Albert Park

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

According to AreaSearch's findings, the population of Albert Park stands at approximately 17,439 as of May 2026. This figure represents a rise of 1,614 individuals, amounting to a 10.2% increase from the 2021 Census count of 15,825 residents. The adjustment is derived from the ABS estimated resident population of 17,253 recorded in June 2025, plus 74 newly validated addresses added after the Census date. With a density of 3,734 people per square kilometer, the area falls within the top quartile among national sites evaluated by AreaSearch. The 10.2% expansion since the 2021 census surpassed both the state growth rate of 9.3% and the national average, establishing Albert Park as a leading growth hub in its region. Overseas migration accounted for roughly 91.3% of the population increase observed in recent times.

Projections for each SA2 location are based on ABS and Geoscience Australia figures published in 2024, using 2022 as the baseline. For SA2 regions lacking this coverage, AreaSearch uses 2023 Victorian State Government Regional/LGA projections, adjusted via weighted aggregation of population expansion from the LGA level to the SA2 level. Growth dynamics by age bracket derived from these aggregations are projected forward for the years 2032 to 2041. Future demographic trends indicate a significant population surge in the top quartile nationally, with the district projected to gain 4,822 residents by 2041 based on recent annual ERP statistics, representing a total increase of 26.6% over the 16 years.

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

Albert Park averages approximately 323 residential building approvals annually, representing a total of 1,619 new dwellings over the previous 5 financial years. In the current FY-26 period, 238 approvals have been logged. With an average of only 0.2 new residents per year arriving for each new dwelling between FY-21 and FY-25, construction activity is keeping pace with or running ahead of demand, giving buyers a wider range of options and supporting population growth that may outstrip current forecasts, with new homes constructed at an average cost of $442,000—which is above regional averages—indicating a focus on high-quality builds. Additionally, commercial approvals worth $44.2 million have been registered during this financial year, pointing to strong local business investment.

Per capita, Albert Park registers 70.0% more development approvals than Greater Melbourne, providing prospective buyers with extensive options. This level of activity is also considerably higher than the national benchmark, indicating robust developer interest in the market. The mix of new housing consists of 1.0% standalone homes and 99.0% attached dwellings. This heavy concentration of higher-density housing offers entry-level options and draws interest from downsizers, investors, and first-time buyers. The metric of 27 people per approval indicates a developing area.

Long-term forecasts suggest Albert Park will add 4,636 residents by 2041 based on the most recent AreaSearch quarterly figures. At the current pace of building approvals, the supply of new dwellings is expected to easily satisfy demand, creating favorable buyer conditions and potentially driving population growth beyond current forecasts.

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

Changes to local infrastructure, planning schemes, and major projects are key drivers of regional performance. AreaSearch has identified 56 active projects that are likely to influence the area. Prominent developments include The Carter Building, Park Quarter, Queens Road Build-to-Rent Development, and Home Albert Park, with details on the most relevant projects provided below.

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

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

The local workforce is characterized by high levels of education, strong representation in professional services, an unemployment rate of only 2.8%, and estimated employment growth of 3.8% over the past year. In March 2026, there were 10,781 employed residents, while the unemployment rate sat 2.0% below the Greater Melbourne rate of 4.8%. The workforce participation rate is standard at 72.6%, compared to 70.2% in Greater Melbourne. Census data indicates that a high proportion of residents, 50.7%, worked from home, though this figure should be viewed in light of Covid-19 restrictions.

The primary employment sectors for residents are professional & technical, health care & social assistance, and finance & insurance. The locality displays a strong concentration in professional & technical services, with an employment share 1.9 times the regional average. Conversely, construction employs only 6.2% of local workers, which is below the Greater Melbourne average of 9.7%. With 1.0 workers for every resident at the time of the Census, the area acts as an employment hub, hosting more jobs than resident workers and drawing commuters from neighboring suburbs.

AreaSearch analysis of SALM and ABS statistics shows that for the year ending March 2026, employment grew by 3.8% and the labor force expanded by 3.8%, while the unemployment rate remained stable. By comparison, Greater Melbourne recorded employment growth of 2.1% and labor force growth of 2.3%, alongside a 0.2 percentage point increase in unemployment. National employment projections from May-25 by Jobs and Skills Australia provide further context on future labor demand in Albert Park. These five-year and ten-year forecasts have been applied to the local workforce profile to model future growth. While national employment is projected to grow by 6.6% over five years and 13.7% over ten years, trends vary by industry. Applying these national sector trends to the local employment mix yields a projected local employment increase of 7.3% over five years and 14.6% over ten years, representing a simple weighted extrapolation that does not account for localized population growth projections.

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

According to postcode-level ATO data compiled by AreaSearch for financial year 2023, the median taxpayer income in the Albert Park SA2 is $74,286, with an average income of $138,471. This is exceptionally high by national standards, compared to the Greater Melbourne median of $57,688 and average of $75,164. Adjusting for a Wage Price Index growth of 9.62% since financial year 2023, current estimates for March 2026 are approximately $81,432 for median income and $151,792 for average income. Census data shows household, family, and individual incomes are positioned high nationally, falling between the 83rd and 95th percentiles. Income distribution data shows that 29.4% of the population (5,127 individuals) earn more than $4000+, contrasting with regional patterns where the $1,500 - 2,999 range is most common at 32.8%. Local economic strength is highlighted by the 40.4% of households earning more than $3,000 weekly, which supports high retail demand. High housing costs account for 15.6% of income, but strong overall earnings keep disposable income at the 82nd percentile, placing the area in the 9th decile of the SEIFA income index.

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

The Census data shows that the dwelling mix in Albert Park consists of 10.1% standalone houses and 90.0% other dwelling types such as semi-detached homes, apartments, and alternative housing. In contrast, the Melbourne metropolitan area consists of 67.9% houses and 32.1% other dwellings. Home ownership in Albert Park is comparable to the metropolitan average at 32.2%, with the remaining properties being either mortgaged (23.2%) or rented (44.6%). The median monthly mortgage payment of $2,600 is well above the metropolitan Melbourne average of $2,000, while the median weekly rent of $493 compares to the Melbourne metro average of $390. Globally, mortgage repayments in Albert Park are considerably higher than the Australian average of $1,863, and median rents are also well 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

Families make up the majority of households at 58.2%, consisting of couples with children at 21.3%, couples without children at 29.2%, and single-parent households at 6.6%. The remaining 41.8% are non-family households, with single-person households representing 37.1% and group houses making up 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

Residents in Albert Park show high levels of education, with 57.8% of the population aged 15+ holding university degrees, compared to 30.4% nationally and 33.4% in Victoria. This strong educational profile positions the community well for professional opportunities. Bachelor degrees are the most common qualification at 34.5%, followed by postgraduate degrees at 18.5% and graduate diplomas at 4.8%. Vocational training is held by 18.4% of residents aged 15+, consisting of advanced diplomas at 9.9% and certificates at 8.5%.

A high proportion of residents are engaged in study, with 26.6% of the population enrolled in education. This comprises 7.7% in university or higher education, 7.1% in primary school, and 6.2% attending secondary school.

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

Public transport systems in Albert Park include 62 active stops, with a combination of light rail and bus services. These stops are serviced by 15 separate routes, which accommodate 19,749 passenger journeys each week. Accessibility is strong, with residents living an average of 128 meters from the nearest stop. The suburb is primarily residential, and the majority of workers commute to other areas, with private vehicles being the primary mode of travel at 59%, followed by walking at 13% and cycling at 5%. Car ownership averages 0.7 vehicles per household, which is below the metropolitan average. A high proportion of residents, 50.7%, worked from home during the 2021 Census, which may have been influenced by COVID-19 pandemic conditions.

Services average 2,821 daily trips across all active routes, which translates to approximately 318 weekly departures at each transport stop.

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

Health data shows strong outcomes in Albert Park, based on AreaSearch analysis of mortality and chronic illness rates, showing a very low rate of common health issues across all age demographics. The rate of private health insurance is high, with approximately 82% of the population (14,387 people) covered, compared to 56.7% in Greater Melbourne and a national average of 55.7%.

Asthma and mental health conditions are the most common medical diagnoses in the area, affecting 6.8 and 6.6% of residents, respectively. Meanwhile, 74.4% of the population reported no chronic health conditions, compared to 72.6% across Greater Melbourne. Residents aged 65 and over make up 19.9% of the population (3,461 people), which is higher than the 15.0% share in Greater Melbourne. Senior citizens in the area show strong health outcomes, with national rankings aligning with the broader local 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 displays high cultural diversity compared to most areas, with 25.3% of the population speaking a language other than English at home and 35.6% born outside Australia. Christianity is the most common religious affiliation, representing 43.1% of residents. The most distinct religious overrepresentation is Judaism, which accounts for 1.2% of the population, compared to 1.0% across Greater Melbourne.

The top three ancestral backgrounds reported in Albert Park are English at 24.2%, Australian at 16.9%, and Irish at 10.7%. There are also distinct concentrations of other ancestral backgrounds, with French heritage representing 1.1% of the population (compared to 0.5% regionally), Greek heritage at 5.0% (compared to 2.7%), and Polish heritage at 1.1% (compared to 0.8%).

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

The median age of 41 years in Albert Park is higher than the Greater Melbourne average of 37 and the national median of 38. The 75 - 84 age group shows a strong concentration locally at 7.9% compared to the metropolitan average, while children aged 5 - 14 are underrepresented at 7.8%. Since the 2021 Census, the 15 to 24 age bracket grew from 9.1% to 11.0% of the population, and the 75 to 84 cohort increased from 6.7% to 7.9%. Conversely, the 5 to 14 group fell from 9.0% to 7.8% and the 45 to 54 cohort decreased from 14.4% to 13.4%. Demographic models estimate that by 2041, the age profile will shift, with the 45 to 54 cohort showing the fastest growth at 58%, adding 1,354 people to reach 3,686, while the 15 to 24 group will show flat growth at 0%, adding only 5 residents.