children, 28.2% couples without children, and 7.7% single parent families. Non-family households constitute the remaining 42.9%, with lone person households at 32.1% and group households comprising 10.7%. The median household size is 2.2 people, which is larger than the Greater Melbourne average of 2.0.

Princes Hill shows strong educational performance, ranking in the upper quartile nationally when assessed across multiple qualification and achievement indicators

Princes Hill's residents aged 15+ have a notably high educational attainment, with 63.4% holding university qualifications, exceeding Australia's 30.4% and Victoria's 33.4%. Bachelor degrees are the most common (35.1%), followed by postgraduate qualifications (22.7%) and graduate diplomas (5.6%). Technical qualifications make up 14.5%, including advanced diplomas (6.7%) and certificates (7.8%). Educational participation is high, with 29.5% currently enrolled in formal education: 12.4% in tertiary, 6.6% in primary, and 5.6% in secondary education.

Educational participation is notably high, with 29.5% of residents currently enrolled in formal education. This includes 12.4% in tertiary education, 6.6% in primary education, and 5.6% pursuing secondary education.

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

Princes Hill has two active public transport stops operating within its boundaries. These stops offer a mix of light rail services. There are two individual routes serving these stops, collectively providing 3,411 weekly passenger trips.

The accessibility of transport in Princes Hill is rated as good, with residents typically located 247 meters from the nearest transport stop. Service frequency averages 487 trips per day across all routes, equating to approximately 1705 weekly trips per individual stop.

The level of general health in Princes Hill is notably higher than the national average with both young and old age cohorts seeing low prevalence of common health conditions

Princes Hill shows superior health outcomes for both young and elderly populations, with low prevalence of common health conditions. Approximately 66% (1,434 people) have private health cover, higher than Greater Melbourne's 71.3%, but lower than the national average of 55.7%. Mental health issues affect 9.8% and asthma impacts 7.6% of residents.

68.3% report no medical ailments, compared to 70.6% in Greater Melbourne. The area has 21.3% (460 people) aged 65 and over, higher than Greater Melbourne's 12.1%. Health outcomes among seniors are notably strong, outperforming the general population in health metrics.

The level of cultural diversity witnessed in Princes Hill was found to be slightly above average when compared nationally for a number of language and cultural background related metrics

Princes Hill showed higher cultural diversity than average, with 22.9% of its population born overseas and 16.0% speaking a language other than English at home. Christianity was the predominant religion in Princes Hill, accounting for 32.0% of people. Judaism was notably overrepresented compared to Greater Melbourne, comprising 1.0% versus 0.8%.

The top three ancestry groups were English (23.7%), Australian (17.3%), and Irish (13.1%). Other ethnic groups with notable divergences included Italian at 9.4% in Princes Hill versus 4.8% regionally, Polish at 1.2% versus 0.9%, and Scottish at 9.3% versus 8.6%.

Princes Hill's population aligns closely with national norms in age terms

The median age in Princes Hill is 38 years, close to Greater Melbourne's average of 37 and equivalent to Australia's median of 38. Compared to Greater Melbourne, Princes Hill has a higher proportion of 25-34 year-olds at 22.8% (compared to Greater Melbourne's 19.6%) but fewer 5-14 year-olds at 7.2%. This concentration of 25-34 year-olds is significantly higher than the national average of 14.5%. Between the 2016 and 2021 censuses, Princes Hill's population aged 25-34 grew from 19.4% to 22.8%, while those aged 75-84 increased from 6.4% to 8.0%. Conversely, the proportion of residents aged 45-54 decreased from 11.0% to 9.3%, and those aged 5-14 dropped from 8.7% to 7.2%. By 2041, Princes Hill's age composition is expected to change significantly. The 45-54 age group is projected to grow by 44%, adding 88 people to reach a total of 290, while the 15-24 group is expected to decrease by 5 residents.