Prospect (Tas.)

Population growth drivers in Prospect are strong compared to national averages based on AreaSearch's ranking of recent, and medium to long-term trends

Based on analysis of ABS population updates for the broader area, the estimated population of Prospect (Tas.) as of November 2025 is around 2,015. This reflects an increase of 107 people since the 2021 Census, which reported a population of 1,908 people. The change is inferred from the resident population of 2,004 estimated by AreaSearch following examination of the latest ERP data release by the ABS in June 2024 and an additional six validated new addresses since the Census date. This level of population equates to a density ratio of 294 persons per square kilometer. Prospect's growth rate of 5.6% since the 2021 census exceeded both the SA3 area (3.9%) and the state, marking it as a growth leader in the region. Population growth for the suburb was primarily driven by natural growth that contributed approximately 56% of overall population gains during recent periods.

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, and to estimate growth by age group post-2032, Tasmania State Government's Regional/LGA projections are adopted with adjustments made employing a method of weighted aggregation of population growth from LGA to SA2 levels. Moving forward with demographic trends, projections indicate a decline in overall population for the suburb, expected to shrink by 14 persons by 2041 according to this methodology. However, growth across specific age cohorts is anticipated, led by the 85 and over age group, which is projected to grow by 50 people.

Residential development activity is lower than average in Prospect according to AreaSearch's national comparison of local real estate markets

Prospect approved 2 new dwellings annually between 2016 and 2020, totaling 11 over the five-year period. This minimal construction activity is typical of rural areas with modest housing needs and limited development due to local demand and infrastructure capacity. Notably, the small number of approvals can significantly impact annual growth statistics.

Compared to Rest of Tas., Prospect has much lower development activity, falling below national averages as well. Recent building activity consists solely of standalone homes, reflecting Prospect's rural character where larger properties are common. Detached housing makes up 72% of new construction, indicating strong demand for family homes despite increasing density pressures. The area's estimated population per dwelling approval is 1018 people, reflecting its quiet development environment.

With a stable or declining population forecast, Prospect may experience reduced housing pressure, potentially benefiting buyers.

Prospect has emerging levels of nearby infrastructure activity, ranking in the 22ndth percentile nationally

Changes to local infrastructure significantly influence an area's performance. AreaSearch has identified eight projects likely to impact the region. Notable projects include Prospect Vale Park Facilities Upgrade, Kings Meadows Community Health Centre Redevelopment, Baxter's IGA Kings Meadows, and Kings Meadows Land Release. 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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Despite maintaining a low unemployment rate of 3.6%, Prospect has experienced recent job losses, resulting in a below average employment performance ranking when compared nationally

Prospect has a skilled workforce with notable representation in essential services sectors. Its unemployment rate is 3.6%, according to AreaSearch's aggregation of statistical area data.

As of June 2025, Prospect has 1,035 residents employed, an unemployment rate of 3.9% lower than Rest of Tas.'s 3.9%. Workforce participation stands at 60.1%, slightly higher than Rest of Tas.'s 55.7%. Major employment sectors include health care & social assistance, retail trade, and accommodation & food. Health care & social assistance is particularly prominent, with employment levels at 1.3 times the regional average.

Conversely, agriculture, forestry & fishing is under-represented, comprising only 0.8% of Prospect's workforce compared to Rest of Tas.'s 8.4%. The resident-to-worker ratio of 0.8 indicates a higher-than-average level of local employment opportunities. Over the year to June 2025, labour force levels decreased by 1.8%, and employment declined by 2.1% in Prospect, leading to an unemployment rate increase of 0.2 percentage points. This contrasts with Rest of Tas., where employment contracted by 0.5%, the labour force fell by 0.6%, and unemployment marginally decreased. Jobs and Skills Australia's national employment forecasts from Sep-22 project overall national employment growth of 6.6% over five years and 13.7% over ten years. Applying these projections to Prospect's employment mix suggests local employment should increase by 6.8% over five years and 14.3% over ten years, though this is a simple extrapolation for illustrative purposes only and does not account for localised population projections.

Income levels sit below national averages according to AreaSearch assessment

According to AreaSearch's aggregation of the latest postcode level ATO data released on 2nd July 2022 for the financial year 2021-2022, Prospect had a median income among taxpayers of $52,379. The average income stood at $65,641 in this period. Nationally, the median income was $52,854 and the average was $70,570. Rest of Tas had a median income of $47,358 and an average income of $57,384 during the same period. Based on Wage Price Index growth of 13.83% since financial year 2021-2022, current estimates for Prospect would be approximately $59,623 (median) and $74,719 (average) as of September 2025. According to the 2021 Census figures, household incomes in Prospect sit at the 15th percentile while personal income performs better at the 39th percentile. The data shows that the $1,500 - 2,999 bracket dominates with 28.6% of residents (576 people). Housing affordability pressures are severe, with only 84.3% of income remaining after housing costs, ranking at the 16th percentile nationally.

Prospect is characterized by a predominantly suburban housing profile, with above-average rates of outright home ownership

The dwelling structure in Prospect, as per the latest Census report, consisted of 72.1% houses and 27.9% other dwellings (semi-detached, apartments, 'other' dwellings), compared to Non-Metro Tas.'s 73.5% houses and 26.5% other dwellings. Home ownership in Prospect stood at 34.2%, with mortgaged dwellings at 34.5% and rented ones at 31.3%. The median monthly mortgage repayment was $1,300, aligning with Non-Metro Tas.'s average, while the median weekly rent figure was $290, compared to Non-Metro Tas.'s $280. Nationally, Prospect's mortgage repayments were lower than the Australian average of $1,863, reported in June 2021, and rents were below the national figure of $375, as per the same report.

Prospect features high concentrations of lone person households, with a lower-than-average median household size

Family households account for 61.3% of all households, including 22.0% couples with children, 27.5% couples without children, and 11.8% single parent families. Non-family households constitute the remaining 38.7%, with lone person households at 36.0% and group households making up 2.8%. The median household size is 2.2 people, which is smaller than the Rest of Tas. average of 2.3.

Educational outcomes in Prospect fall within the lower quartile nationally, indicating opportunities for improvement in qualification attainment

The area's university qualification rate is 19.3%, significantly lower than the Australian average of 30.4%. This presents both a challenge and an opportunity for targeted educational initiatives. Bachelor degrees are most common at 13.4%, followed by postgraduate qualifications (4.0%) and graduate diplomas (1.9%). Vocational credentials are prevalent, with 36.6% of residents aged 15+ holding them - advanced diplomas (8.9%) and certificates (27.7%).

A total of 24.6% of the population is actively pursuing formal education, including 8.4% in primary, 6.8% in secondary, and 4.2% in tertiary education. Prospect's 3 schools have a combined enrollment of 2,093 students, with typical Australian school conditions (ICSEA: 984) offering balanced educational opportunities. Secondary education dominates with 3 schools, while primary students typically attend schools in adjacent catchments. The area serves as an education hub with 103.9 school places per 100 residents, significantly above the regional average of 18.3, attracting students from surrounding communities. Note: where schools show 'n/a' for enrolments, please refer to the parent campus.

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

Prospect has 11 active public transport stops currently operating. These stops serve a mix of bus routes, totalling 35 individual services. Together, these routes facilitate 1,905 weekly passenger trips.

Transport accessibility in the area is considered good, with residents on average being located 237 meters from their nearest transport stop. The service frequency across all routes averages 272 trips per day, which equates to approximately 173 weekly trips per individual stop.

Health performance in Prospect is well below average with prevalence of common health conditions notable across both younger and older age cohorts

Prospect faces significant health challenges, as indicated by data showing high prevalence of common conditions across both younger and older age groups. Private health cover stands at approximately 53%, or about 1,071 people, which is higher than the average SA2 area rate of 50.6%.

The most prevalent medical conditions are arthritis (affecting 11.7% of residents) and asthma (9.4%). Conversely, 60.8% of residents report no medical ailments, compared to 63.9% in the Rest of Tasmania. Prospect has a higher proportion of seniors aged 65 and over at 24.4%, or 491 people, than the state average of 19.9%. Health outcomes among seniors present challenges broadly aligned with those of the general population.

Prospect ranks below the Australian average when compared to other local markets across a number of language and cultural background related metrics

Prospect's population was found to be predominantly culturally homogeneous, with 88.2% being citizens, 84.7% born in Australia, and 89.5% speaking English only at home as of the recorded date. Christianity is the dominant religion in Prospect, comprising 48.6% of its population. However, the category 'Other' appears to be proportionally represented, making up 1.1% compared to the regional figure of 1.1%.

In terms of ancestry, the top three groups are English at 33.2%, Australian at 33.1%, and Irish at 6.4%. Some ethnic groups show notable variations in representation: Dutch is slightly overrepresented at 1.9% (versus 2.0%), Lebanese at 0.2% (versus 0.1%), and Australian Aboriginal at 2.3% (versus 2.7%).

Prospect hosts an older demographic, ranking in the top quartile nationwide

Prospect's median age is 43 years, slightly below Rest of Tas.'s 45 but considerably higher than Australia's national norm of 38. Compared to the Rest of Tas. average, Prospect has a notably higher proportion of 15-24 year-olds (12.0% vs. 9.7%) and a lower proportion of 55-64 year-olds (12.0% vs. 14.3%). Between 2021 and the present, Prospect's 75 to 84 age group has increased from 7.0% to 8.6%, while the 5 to 14 cohort has risen from 9.5% to 10.7%. Conversely, the 25 to 34 cohort has declined from 14.1% to 12.0% and the 45 to 54 group has decreased from 12.8% to 11.7%. By 2041, Prospect's age profile is projected to change significantly. The 85+ age cohort is expected to grow by 49 people (68%), from 72 to 122. Notably, the combined 65+ age groups are projected to account for 64% of total population growth, reflecting Prospect's aging demographic profile. In contrast, population declines are projected for the 15 to 24 and 55 to 64 cohorts.