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 ABS population updates and AreaSearch validations, as of Nov 2025, Southbank's estimated population is around 29,219. This reflects a growth of 6,588 people since the 2021 Census, which reported a population of 22,631. The increase was inferred from AreaSearch's estimate of 27,227 residents following examination of ABS' June 2024 ERP data release and an additional 1,646 validated new addresses since the Census date. This results in a density ratio of 18,730 persons per square kilometer, placing Southbank in the top 10% nationally. Southbank's growth rate of 29.1% exceeded both national (9.7%) and state averages. Overseas migration contributed approximately 88.0% of population gains recently, with all drivers being positive factors.

AreaSearch uses ABS/Geoscience Australia projections for each SA2 area released in 2024 with a base year of 2022. For areas not covered, it utilises VIC State Government's Regional/LGA projections from 2023 with adjustments made via weighted aggregation to SA2 levels. Growth rates by age group are applied across all areas for years 2032 to 2041. Future projections indicate exceptional growth, expecting an increase of 16,902 persons by 2041, reflecting a total increase of 51.5% over the 17-year period.

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

AreaSearch analysis of ABS building approval numbers shows Southbank recorded around 528 residential properties granted approval each year. Over the past five financial years, from FY-21 to FY-25, approximately 2,642 homes were approved, with an additional 13 approved so far in FY-26. On average, 1.1 people moved to the area annually for each dwelling built during these years, indicating a balanced supply and demand market that supports stable conditions.

The average construction cost value of new homes is $557,000, suggesting developers focus on premium properties. In FY-26, commercial approvals have reached $52.5 million, reflecting robust local business investment. Recent building activity consists solely of medium and high-density housing, providing more affordable entry points for downsizers, investors, and first-home buyers.

The area has approximately 56 people per dwelling approval, suggesting an expanding market. By 2041, Southbank is forecasted to gain 15,058 residents based on the latest AreaSearch quarterly estimate. 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

Changes to local infrastructure significantly impact an area's performance. AreaSearch has identified 76 projects likely to affect the area. Notable projects include Arts Centre Melbourne Ian Potter State Theatre Upgrades, Melbourne Arts Precinct Transformation - Laak Boorndap Garden, The Fox: NGV Contemporary, and South Melbourne Town Hall Restoration. Below is a list of 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.

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

Southbank's workforce is highly educated with significant representation in professional services. The unemployment rate was 2.5% as of September 2025, lower than Greater Melbourne's 4.7%.

Employment growth over the past year was estimated at 4.7%, based on AreaSearch data aggregation. As of September 2025, there were 21,456 residents in work with an unemployment rate of 2.1%, below Greater Melbourne's rate. Workforce participation was higher at 77.7%. Key industries included professional & technical, accommodation & food, and finance & insurance.

The area had a strong specialization in professional & technical services, with an employment share 1.9 times the regional level. Conversely, health care & social assistance showed lower representation at 8.5% versus the regional average of 14.2%. There were 1.7 workers for every resident as per the Census, indicating Southbank functions as an employment hub attracting workers from nearby areas. Over the year to September 2025, employment increased by 4.7%, while labour force grew by 5.1%, causing unemployment to rise by 0.4 percentage points. By comparison, Greater Melbourne recorded employment growth of 3.0% and unemployment rose by 0.3 percentage points. State-level data from 25-Nov shows VIC employment grew by 1.13% year-on-year, with the state unemployment rate at 4.7%. National employment forecasts from May-25 suggest national employment will expand by 6.6% over five years and 13.7% over ten years. Applying these projections to Southbank's employment mix suggests local employment should increase by 7.0% over five years and 14.0% over ten years.

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 30, 2023 shows that median income in Southbank is $56,288 and average income is $76,195. This compares to 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, estimated median income is approximately $60,932 and average income is $82,481 as of September 2025. According to the Census conducted in August 2021, individual earnings rank at the 89th percentile nationally with a weekly amount of $1,171, while household income ranks at the 61st percentile. Income distribution shows that 38.6% of residents (11,278 people) fall within the $1,500 - $2,999 bracket, similar to the broader area where this group represents 32.8%. Housing costs consume 18.8% of income, but strong earnings place disposable income at the 57th percentile. 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 predominantly rental market

Southbank's dwelling structure, as per the latest Census, consisted entirely of non-household dwellings such as semi-detached units, apartments, and other types. Home ownership in Southbank stood at 13.0%, with 18.2% of dwellings under mortgage and 68.8% rented out. The median monthly mortgage repayment was $1,900, and the median weekly rent was $411. Nationally, Southbank's mortgage repayments exceeded the Australian average of $1,863, while rents were higher than 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%. 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

Southbank's educational attainment is notably higher than national and state averages. Among residents aged 15 and above, 65.2% have university qualifications, compared to 30.4% nationally and 33.4% in Victoria. The area's most common qualification is the Bachelor degree 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 at 10.4% and certificates at 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 active public transport stops. These include both lightrail and bus services. There are 17 different routes operating in total, serving 20,152 weekly passenger trips combined.

The average distance from residents to the nearest stop is 133 meters. Daily service frequency averages 2,878 trips across all routes, which translates to around 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, 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 (~16,628 people). Mental health issues and asthma are the most common medical conditions in the area, impacting 6.9 and 6.0% of residents respectively. 82.1% of Southbank residents declare themselves completely clear of medical ailments, compared to 0% across Greater Melbourne. As of 30 June 20XX, 5.7% of Southbank's population is aged 65 and over (1,665 people). Health outcomes among seniors are particularly strong, broadly in line 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, making up 30.2% of its population. 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%) ethnic groups 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 is 31 years, which is lower than Greater Melbourne's average of 37 and Australia's median of 38. Compared to Greater Melbourne, Southbank has a higher percentage of residents aged 25-34 (40.3%) but fewer residents aged 5-14 (2.7%). This concentration of 25-34 year-olds is significantly higher than the national average of 14.5%. Between 2021 and present, the population aged 15 to 24 has increased from 14.6% to 16.3%, while the 25 to 34 age group has decreased from 41.6% to 40.3%. By 2041, Southbank's demographic profile is projected to change significantly. The 25 to 34 age cohort is expected to grow steadily, increasing by 3,811 people (32%) from 11,775 to 15,587 residents.