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

Based on analysis of ABS population updates for Princes Hill's broader area, and new addresses validated by AreaSearch since the Census, the suburb's population is estimated at around 2,163 as of February 2026. This reflects an increase of 158 people (7.9%) since the 2021 Census, which reported a population of 2,005 people. The change is inferred from the resident population of 2,155, estimated by AreaSearch following examination of the latest ERP data release by the ABS in June 2024, and an additional two validated new addresses since the Census date. This level of population equates to a density ratio of 5,030 persons per square kilometer, which lies in the top 10% of national locations assessed by AreaSearch, making land in the area a highly-sought resource. Princes Hill's 7.9% growth since census positions it within 2.0 percentage points of the national average (9.9%), demonstrating competitive growth fundamentals. Population growth for the suburb was primarily driven by overseas migration that contributed approximately 87.0% of overall population gains during recent periods.

AreaSearch is adopting ABS/Geoscience Australia projections for each SA2 area, as released in 2024 with 2022 as the base year. For any SA2 areas not covered by this data, AreaSearch is utilising 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. Considering the projected demographic shifts, a significant population increase in the top quartile of Australian statistical areas is forecast, with the suburb expected to expand by 511 persons to 2041 based on aggregated SA2-level projections, reflecting an increase of 23.2% in total 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 dwelling approvals annually over the past 5 financial years, totalling around 11 homes. As of FY-26, there have been 0 recorded approvals. The population decline in recent years has maintained adequate housing supply relative to demand, resulting in a balanced market with varied buyer choices.

New properties are constructed at an average cost of $1,384,000, indicating developers target the premium market segment. Compared to Greater Melbourne and nationally, Princes Hill shows significantly reduced construction activity, typically strengthening demand and prices for existing properties. This lower-than-average building activity reflects the area's maturity and possible planning constraints. New development comprises 50% detached houses and 50% medium-high density housing, appealing to downsizers, investors, and entry-level buyers despite a higher proportion of traditional houses being built than current demographics suggest. With approximately 834 people per dwelling approval, Princes Hill exhibits a highly mature market. Population forecasts estimate an increase of 503 residents by 2041.

If development rates remain constant, housing supply may not keep pace with population growth, potentially intensifying buyer competition and supporting stronger price growth.

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

No changes can significantly affect an area's performance like modifications to local infrastructure, major projects, and planning initiatives. AreaSearch has identified a total of 0 projects that are expected to impact the area. Notable projects include Brunswick and Parkville Level Crossing Removals, M205 Carlton Water Main Renewal, Parkville Quarter, and Errol Street Private Hospital, with the following list providing details on 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.

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

Princes Hill has a highly educated workforce with notable representation in the technology sector. Its unemployment rate was 7.6% as of December 2025. Employment growth over the past year is estimated at 3.7%.

As of December 2025, 1,261 residents are employed, with an unemployment rate of 2.8%, which is higher than Greater Melbourne's rate of 4.8%. Workforce participation is on par with Greater Melbourne's 71.3%. According to Census responses, 52.3% of residents work from home, though Covid-19 lockdown impacts should be considered. Leading employment industries are professional & technical, health care & social assistance, and education & training.

Princes Hill has a particularly strong specialization in professional & technical services with an employment share of 1.8 times the regional level, while construction shows lower representation at 3.4% compared to the regional average of 9.7%. The area appears to offer limited local employment opportunities based on Census data comparing working population and resident population. Between December 2024 and December 2025, employment levels increased by 3.7%, labour force increased by 4.4%, leading to a rise in unemployment rate of 0.6 percentage points. In contrast, Greater Melbourne experienced employment growth of 2.4% and labour force growth of 2.8%, with an unemployment rate increase of 0.3 percentage points. Jobs and Skills Australia's national employment forecasts from May-25 suggest potential future demand within Princes Hill. These projections estimate national employment to expand by 6.6% over five years and 13.7% over ten years, with significant variations between industry sectors. 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

According to AreaSearch's aggregation of the latest postcode level ATO data released for financial year ended June 2023, Princes Hill had a median income among taxpayers of $61,106. The average income stood at $100,381. Nationally, these figures are exceptionally high compared to the national averages of $57,688 and $75,164 for Greater Melbourne respectively. Based on Wage Price Index growth of 8.25% since financial year ended June 2023, current estimates would be approximately $66,147 (median) and $108,662 (average) as of September 2025. According to the Census conducted in August 2021, household, family and personal incomes all rank highly in Princes Hill, between the 79th and 88th percentiles nationally. Income analysis reveals that 28.3% of residents (612 people) fall into the $4000+ bracket, differing from patterns across regional levels where the $1,500 - 2,999 bracket dominates with 32.8%. Economic strength is evident through 37.6% of households achieving high weekly earnings exceeding $3,000, supporting elevated consumer spending. Housing accounts for 14.8% of income while strong earnings rank residents within the 79th percentile for disposable income. 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, as per the latest Census, consisted of 14.1% houses and 85.9% other dwellings (semi-detached, apartments, 'other' dwellings), contrasting with Melbourne metro's 67.9% houses and 32.1% other dwellings. Home ownership in Princes Hill was at 37.3%, with mortgaged dwellings at 17.3% and rented ones at 45.3%. The median monthly mortgage repayment was $3,000, higher than Melbourne metro's average of $2,000. The median weekly rent in Princes Hill was $462, compared to Melbourne metro's $390. 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 lower-than-average median household size

Family households constitute 57.1 percent of all households, including 20.0 percent couples with children, 28.2 percent couples without children, and 7.7 percent single parent families. Non-family households comprise the remaining 42.9 percent, with lone person households at 32.1 percent and group households making up 10.7 percent of the total. The median household size is 2.2 people, which is smaller than the Greater Melbourne average of 2.6.

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 higher educational attainment than Australian and Victorian averages. 63.4% of Princes Hill residents hold university qualifications compared to Australia's 30.4% and Victoria's 33.4%. Bachelor degrees are the most common at 35.1%, followed by postgraduate qualifications (22.7%) and graduate diplomas (5.6%). Technical qualifications make up 14.5% of educational achievements, with advanced diplomas at 6.7% and certificates at 7.8%.

Educational participation is high in Princes Hill, 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 operational public transport stops offering light rail services. These stops are served by two routes that together facilitate 3,411 weekly passenger trips. The area's transport accessibility is rated as good, with residents typically located 247 meters from the nearest stop. Primarily residential, most commuters travel outward. Cars remain the dominant mode at 55%, while 14% cycle and 13% walk. Vehicle ownership averages 0.8 per dwelling, below the regional average.

In 2021 Census data, which may reflect COVID-19 conditions, 52.3% of residents work from home. Service frequency averages 487 trips daily across all routes, equating to approximately 1,705 weekly trips per stop.

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

Princes Hill's health outcomes show excellent results according to AreaSearch's assessment. Mortality rates and chronic condition prevalence are very low across all age groups. Approximately 66% of Princes Hill residents have private health cover, compared to 56.7% in Greater Melbourne and a national average of 55.7%.

Mental health issues affect 9.8% of residents, with asthma impacting 7.6%. 68.3% of residents report no medical ailments, compared to 72.6% in Greater Melbourne. The under-65 population has better than average health outcomes. Princes Hill has 21.6% of residents aged 65 and over (467 people), higher than Greater Melbourne's 15.1%. Senior health outcomes are strong, aligning with national rankings for the general population.

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 had a higher than average cultural diversity, 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, comprising 32.0% of its people. However, Judaism was notably overrepresented, making up 1.0% of the population compared to the Greater Melbourne average of 1.0%.

In terms of ancestry, the top three groups were English (23.7%), Australian (17.3%), and Irish (13.1%), which was significantly higher than the regional average of 6.5%. There were also notable differences in the representation of certain ethnic groups: Italian at 9.4% compared to the regional average of 5.2%, Polish at 1.2% versus 0.8%, and Scottish at 9.3% compared to the regional average of 5.6%.

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

The median age in Princes Hill is 39 years, which is higher than Greater Melbourne's average of 37 years and close to Australia's national average of 38 years. Compared to Greater Melbourne, Princes Hill has a notably higher percentage of the 25-34 cohort (22.4% locally vs. 16.0%), while the percentage of 5-14 year-olds is lower (7.1% vs. 11.9%). The 25-34 cohort in Princes Hill is well above the national average of 14.4%. According to the 2021 Census data, the 25-34 age group has increased from 19.4% to 22.4%, while the 75-84 cohort has risen from 6.4% to 8.2%. Conversely, the 45-54 cohort has decreased from 11.0% to 9.3%, and the 5-14 group has dropped from 8.7% to 7.1%. Population forecasts for Princes Hill indicate substantial demographic changes by 2041. The 45-54 age group is projected to grow by 45 residents, reaching 291 from 201. Meanwhile, the 15-24 age group is expected to contract by 0 residents.