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 and new addresses validated by AreaSearch, the population of Southbank is estimated to be around 28,506 as of February 2026. This reflects an increase of 5,875 people (26.0%) since the Census in 2021, which reported a population of 22,631 people. The change is inferred from the resident population of 27,227 estimated by AreaSearch following examination of the latest ERP data release by the ABS in June 2024 and an additional 818 validated new addresses since the Census date. This level of population equates to a density ratio of 18,273 persons per square kilometer, placing Southbank in the top 10% of national locations assessed by AreaSearch. Southbank's growth of 26.0% since the 2021 census exceeded both the national average (9.9%) and the state average, marking it as a growth leader in the region. Population growth was primarily driven by overseas migration contributing approximately 88.0% of overall population gains during recent periods, although all drivers including natural growth and interstate migration were positive factors.

AreaSearch is adopting ABS/Geoscience Australia projections for each SA2 area released in 2024 with a base year of 2022. For areas not covered by this data, AreaSearch utilises 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 are applied across all areas for years 2032 to 2041. Exceptional growth is predicted over the period, with Southbank expected to increase by 16,646 persons to 2041 based on aggregated SA2-level projections, reflecting an increase of 53.9% in total over the 17 years.

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

AreaSearch analysis of ABS building approval numbers allocated from statistical area data shows Southbank recorded around 523 residential properties granted approval each year. Over the past five financial years, between FY-21 and FY-25, approximately 2,617 homes were approved, with a further 13 approved so far in FY-26. On average, about 1.1 people moved to the area for each dwelling built over these five years, indicating a balanced supply and demand market that supports stable conditions.

The average expected construction cost value of new homes being built is $557,000, suggesting a focus on the premium segment with upmarket properties. In FY-26, there have been $52.5 million in commercial approvals, reflecting robust local business investment. Recent building activity consists entirely of medium and high-density housing, creating more affordable entry points suitable for downsizers, investors, and first-home buyers.

Southbank has approximately 56 people per dwelling approval, indicating an expanding market. Population forecasts from the latest AreaSearch quarterly estimate suggest Southbank will gain 15,366 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.

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

Infrastructure changes significantly influence an area's performance. AreaSearch identified 69 projects likely impacting the area. Key initiatives include Arts Centre Melbourne Ian Potter State Theatre Upgrades, The Fox: NGV Contemporary, South Melbourne Town Hall Restoration, and Melbourne Arts Precinct Transformation.

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

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The labour market strength in Southbank positions it well ahead of most Australian regions

Southbank has a highly educated workforce with strong representation in professional services. Its unemployment rate was 2.5% as of December 2025, showing an estimated employment growth of 4.3% over the past year. This is based on AreaSearch aggregation of statistical area data.

As of December 2025, 21,648 residents were in work while the unemployment rate was 2.2% below Greater Melbourne's rate of 4.8%. Workforce participation was at 86.2%, compared to Greater Melbourne's 71.3%. According to Census responses, 45.4% of residents worked from home, though Covid-19 lockdown impacts should be considered. The key industries of employment among residents were professional & technical, accommodation & food, and finance & insurance.

Southbank showed strong specialization in professional & technical services with an employment share of 1.9 times the regional level. Conversely, health care & social assistance had lower representation at 8.5% versus the regional average of 14.2%. As at the Census, there were 1.7 workers for every resident, indicating that Southbank functions as an employment hub hosting more jobs than residents and attracting workers from surrounding areas. Over the 12 months to December 2025, employment increased by 4.3% while labour force increased by 4.7%, causing the unemployment rate to rise by 0.3 percentage points. By comparison, Greater Melbourne recorded employment growth of 2.4%, labour force growth of 2.8%, with unemployment rising 0.3 percentage points. Jobs and Skills Australia's national employment forecasts from May-25 offer further insight into potential future demand within Southbank. These projections estimate that national employment should increase by 6.6% over five years and 13.7% over ten years. Applying these industry-specific projections to Southbank's employment mix suggests local employment should increase by 7.0% over five years and 14.0% over ten years, though this is a simple weighting extrapolation for illustrative purposes and does not take into account localised population projections.

The economic profile demonstrates above-average performance, with income metrics exceeding national benchmarks based on AreaSearch comparative assessment

AreaSearch's latest postcode level ATO data for financial year ending June 2023 shows median income in Southbank at $56,288 and average income at $76,195. This contrasts with Greater Melbourne's median income of $57,688 and average income of $75,164. Based on Wage Price Index growth of 8.25% from July 2023 to September 2025, current estimates for Southbank would be approximately $60,932 (median) and $82,481 (average). According to the 2021 Census, individual earnings in Southbank rank at the 89th percentile nationally ($1,171 weekly), while household income ranks at the 61st percentile. Distribution data shows that 38.6% of residents fall into the $1,500 - $2,999 weekly income bracket (11,003 people). High housing costs consume 18.8% of income, but strong earnings place disposable income at the 57th percentile nationally. The area's SEIFA income ranking places it in the 9th decile.

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

Southbank's dwelling structure, as per the latest Census, consisted entirely of non-household dwellings such as apartments and semi-detached units. This contrasts with Melbourne metro's mix of 67.9% houses and 32.1% other dwellings. Home ownership in Southbank stood at 13.0%, lower than Melbourne metro's level. Mortgaged dwellings comprised 18.2%, and rented dwellings made up the majority at 68.8%. The median monthly mortgage repayment was $1,900, below Melbourne metro's average of $2,000. Median weekly rent in Southbank was $411, slightly higher than Melbourne metro's $390. Nationally, Southbank's mortgage repayments were higher at $1,900 compared to the Australian average of $1,863, while rents were also higher at $411 versus the national figure of $375.

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

Family households account for 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, which is smaller than the Greater Melbourne average of 2.6.

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

Southbank's educational attainment is notably higher than national averages. Among residents aged 15 or older, 65.2% possess university qualifications, compared to Australia's 30.4% and Victoria's 33.4%. This high level of educational attainment positions Southbank favourably for knowledge-based opportunities. Bachelor degrees are the most common at 38.8%, followed by postgraduate qualifications (22.7%) and graduate diplomas (3.7%).

Vocational pathways account for 17.9% of qualifications, with advanced diplomas making up 10.4% and certificates 7.5%. Educational participation is high, with 30.1% of residents currently enrolled in formal education. This includes 15.5% in tertiary education, 2.4% in primary education, and 1.4% pursuing secondary education.

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

Southbank has 36 operational public transport stops offering a mix of lightrail and buses. These stops are served by 17 routes that facilitate 20,152 weekly passenger trips in total. The area's transport accessibility is rated as excellent, with residents typically residing 133 meters from the nearest stop. As a predominantly residential zone, most residents commute outward using various modes of transportation: cars remain the primary choice at 32%, followed by walking at 25% and train at 14%. The average vehicle ownership per dwelling is 0.2, lower than the regional average. According to the 2021 Census, a significant portion of residents, specifically 45.4%, work from home, which may be influenced by COVID-19 conditions.

On average, service frequency across all routes amounts to 2,878 trips per day, equating to approximately 559 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.

AreaSearch's assessment found very low prevalence of common health conditions across all age groups. The rate of private health cover is high at approximately 57% of the total population (~16,222 people). The most prevalent medical conditions are mental health issues and asthma, affecting 6.9 and 6.0% of residents respectively. 82.1% of residents declared themselves completely clear of medical ailments, compared to 72.6% across Greater Melbourne. Southbank has 6.1% of residents aged 65 and over (1,738 people), lower than the 15.1% in Greater Melbourne. Health outcomes among seniors are strong, with national rankings broadly in line with the general population.

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 predominant religion in Southbank, comprising 30.2%. Buddhism is overrepresented compared to Greater Melbourne, making up 5.9% of Southbank's population versus 4.2%.

The top three ancestry groups are Other (19.5%), Chinese (17.4%), and English (15.3%). Notably, Spanish (1.1%) Korean (1.9%) and Indian (8.2%) ethnicities are overrepresented in Southbank compared to regional averages of 0.4%, 0.3% and 4.2% respectively.

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

Southbank has a median age of 31 years, which is lower than the Greater Melbourne average of 37 and significantly below the Australian median of 38. Compared to Greater Melbourne, Southbank has a higher proportion of residents aged 25-34 (39.7%) but fewer residents aged 5-14 (2.6%). This concentration of 25-34 year-olds is notably higher than the national average of 14.4%. Between 2021 and present, the 15 to 24 age group has increased from 14.6% to 16.1% of Southbank's population, while the 25 to 34 cohort has decreased from 41.6% to 39.7%. By 2041, demographic projections suggest Southbank's age profile will change significantly. The 25 to 34 age group is projected to grow steadily, with an increase of 4,175 people (37%), reaching a total of 15,492 residents in this age bracket.