Albert Park

Population growth drivers in Albert Park are slightly above average based on AreaSearch's ranking of recent, and medium term trends

Albert Park's population is approximately 17,255 as of November 2025. This figure represents a growth of 1,430 people (9.0%) since the 2021 Census, which reported a population of 15,825. The increase is inferred from the estimated resident population of 17,184 in June 2024 and an additional 13 validated new addresses since the Census date. This results in a population density ratio of 3,694 persons per square kilometer, placing Albert Park in the upper quartile relative to national locations assessed by AreaSearch. Over the past decade, Albert Park has shown resilient growth patterns with a compound annual growth rate of 1.0%, outperforming its SA3 area. Overseas migration contributed approximately 86.1% of overall population gains during recent periods.

AreaSearch is using 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 uses the VIC State Government's Regional/LGA projections from 2023, adjusted employing a method of weighted aggregation of population growth from LGA to SA2 levels. Growth rates by age group are applied across all areas for years 2032 to 2041. By 2041, Albert Park is forecasted to have a significant population increase in the top quartile of statistical areas analysed by AreaSearch, with an expected growth of 5,156 persons, reflecting a total increase of 29.5% over the 17 years.

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

Albert Park has approved approximately 323 residential properties annually. Between FY-21 and FY-25, it granted approval for a total of 1,619 homes, with an additional 2 approved so far in FY-26. Over these five financial years, the area saw an average of 0.1 people moving to each dwelling built.

The average construction cost value of new homes was $442,000. This year has seen $44.2 million in commercial approvals. Compared to Greater Melbourne, Albert Park has 71.0% more construction activity per person. New development consists predominantly of townhouses or apartments (99.0%), with detached houses making up only 1.0%. With around 26 people moving in for each dwelling approved, Albert Park exhibits characteristics of a growth area. By 2041, it is projected to grow by approximately 5,085 residents.

Current construction levels suggest that housing supply should meet demand adequately, creating favourable conditions for buyers and potentially exceeding current forecasted growth.

Albert Park has strong levels of nearby infrastructure activity, ranking in the top 30% nationally

Infrastructure changes significantly influence an area's performance. AreaSearch has identified 56 projects likely impacting the region. Notable projects include The Albertine, Four Three Seven, The Carter Building, and Four Three Seven (437 St Kilda Road). 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.

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

Albert Park has an educated workforce with professional services well-represented. Its unemployment rate was 2.8% in September 2025, below Greater Melbourne's 4.7%. Employment growth over the past year was estimated at 4.5%.

As of September 2025, 10,628 residents were employed. Workforce participation was similar to Greater Melbourne's 71.0%. Home workership was high at 50.7%, potentially influenced by Covid-19 lockdowns. Key industries include professional & technical, health care & social assistance, and finance & insurance.

The area specializes in professional & technical jobs, with a share 1.9 times the regional level. Construction employs only 6.2% of local workers, below Greater Melbourne's 9.7%. There is one worker for every resident, indicating it functions as an employment hub attracting workers from surrounding areas. Between September 2024 and September 2025, employment levels increased by 4.5%, labour force by 4.8%, raising the unemployment rate by 0.2 percentage points. National employment forecasts from May-25 project a 6.6% increase over five years and 13.7% over ten years. Applying these projections to Albert Park's employment mix suggests local employment should grow by 7.3% in five years and 14.6% in ten years, though these are simple extrapolations for illustrative purposes only.

Income metrics indicate excellent economic conditions, with the area achieving higher performance than 75% of national locations assessed by AreaSearch

Albert Park SA2 has one of the highest income levels nationally according to AreaSearch's aggregation of latest ATO data for financial year ended June 30, 2023. The median income among taxpayers in Albert Park SA2 is $74,286, with an average income of $138,471. These figures compare to Greater Melbourne's median and average incomes of $57,688 and $75,164 respectively. Projecting forward using Wage Price Index growth of 8.25% since financial year ended June 30, 2023, estimated current incomes are approximately $80,415 (median) and $149,895 (average) as of September 2025. According to the Census conducted on August 10, 2021, household, family, and personal incomes in Albert Park rank highly nationally, between the 83rd and 95th percentiles. Income brackets show that 29.4% of residents (5,072 people) earn over $4,000 weekly, contrasting with surrounding regions where the $1,500 - $2,999 bracket is dominant at 32.8%. A substantial number of higher earners reside in Albert Park, with 40.4% exceeding $3,000 weekly, indicating strong purchasing power. High housing costs consume 15.6% of income, but strong earnings place disposable income at the 82nd percentile nationally. The area's SEIFA income ranking places it in the 9th decile.

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

Albert Park's dwelling structures, as per the latest Census, consisted of 10.1% houses and 90.0% other dwellings (semi-detached, apartments, 'other' dwellings). This contrasts with Melbourne metro's figures of 67.9% houses and 32.1% other dwellings. Home ownership in Albert Park stood at 32.2%, similar to Melbourne metro, with mortgaged dwellings at 23.2% and rented ones at 44.6%. The median monthly mortgage repayment was $2,600, higher than the Melbourne metro average of $2,000. The median weekly rent in Albert Park was recorded at $493, compared to Melbourne metro's $390. Nationally, Albert Park's mortgage repayments were significantly higher than the Australian average of $1,863, and rents substantially above the national figure of $375.

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

Family households account for 58.2% of all households, including 21.3% couples with children, 29.2% couples without children, and 6.6% single parent families. Non-family households constitute the remaining 41.8%, with lone person households at 37.1% and group households comprising 4.6%. The median household size is 2.1 people, which is smaller than the Greater Melbourne average of 2.6.

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

Albert Park's educational attainment is notably higher than national averages. Among residents aged 15+, 57.8% hold university qualifications, compared to Australia's 30.4% and Victoria's 33.4%. Bachelor degrees are the most common at 34.5%, followed by postgraduate qualifications (18.5%) and graduate diplomas (4.8%). Vocational pathways account for 18.4%, with advanced diplomas at 9.9% and certificates at 8.5%.

Educational participation is high, with 26.6% of residents currently enrolled in formal education. This includes 7.7% in tertiary education, 7.1% in primary education, and 6.2% pursuing secondary education.

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

Albert Park has 62 active public transport stops offering a mix of light rail and bus services. These stops are served by 15 different routes, facilitating 19,749 weekly passenger trips in total. The area's transport accessibility is rated as excellent, with residents on average located 128 meters from the nearest stop. As a predominantly residential zone, most commuters travel outward. Cars remain the primary mode of transport at 59%, while walking and cycling account for 13% and 5% respectively. On average, there are 0.7 vehicles per dwelling, lower than the regional norm.

According to the 2021 Census, 50.7% of residents work from home, which may be influenced by COVID-19 conditions. The service frequency averages 2,821 trips daily across all routes, equating to approximately 318 weekly trips per individual stop.

Albert Park's residents boast exceedingly positive health performance metrics with very low prevalence of common health conditions across all age groups

Albert Park's health outcomes show excellent results based on AreaSearch's assessment of mortality rates and chronic condition prevalence. The area has a very low prevalence of common health conditions across all age groups. Approximately 82% of Albert Park's total population (14,235 people) have private health cover, compared to 56.7% in Greater Melbourne and the national average of 55.7%.

Asthma and mental health issues are the most prevalent medical conditions, affecting 6.8 and 6.6% of residents respectively. 74.4% of residents declare themselves completely clear of medical ailments, compared to 72.6% in Greater Melbourne. Albert Park has 19.6% of residents aged 65 and over (3,383 people), higher than the 14.9% in Greater Melbourne. Health outcomes among seniors are particularly strong, with national rankings broadly in line with the general population.

Albert Park 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

Albert Park's cultural diversity was evident with 25.3% of its population speaking a language other than English at home, and 35.6% born overseas. Christianity was the predominant religion in Albert Park, comprising 43.1%. Notably, Judaism was overrepresented at 1.2%, compared to 1.0% across Greater Melbourne.

The top three ancestry groups were English (24.2%), Australian (16.9%), and Irish (10.7%). French (1.1%) and Greek (5.0%) were notably overrepresented, compared to regional figures of 0.5% and 2.7%, respectively. Polish was also slightly overrepresented at 1.1%.

Albert Park's population is slightly older than the national pattern

Albert Park's median age is 41 years, which is significantly higher than Greater Melbourne's average of 37 and slightly older than the Australian median of 38. Locally, the 75-84 age cohort is notably over-represented at 7.7%, while the 5-14 year-olds are under-represented at 7.9%. According to the 2021 Census, the 15-24 age group has grown from 9.1% to 10.9% of the population, whereas the 5-14 cohort has declined from 9.0% to 7.9%. By 2041, demographic modeling suggests Albert Park's age profile will change significantly. The 45-54 cohort is projected to grow by 61%, adding 1,448 residents to reach 3,811. Meanwhile, the 0-4 group is expected to grow by only 2%, adding just 12 residents.