Toorak

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

The suburb of Toorak's population is estimated at around 13,797 as of Feb 2026. This reflects an increase of 980 people since the 2021 Census, which reported a population of 12,817 people. The change is inferred from the resident population of 13,348 estimated by AreaSearch following examination of the latest ERP data release by the ABS in June 2024 and an additional 214 validated new addresses since the Census date. This level of population equates to a density ratio of 3,231 persons per square kilometer, placing it in the upper quartile relative to national locations assessed by AreaSearch. Toorak's 7.6% growth since census positions it within 2.3 percentage points of the national average (9.9%), demonstrating competitive growth fundamentals. Population growth for the area was primarily driven by overseas migration that contributed approximately 98.0% of overall population gains during recent periods.

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. Moving forward, lower quartile growth of Australian statistical areas is anticipated, with the suburb expected to grow by 354 persons to 2041 based on aggregated SA2-level projections, reflecting a decrease of 0.6% in total over the 17 years.

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. So far in the financial year 2026, which ends on June 30, 2026, 30 approvals have been recorded. The population has declined in recent years, suggesting that new supply has likely kept up with demand, offering good choice to buyers.

New homes are being built at an average expected construction cost value of $4,801,000, indicating that developers are targeting the premium market segment with higher-end properties. In the current financial year ending June 2026, $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 usually reinforces demand and pricing for existing dwellings. New building activity shows 28.0% detached dwellings and 72.0% townhouses or apartments, indicating a skew toward compact living that offers affordable entry pathways and attracts downsizers, investors, and first-time purchasers.

The location has approximately 289 people per dwelling approval, suggesting 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

Infrastructure changes significantly impact an area's performance. AreaSearch identified 21 projects likely affecting the region. Notable ones are One Toorak Place (Orchard Piper Carters Avenue), Orrong Rd, Toorak (707 Orrong Road), Grandview Prahran, and 671 Chapel Street. The following list details those most relevant.

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 an educated workforce with professional services well represented. Its unemployment rate was 2.6% in the past year, with estimated employment growth of 4.7%. As of September 2025, 7,592 residents are employed at a rate of 2.1% below Greater Melbourne's 4.7%, with workforce participation at 65.3%.

Home workership is high at 47.7%. Leading industries include professional & technical (1.8 times regional level), health care & social assistance, and finance & insurance. Construction is under-represented at 5.1% compared to Greater Melbourne's 9.7%. The area offers limited local employment opportunities.

Between September 2024 and September 2025, Toorak's employment levels increased by 4.7%, labour force by 4.6%, keeping unemployment stable. By comparison, Greater Melbourne recorded employment growth of 3.0% with unemployment rising 0.3 percentage points. Jobs and Skills Australia forecasts national employment growth at 6.6% over five years and 13.7% over ten years. Applying these projections to Toorak's industry mix suggests local employment should increase by 7.7% over five years and 15.2% over ten years, based on May-25 forecasts.

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 income in Toorak is exceptionally high nationally. The median income is $79,839 while the average income stands at $264,889. This contrasts with Greater Melbourne's figures of a median income of $57,688 and an average income of $75,164. Based on Wage Price Index growth of 8.25% since financial year 2023, current estimates would be approximately $86,426 (median) and $286,742 (average) as of September 2025. From the 2021 Census, household, family and personal incomes all rank highly in Toorak, between the 91st and 96th percentiles nationally. Income analysis reveals that the $4000+ earnings band captures 35.9% of the community (4,953 individuals), differing from patterns across the region where $1,500 - 2,999 dominates with 32.8%. The substantial proportion of high earners (45.3% above $3,000/week) indicates strong economic capacity throughout Toorak. After housing costs, residents retain 87.1% of income, 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

Toorak's dwelling structure, as per the latest Census, consisted of 30.4% houses and 69.6% other dwellings (semi-detached, apartments, 'other' dwellings). In contrast, Melbourne metro had 67.9% houses and 32.1% other dwellings. Home ownership in Toorak was at 44.4%, with mortgaged dwellings at 23.4% and rented ones at 32.2%. The median monthly mortgage repayment in the area was $3,152, higher than Melbourne metro's average of $2,000. The median weekly rent figure in Toorak was $486, compared to Melbourne metro's $390. Nationally, Toorak's mortgage repayments were significantly higher at $3,152 versus the Australian average of $1,863, and rents were substantially above the national figure of $375.

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

Family households comprise 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 smaller than the Greater Melbourne average of 2.6.

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 high, with 58.8% of residents aged 15+ holding university qualifications, 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% 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 54 operational public transport stops offering a mix of lightrail and bus services. These stops are served by 8 different routes that facilitate 7,110 weekly passenger trips in total. The area's transport accessibility is rated as excellent, with residents located an average of 188 meters from the nearest stop. Most residents commute outward due to its residential nature. Car remains the primary mode of transportation at 72%, followed by train at 10% and walking at 6%. Vehicle ownership stands at 1.1 per dwelling, below the regional average.

According to the 2021 Census, a high 47.7% of residents work from home, which may be influenced by COVID-19 conditions. Service frequency averages 1,015 trips per day across all routes, equating to approximately 131 weekly trips per individual stop.

Toorak'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 for Toorak, as assessed by AreaSearch using mortality rates and chronic condition prevalence. The area has a very low prevalence of common health conditions across all age groups. Private health cover is exceptionally high at approximately 130% of the total population (17,996 people), compared to 56.7% in Greater Melbourne and 55.7% nationally.

The most prevalent medical conditions are arthritis and mental health issues, affecting 6.8% and 6.1% of residents respectively. 73.5% of residents report being completely free from medical ailments, compared to 72.6% in Greater Melbourne. Toorak has a higher proportion of seniors aged 65 and over at 30.7% (4,235 people), compared to 15.1% in Greater Melbourne. Health outcomes among seniors are strong, aligning with national rankings for the general population.

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 showed high cultural diversity, with 21.3% speaking a language other than English at home and 33.0% born overseas. Christianity was the predominant religion, accounting for 43.4%. Notably, Judaism was significantly overrepresented at 10.7%, compared to Greater Melbourne's average of 1.0%.

In terms of ancestry, the top groups were English (24.2%), Australian (16.8%), and Other (11.1%). Some ethnic groups showed notable deviations: Polish at 3.3% (regional avg. 0.8%), Hungarian at 0.7% (regional avg. 0.3%), and Russian at 1.1% (regional avg. 0.4%).

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 years and exceeds the national average of 38 years. The 75-84 age group constitutes 12.7% of Toorak's population, compared to Greater Melbourne's percentage, while the 35-44 cohort makes up 9.5%. This 75-84 concentration is higher than the national average of 6.1%. According to data from the post-2021 Census, the 75-84 age group has increased from 9.6% to 12.7%, while the 45-54 cohort has decreased from 11.9% to 10.1% and the 35-44 group has dropped from 10.6% to 9.5%. Demographic modeling indicates that Toorak's age profile will change significantly by 2041. The 85+ cohort is projected to grow by 86%, adding 578 residents and reaching a total of 1,255. Senior residents aged 65 and above will drive all population growth, highlighting demographic aging trends. Meanwhile, population declines are projected for the 45-54 and 0-4 age groups.