Toorak

Toorak has shown very soft population growth performance across periods assessed by AreaSearch

As of November 2025, the estimated population of Toorak is around 13,540. This represents an increase of 723 people since the 2021 Census, which reported a population of 12,817. The current estimate is inferred from AreaSearch's validation of new addresses and ABS ERP data released in June 2024, indicating a resident population of 13,331. Overseas migration contributed approximately 98% to the overall population growth during recent periods. The population density ratio for Toorak stands at 3,171 persons per square kilometer, placing it among the upper quartile relative to national locations assessed by AreaSearch.

For projections, AreaSearch uses ABS/Geoscience Australia figures released in 2024 with a base year of 2022. For areas not covered by this data, AreaSearch employs VIC State Government's Regional/LGA projections from 2023, adjusting using weighted aggregation methods. By 2041, the suburb is projected to grow by an additional 355 persons based on aggregated SA2-level projections, reflecting a total increase of approximately 1.3% over the 17-year period. This anticipates lower quartile growth trends for Australian statistical areas.

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

AreaSearch analysis of ABS building approval numbers indicates that Toorak has recorded around 63 residential properties granted approval per year over the past five financial years, totalling an estimated 319 homes. As of FY26, 23 approvals have been recorded. The population decline in recent years suggests that new supply has likely kept up with demand, offering good choice to buyers. The average construction cost value of new homes is $4,801,000, indicating that developers are targeting the premium market segment with higher-end properties.

This financial year, $37.9 million in commercial approvals have been registered, reflecting high levels of local commercial activity. Compared to Greater Melbourne, Toorak records markedly lower building activity, which is 58.0% below the regional average per person. This constrained new construction typically reinforces demand and pricing for existing dwellings. The new building activity shows 28.0% standalone homes and 72.0% townhouses or apartments, focusing on higher-density living to create more affordable entry points and suit downsizers, investors, and first-home buyers. Toorak reflects a low density area with around 298 people per approval.

According to the latest AreaSearch quarterly estimate, Toorak is expected to grow by 172 residents through to 2041. At current development rates, new housing supply should comfortably meet demand, providing good conditions for buyers and potentially supporting growth beyond current population projections.

Toorak 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 21 such projects that could potentially impact the area. Notable among these are the Metro Tunnel Project, One Toorak Place (Orchard Piper Carters Avenue), Orrong Rd, Toorak (707 Orrong Road), and Grandview Prahran. The following list provides more details on those projects likely to have the most relevance.

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

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Toorak ranks among the top 25% of areas assessed nationally for overall employment performance

Toorak has a highly educated workforce with strong representation in professional services. Its unemployment rate was 2.6% as of June 2025.

Employment grew by an estimated 6.9% over the past year. In comparison to Greater Melbourne's overall rate of 4.6%, Toorak's unemployment rate stood at 2.0%. Workforce participation in Toorak was recorded at 59.5%, slightly below Greater Melbourne's 64.1%. Key industries for employment among residents include professional & technical, health care & social assistance, and finance & insurance.

Notably, the area has a concentration of professional & technical jobs, with levels at 1.8 times the regional average. Conversely, construction is under-represented in Toorak, accounting for only 5.1% of its workforce compared to Greater Melbourne's 9.7%. Analysis over the year ending June 2025 showed employment increased by 6.9%, while labour force grew by 7.2%, resulting in a slight rise in unemployment (0.3 percentage points). In contrast, Greater Melbourne experienced employment growth of 3.5% and labour force growth of 4.0%, with a larger increase in unemployment (0.5 percentage points). Jobs and Skills Australia's national employment forecasts from Sep-22 project overall employment growth of 6.6% over five years and 13.7% over ten years. Applying these projections to Toorak's employment mix suggests local employment should increase by 7.7% over five years and 15.2% over ten years, although these are simple extrapolations for illustrative purposes only.

The economic profile demonstrates exceptional strength, placing the area among the top 10% nationally based on comprehensive AreaSearch income analysis

AreaSearch's latest postcode level ATO data for financial year 2022 shows Toorak's median income among taxpayers is $79,839. The average income in Toorak was $264,889 during this period. Nationally, these figures place Toorak in the top percentile. In comparison, Greater Melbourne had a median income of $54,892 and an average income of $73,761. Based on Wage Price Index growth of 12.16% since financial year 2022, current estimates for Toorak would be approximately $89,547 (median) and $297,100 (average) as of September 2025. Census data reveals that household, family, and personal incomes in Toorak all rank highly nationally, between the 91st and 96th percentiles. The earnings profile shows that 35.9% of the community earns over $4,000 per week (4,860 individuals), which differs from the surrounding region where the $1,500 - $2,999 category predominates at 32.8%. Toorak demonstrates significant affluence with 45.3% of residents earning over $3,000 per week, supporting premium retail and service offerings. After housing costs, residents retain 87.1% of their income, reflecting strong purchasing power. The area's SEIFA income ranking places it in the 10th decile.

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

Toorak's dwelling structure, as per the latest Census, consisted of 30.4% houses and 69.6% other dwellings (semi-detached, apartments, 'other' dwellings). This compares to Melbourne metro's 16.9% houses and 83.1% other dwellings. Home ownership in Toorak stood at 44.4%, with mortgaged dwellings at 23.4% and rented ones at 32.2%. The median monthly mortgage repayment was $3,152, higher than Melbourne metro's average of $2,287. Median weekly rent in Toorak was $486, compared to Melbourne metro's $425. Nationally, Toorak's mortgage repayments were significantly higher than the Australian average of $1,863, and rents substantially above the national figure of $375.

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

Family households constitute 59.6% of all households, including 20.8% couples with children, 31.1% couples without children, and 6.8% single parent families. Non-family households account for the remaining 40.4%, with lone person households at 35.2% and group households comprising 5.2%. The median household size is 2.1 people, which is larger than the Greater Melbourne average of 1.9.

Educational achievement in Toorak places it within the top 10% nationally, reflecting strong academic performance and high qualification levels across the community

Toorak's residents aged 15+ have a higher university qualification rate of 58.8% compared to Australia's 30.4% and Victoria's 33.4%. Bachelor degrees are the most common at 38.8%, followed by postgraduate qualifications (15.9%) and graduate diplomas (4.1%). Vocational pathways account for 17.1% of qualifications, with advanced diplomas at 10.2% and certificates at 6.9%. Educational participation is high, with 27.6% currently enrolled in formal education: tertiary (9.9%), secondary (6.8%), primary (6.3%).

Six schools operate within Toorak, educating approximately 4,498 students, with an ICSEA score of 1161, indicating high advantage nationally. The educational mix includes one primary and five K-12 schools. There are 33.2 school places per 100 residents, significantly above the regional average of 14.1, attracting students from surrounding communities.

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

Transport analysis indicates 53 active stops operating within Toorak. These include train, light rail, and bus services. Eight routes serve these stops, collectively providing 5125 weekly passenger trips.

Transport accessibility is rated excellent, with residents typically located 189 meters from the nearest stop. Service frequency averages 732 trips per day across all routes, equating to approximately 96 weekly trips per individual stop.

Toorak's residents are extremely healthy with very low prevalence of common health conditions across all age groups

Analysis shows Toorak's health metrics are strong, with very low prevalence of common conditions across all ages. Private health cover stands at approximately 130%, or 17,661 people, compared to Greater Melbourne's 81.8% and Australia's national average of 55.3%. The most prevalent conditions are arthritis (6.8%) and mental health issues (6.1%), with 73.5% reporting no medical ailments, similar to Greater Melbourne's 73.3%.

Toorak has a higher proportion of seniors aged 65 and over at 29.6%, or 4,007 people, compared to Greater Melbourne's 16.3%. Despite this, health outcomes among seniors are strong, performing better than the general population in health metrics.

Toorak was found to be more culturally diverse than the vast majority of local markets in Australia, upon assessment of a range of language and cultural background related metrics

Toorak, as per data from the 2016 Census, had a higher cultural diversity than most local areas with 21.3% of its population speaking languages other than English at home and 33.0% born overseas. Christianity was the predominant religion in Toorak, comprising 43.4%. Notably, Judaism was significantly overrepresented at 10.7%, compared to Greater Melbourne's average of 5.1%.

Regarding ancestry, the top three groups were English (24.2%), Australian (16.8%), and Other (11.1%). Some ethnic groups showed distinct differences: Polish residents made up 3.3% in Toorak versus 1.9% regionally, Hungarians at 0.7% compared to 0.5%, and Russians at 1.1% against the regional average of 0.9%.

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

Toorak's median age is 47 years, which is higher than Greater Melbourne's average of 37 and exceeds the national average of 38 years. The percentage of residents aged 75-84 in Toorak is 12.2%, compared to Greater Melbourne's figure, while the percentage of those aged 35-44 is 9.8%. This concentration of residents aged 75-84 is higher than the national average of 6.0%. According to the post-2021 Census data, the percentage of residents aged 75 to 84 has increased from 9.6% to 12.2%, while the percentage of those aged 45 to 54 has decreased from 11.9% to 10.3%. By 2041, demographic modeling suggests significant changes in Toorak's age profile. The number of residents aged 85 and above is projected to increase by 106%, adding 644 residents to reach a total of 1,254. This growth will be driven entirely by senior residents aged 65 and above, reflecting demographic aging trends. Meanwhile, population declines are projected for the age cohorts of 45 to 54 and 5 to 14 years.