Toorak

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

The population of the Toorak statistical area (Lv2) is estimated to be around 13,768 as of Nov 2025. This figure reflects an increase of 951 people since the 2021 Census, which reported a population of 12,817. The change is inferred from AreaSearch's estimation of the resident population at 13,348 following examination of the latest ERP data release by the ABS (June 2024), along with an additional 145 validated new addresses since the Census date. This results in a population density ratio of 3,224 persons per square kilometer, placing it in the upper quartile relative to national locations assessed by AreaSearch. The Toorak (SA2) experienced a growth rate of 7.4% since the census, which is within 2.3 percentage points of the national average of 9.7%, indicating competitive growth fundamentals. Overseas migration contributed approximately 98.0% of overall population gains during recent periods in the area.

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 from these aggregations are applied across all areas for years 2032 to 2041. According to aggregated SA2-level projections, the Toorak (SA2) is anticipated to grow by 353 persons to 2041, reflecting a decrease of 0.4% in total over the 17-year period.

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 in Toorak shows around 64 residential properties granted approval per year over the past five financial years ending June 2021. This totals an estimated 320 homes. As of April 2026, 30 approvals have been recorded in FY-26. The population has declined in recent years, suggesting new supply has kept up with demand, offering buyers good choice.

New homes are being built at an average expected construction cost value of $4,801,000, indicating developers target the premium market segment with higher-end properties. This financial year, $36.2 million in commercial approvals have been registered, demonstrating 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. New building activity shows 28.0% detached dwellings and 72.0% townhouses or apartments, offering affordable entry pathways and attracting downsizers, investors, and first-time purchasers.

The location has approximately 289 people per dwelling approval, indicating room for growth. With population expected to remain stable or decline in the future, Toorak should see reduced pressure on housing, potentially creating opportunities for buyers.

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

The performance of an area can significantly influenced by changes in local infrastructure, major projects, and planning initiatives. AreaSearch has identified 22 such projects that could 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 details those projects likely to be most relevant.

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

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Employment conditions in Toorak demonstrate strong performance, ranking among the top 35% of areas assessed nationally

Toorak has a highly educated workforce with professional services being strongly represented. The unemployment rate was 2.6% in the past year, with an estimated employment growth of 4.7%.

As of September 2025, there are 7,591 residents employed, with an unemployment rate of 2.1%, below Greater Melbourne's rate of 4.7%. Workforce participation is lower than standard at 59.5% compared to Greater Melbourne's 64.1%. Leading employment industries include professional & technical, health care & social assistance, and finance & insurance. Toorak has a particular specialization in professional & technical services with an employment share of 1.8 times the regional level, while construction is under-represented at 5.1% compared to Greater Melbourne's 9.7%.

Employment opportunities locally may be limited as indicated by the Census working population count versus resident population. Between September 2024 and September 2025, employment levels increased by 4.7%, while labour force increased by 4.6%, keeping unemployment relatively stable at 2.1%. In comparison, Greater Melbourne recorded employment growth of 3.0% with unemployment rising to 4.7%. State-level data from 25-Nov shows VIC employment grew by 1.13% year-on-year, adding 41,950 jobs, with an unemployment rate of 4.7%, compared to the national rate of 4.3%. Jobs and Skills Australia's national employment forecasts from May-25 project national employment growth at 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.

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 2023 shows that Toorak has exceptionally high incomes nationally. The median income is $79,839 and the average is $264,889. In comparison, Greater Melbourne has a median income of $57,688 and an average of $75,164. Based on Wage Price Index growth of 8.25% since financial year 2023, current estimates for Toorak would be approximately $86,426 (median) and $286,742 (average) as of September 2025. From the 2021 Census, incomes in Toorak rank highly nationally, between the 91st and 96th percentiles for household, family, and personal incomes. Income analysis reveals that 35.9% of individuals earn $4,000 or more, differing from regional patterns where the $1,500 - $2,999 band dominates at 32.8%. This indicates strong economic capacity in Toorak, with 45.3% earning above $3,000 per week after housing costs. Residents retain 87.1% of income post-housing costs, reflecting strong purchasing power and 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

In Toorak, according to the latest Census, houses comprised 30.4% of dwellings, with other types such as semi-detached homes, apartments, and others making up 69.6%. In comparison, Melbourne metropolitan area had 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's average of $2,287. Median weekly rent in Toorak was $486, compared to Melbourne's $425. Nationally, Toorak's mortgage repayments were significantly higher at $3,152 versus Australia's average of $1,863, and rents were substantially higher at $486 compared to 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 comprise the remaining 40.4%, with lone person households at 35.2% and group households making up 5.2%. The median household size is 2.1 people, larger than Greater Melbourne's 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 educational attainment is notably higher than broader national benchmarks. Among residents aged 15 years and above, 58.8% hold university qualifications compared to Australia's 30.4% and Victoria's 33.4%. This significant educational advantage positions the area favourably for knowledge-based opportunities. Bachelor degrees are most prevalent 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 in Toorak, with 27.6% of residents currently enrolled in formal education. This includes 9.9% in tertiary education, 6.8% in secondary education, and 6.3% pursuing primary education.

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

Toorak has 53 active public transport stops operating within its boundaries. These include train, light rail, and bus services. Eight individual routes serve these stops, collectively facilitating 7,110 weekly passenger trips.

The accessibility of transport in Toorak is rated as excellent, with residents typically located 188 meters from the nearest transport stop. On average, there are 1,015 trips per day across all routes, which equates to approximately 134 weekly trips per individual stop.

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

Analysis of health metrics shows strong performance throughout Toorak with very low prevalence of common health conditions across all age groups. The rate of private health cover is exceptionally high at approximately 130% of the total population (17,958 people), compared to 80.3% across Greater Melbourne and a national average of 55.7%. The most common medical conditions in the area are arthritis and mental health issues, impacting 6.8 and 6.1% of residents respectively, while 73.5% declare themselves completely clear of medical ailments compared to 73.3% across Greater Melbourne.

The area has 29.6% of residents aged 65 and over (4,075 people), which is higher than the 16.3% in Greater Melbourne. Health outcomes among seniors are particularly strong, performing even better than the general population in health metrics.

The level of cultural diversity witnessed in Toorak was found to be above average when compared nationally for a number of language and cultural background related metrics

Toorak's population, as of a certain date, showed 21.3% speaking languages other than English at home and 33.0% born overseas. Christianity was the predominant religion, with 43.4%. Judaism was notably higher at 10.7%, compared to Greater Melbourne's average of 5.1%.

Top ancestry groups were English (24.2%), Australian (16.8%), and Other (11.1%). Some ethnic groups showed notable differences: Polish at 3.3% vs regional 1.9%, Hungarian at 0.7% vs 0.5%, and Russian at 1.1% vs 0.9%.

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

Toorak's median age is 47 years, which is considerably higher than Greater Melbourne's average of 37 years and the national average of 38 years. The 75-84 age group shows strong representation in Toorak at 12.2%, compared to Greater Melbourne's percentage. Conversely, the 35-44 cohort is less prevalent at 9.8%. This concentration of the 75-84 age group is well above the national average of 6.0%. According to post-2021 Census data, the 75 to 84 age group has grown from 9.6% to 12.2% of Toorak's population between censuses. Meanwhile, the 45 to 54 cohort has declined from 11.9% to 10.3%. Demographic modeling suggests that Toorak's age profile will evolve significantly by 2041. The 85+ cohort is projected to show the strongest growth at 102%, adding 634 residents to reach a total of 1,254. Senior residents aged 65 and above will drive all population growth in Toorak, underscoring demographic aging trends. Population declines are projected for the 45 to 54 age group and the 0 to 4 age cohort.