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

As of Feb 2026, Southbank's population is estimated at around 28,506, reflecting an increase of 5,875 people since the 2021 Census. This growth rate of 26.0% exceeds the national average of 9.9%. The change is inferred from AreaSearch's estimation of Southbank's resident population at 27,227 based on 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 results in a density ratio of 18,273 persons per square kilometer, placing Southbank in the top 10% of national locations assessed by AreaSearch. Overseas migration contributed approximately 88.0% of overall population gains during recent periods. AreaSearch projects that Southbank will increase by 16,887 persons to 2041 based on aggregated SA2-level projections, reflecting an increase of 55.3% over the 17 years.

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. Anticipating future population dynamics, exceptional growth, placing in the top 10 percent of statistical areas across the nation, is predicted over the period with the area expected to increase by 16,887 persons to 2041 based on aggregated SA2-level projections, reflecting with an increase of 55.3% 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 in Southbank shows around 528 residential properties granted approval each year. Between FY-21 and FY-25, approximately 2,642 homes were approved, with an additional 13 approved so far in FY-26. On average, about 1.1 people moved to the area for each dwelling built over the past five financial years.

This indicates a balanced supply and demand market, supporting stable conditions. The average construction cost value of new homes is $557,000, reflecting a focus on premium properties by developers. In FY-26, there have been $52.5 million in commercial approvals, suggesting strong 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. Southbank has approximately 56 people per dwelling approval, indicating an expanding market. By 2041, the population is forecasted to grow by 15,756 residents. 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 projects include Arts Centre Melbourne Ian Potter State Theatre Upgrades, The Fox: NGV Contemporary, South Melbourne Town Hall Restoration, and Melbourne Arts Precinct Transformation. Below is a list detailing 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 has a highly educated workforce with strong representation in professional services. Its unemployment rate was 2.5% as of September 2025, based on AreaSearch aggregation of statistical area data. This is below Greater Melbourne's rate of 4.7%.

Employment growth over the past year was estimated at 4.7%. As of September 2025, 21,456 residents were in work, with an unemployment rate of 2.1% and workforce participation of 85.4%, both higher than Greater Melbourne's figures of 4.7% and 71.0% respectively. According to Census responses, 45.4% of residents worked from home. Key industries of employment among residents were professional & technical, accommodation & food, and finance & insurance.

The area showed strong specialization in professional & technical services, with an employment share 1.9 times the regional level. Conversely, health care & social assistance had lower representation at 8.5% compared to the regional average of 14.2%. There were 1.7 workers for every resident as at the Census, indicating that Southbank functions as an employment hub hosting more jobs than residents and attracting workers from surrounding areas. Over the 12 months to September 2025, employment increased by 4.7% while labour force increased by 5.1%, causing the unemployment rate to rise by 0.4 percentage points. By comparison, Greater Melbourne recorded employment growth of 3.0%, labour force growth of 3.3%, with unemployment rising by 0.3 percentage points. Jobs and Skills Australia's national employment forecasts from May-25 project that 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, 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 2023 shows that Southbank's median income 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% since financial year 2023, current estimates for Southbank are approximately $60,932 (median) and $82,481 (average) as of September 2025. 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. Income distribution shows that 38.6% of residents (11,003 people) fall within the $1,500 - 2,999 bracket, similar to the broader area where this cohort 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 higher proportion of rental properties than the broader region

Southbank's dwelling structures, as per the latest Census, comprised 0.0% houses and 100.0% other dwellings (semi-detached, apartments, 'other' dwellings), contrasting with Melbourne metro's 67.9% houses and 32.1% 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, lower than Melbourne metro's $2,000, while the median weekly rent was $411, higher than Melbourne metro's $390. Nationally, Southbank's mortgage repayments were higher at $1,900 compared to the Australian average of $1,863, and rents were also higher at $411 against 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 comprise 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 make up the remaining 55.8%, with lone person households at 42.9% and group households comprising 12.8%. The median household size is 1.8 people, 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 has a notably high level of educational attainment among its residents aged 15 and above, with 65.2% holding university qualifications. This figure is significantly higher than the national average of 30.4% and the Victorian average of 33.4%. The area's educational advantage is reflected in the types of qualifications held: Bachelor degrees are 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 accounting for 7.5%.

Educational participation is also high in Southbank, 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 offering a mix of lightrail and bus services. These stops are served by 17 routes that collectively facilitate 20,152 weekly passenger trips. Transport accessibility is excellent with residents typically located 133 meters from the nearest stop. Most residents commute outward due to Southbank's residential nature. Car remains the dominant mode of transport at 32%, followed by walking at 25% and train at 14%. The average vehicle ownership per dwelling is 0.2, below the regional average.

According to the 2021 Census, a high 45.4% of residents work from home, which may reflect COVID-19 conditions. Service frequency averages 2,878 trips per day across all routes, 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

Southbank's health outcomes show excellent results according to AreaSearch's assessment.

Mortality rates and chronic condition prevalence are very low across all age groups. Private health cover is high at approximately 57% of the total population (around 16,222 people). The most prevalent medical conditions are mental health issues affecting 6.9% of residents and asthma impacting 6.0%. A significant majority, 82.1%, report being completely clear of medical ailments, compared to 72.6% in Greater Melbourne. Southbank has a lower proportion of seniors aged 65 and over at 6.0% (1,710 people) than the 15.1% in Greater Melbourne. Senior health outcomes align with national rankings and are 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 population where 51.8% speak a language other than English at home, and 64.7% were born overseas. Christianity is the predominant religion in Southbank, with 30.2%. Buddhism is more prevalent here compared to Greater Melbourne, making up 5.9% 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 have higher representation 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's median age is 31 years, which is lower than Greater Melbourne's average of 37 and the Australian median of 38. Compared to Greater Melbourne, Southbank has a higher percentage of residents aged 25-34 (39.6%) but fewer residents aged 5-14 (2.7%). This concentration of 25-34 year-olds is significantly higher than the national average of 14.4%. Between 2021 and now, the proportion of Southbank's population aged 15 to 24 has increased from 14.6% to 16.0%, while the percentage of residents aged 25 to 34 has decreased from 41.6% to 39.6%. By 2041, demographic modeling suggests Southbank's age profile will change significantly. The number of residents aged 25-34 is projected to increase by 4,295 people (38%), reaching a total of 15,584 from the current figure of 11,288.