Southbank

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

Based on analysis of ABS population updates, Southbank's estimated population is around 30,607 as of Nov 2025. This reflects an increase of 7,976 people since the 2021 Census, which reported a population of 22,631 people. The change was inferred from the resident population of 27,879 estimated by AreaSearch following examination of the latest ERP data release by the ABS (June 2024) and an additional 1,646 validated new addresses since the Census date. This level of population equates to a density ratio of 19,619 persons per square kilometer, placing Southbank in the top 10% of national locations assessed by AreaSearch. Southbank's growth rate of 35.2% since the 2021 census exceeded the national average (8.9%). Population growth was primarily driven by overseas migration contributing approximately 88.0%.

AreaSearch is adopting 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 released in 2023 with adjustments made employing weighted aggregation from LGA to SA2 levels. Exceptional growth is predicted over the period with Southbank expected to increase by 17,423 persons to 2041 based on aggregated SA2-level projections, reflecting an increase of 46.4% in total over the 17 years.

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

Based on AreaSearch analysis of ABS building approval numbers, Southbank has recorded approximately 562 residential properties granted approval each year. Over the past five financial years, from FY-21 to FY-25, around 2,812 homes were approved, with a further 66 approved in FY-26 so far. On average, one person moves to Southbank for each dwelling built over these five years, indicating a balanced supply and demand market that supports stable conditions.

The average construction cost of new homes is $554,000. This year, there have been $96,000 in commercial approvals, suggesting a predominantly residential focus. All recent building activity consists of attached dwellings, offering affordable entry pathways for downsizers, investors, and first-time purchasers.

Southbank has around 48 people per dwelling approval, indicating growth area characteristics. According to the latest AreaSearch quarterly estimate, Southbank's population is forecasted to increase by 14,191 residents by 2041. If current development rates continue, housing supply may struggle to keep pace with population growth, potentially intensifying buyer competition and supporting price increases.

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

The performance of a region can significantly be influenced by changes in local infrastructure, major projects, and planning initiatives. AreaSearch has identified 78 such projects that are expected to impact the area. Notable among these are Melbourne Arts Precinct Transformation - Laak Boorndap Garden, The Fox: NGV Contemporary, Arts Centre Melbourne State Theatre Upgrades, and South Melbourne Town Hall Restoration. The following list provides details of those projects likely to be 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.

The exceptional employment performance in Southbank places it among Australia's strongest labour markets

Southbank has a highly educated workforce with strong representation in professional services. Its unemployment rate is 2.5%, lower than Greater Melbourne's 4.6%.

Employment growth over the past year was estimated at 6.6%. As of June 2025, 21,909 residents are employed, with an unemployment rate of 2.2% and workforce participation at 77.7%. Major employment sectors include professional & technical, accommodation & food, and finance & insurance. Southbank has a particularly strong specialization in professional & technical services, with an employment share 1.9 times the regional level.

Conversely, health care & social assistance shows lower representation at 8.5% compared to the regional average of 14.2%. The area functions as an employment hub with 1.7 workers per resident. Between June 2024 and June 2025, employment levels increased by 6.6%, labour force grew by 7.2%, causing unemployment to rise by 0.5 percentage points. By comparison, Greater Melbourne recorded employment growth of 3.5% and an unemployment rate increase of 0.5 percentage points. According to Jobs and Skills Australia's national employment forecasts from Sep-22, Southbank's employment is projected to increase by 7.0% over five years and 14.0% over ten years.

Income analysis reveals strong economic positioning, with the area outperforming 60% of locations assessed nationally by AreaSearch

Southbank had a median taxpayer income of $56,544 and an average of $76,799 in financial year 2022, according to the latest postcode level ATO data aggregated by AreaSearch. This is higher than the national averages of $54,892 (median) and $73,761 (average) for Greater Melbourne. Based on Wage Price Index growth of 12.16% since financial year 2022, estimated incomes as of September 2025 would be approximately $63,420 (median) and $86,138 (average). In the 2021 Census, individual earnings ranked at the 89th percentile nationally ($1,171 weekly), while household income was at the 61st percentile. The earnings profile showed that 38.6% of locals (11,814 people) fell into the $1,500 - $2,999 category, similar to the metropolitan region where 32.8% were in this bracket. High housing costs consumed 18.8% of income, but strong earnings placed disposable income at the 57th percentile. The area's SEIFA income ranking placed it in the 9th decile.

Southbank features a more urban dwelling mix with significant apartment living, with above-average rates of outright home ownership

In Southbank, as per the latest Census evaluation, there were 0.0% houses and 100.0% other dwellings (semi-detached, apartments, 'other' dwellings). In contrast, Melbourne metro had 0.0% houses and 0.0% other dwellings. Home ownership in Southbank was at 13.0%, with mortgaged dwellings at 18.2% and rented ones at 68.8%. The median monthly mortgage repayment was $1,900, aligning with Melbourne metro's average. The median weekly rent figure was $411, while Melbourne metro had no data available for comparison. Nationally, Southbank's mortgage repayments were higher than the Australian average of $1,863, and rents exceeded the national figure of $375.

Southbank features high concentrations of group households and lone person households, with a median household size of 1.8 people

Family households constitute 44.2% of all households, including 8.1% couples with children, 30.1% couples without children, and 4.0% single parent families. Non-family households comprise the remaining 55.8%, with lone person households at 42.9% and group households making up 12.8% of the total. The median household size is 1.8 people.

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

Educational attainment in Southbank is significantly higher than broader benchmarks. As of 2021, 65.2% of residents aged 15 and above hold university qualifications, compared to 30.4% nationally and 33.4% statewide (Victoria). The area's educational advantage is notable with bachelor degrees being the most common at 38.8%, followed by postgraduate qualifications at 22.7% and graduate diplomas at 3.7%. Vocational pathways account for 17.9% of qualifications, including advanced diplomas at 10.4% and certificates at 7.5%.

Educational participation is high with 30.1% of residents currently enrolled in formal education as of 2021. This includes 15.5% in tertiary education, 2.4% in primary education, and 1.4% pursuing secondary education. The area has two schools serving a total of 831 students: Victorian College Of The Arts Secondary School and South Melbourne Primary School. As of 2016, the area's Index of Community Socio-Educational Advantage (ICSEA) score is 1142, indicating significant socio-educational advantages and academic achievement. Educational provision follows conventional lines with one primary and one secondary institution. The low ratio of 2.7 school places per 100 residents suggests many local students attend schools outside the immediate area.

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

Southbank has 36 active public transport stops. These include lightrail and bus services. There are 17 different routes operating in total, serving 9,749 weekly passenger trips combined.

The average distance to the nearest stop for residents is 132 meters. On average, there are 1,392 trips per day across all routes, which equals approximately 270 weekly trips per individual stop.

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

Health outcomes data shows excellent results across Southbank, with very low prevalence of common health conditions across all age groups.

The rate of private health cover is very high at approximately 57% of the total population (~17,488 people). Mental health issues and asthma are the most common medical conditions in the area, impacting 6.9 and 6.0% of residents respectively. A significant majority, 82.1%, declare themselves completely clear of medical ailments compared to 0% across Greater Melbourne. As of June 2021, 5.7% of residents are aged 65 and over (1,744 people). Health outcomes among seniors in Southbank are particularly strong, broadly aligning with the general population's health profile.

Southbank is among the most culturally diverse areas in the country based on AreaSearch assessment of a range of language and cultural background related metrics

Southbank has a culturally diverse population, with 51.8% speaking a language other than English at home and 64.7% born overseas. Christianity is the main religion in Southbank, representing 30.2%. Buddhism is overrepresented compared to Greater Melbourne, comprising 5.9%.

The top three ancestry groups are Other (19.5%), Chinese (17.4%), and English (15.3%). Spanish (1.1%) Korean (1.9%) and Indian (8.2%) ethnicities are notably overrepresented in Southbank compared to the regional average of None%.

Southbank hosts a very young demographic, ranking in the bottom 10% of areas nationwide

Southbank's median age at 31 years is lower than Greater Melbourne's average of 37 and significantly under the Australian median of 38. Compared to Greater Melbourne, Southbank has a higher proportion of residents aged 25-34 (40.3%), but fewer residents aged 5-14 (2.7%). This concentration of 25-34 year-olds is notably higher than the national average of 14.5%. Between 2021 and present, the proportion of residents aged 15 to 24 has increased from 14.6% to 16.3%, while the proportion of those aged 25 to 34 has decreased from 41.6% to 40.3%. By 2041, demographic projections suggest Southbank's age profile will change significantly. The number of residents aged 25 to 34 is projected to grow by 3,417 people (28%), increasing from 12,334 to 15,752.