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, as of November 2025, is approximately 17,249. This figure represents a growth of 1,424 people since the 2021 Census, which recorded 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 3,693 persons per square kilometer, placing Albert Park in the upper quartile relative to national locations assessed by AreaSearch. The area's population growth rate of 9.0% since the 2021 census exceeds the national average (8.9%), indicating it as a growth leader in the region. Overseas migration contributed approximately 86.1% of overall population gains during recent periods, driving this growth.

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 utilizes the VIC State Government's Regional/LGA projections released in 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. Based on these projections and the latest annual ERP population numbers, Albert Park is forecasted to increase by 5,156 persons to 2041, reflecting a total increase of 29.5% over the 17-year period.

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

Albert Park has recorded approximately 323 residential properties granted approval annually. Between FY-21 and FY-25, a total of 1619 homes were approved, with an additional 2 approved so far in FY-26. Over the past five financial years, an average of 0.1 people per year moved to the area for each dwelling built.

This indicates that supply is meeting or exceeding demand, providing greater buyer choice and supporting potential population growth above projections. The average construction value of new homes was $442,000, which is somewhat higher than regional norms, reflecting quality-focused development. In FY-26, there have been $44.2 million in commercial approvals, suggesting robust local business investment. Compared to Greater Melbourne, Albert Park has 71.0% more construction activity per person, indicating greater choice for buyers and strong developer confidence in the location. New development consists of 1.0% detached houses and 99.0% townhouses or apartments, focusing on higher-density living which creates more affordable entry points and suits downsizers, investors, and first-home buyers. With around 26 people per dwelling approval, Albert Park shows characteristics of a growth area.

According to the latest AreaSearch quarterly estimate, Albert Park is expected to grow by 5091 residents through to 2041. With current construction levels, housing supply should adequately meet demand, creating favourable conditions for buyers while potentially enabling growth that exceeds current forecasts.

Albert Park has strong levels of nearby infrastructure activity, ranking in the top 40% nationally

Changes to local infrastructure significantly affect an area's performance. AreaSearch has identified 57 projects likely to impact the area. Notable ones include The Albertine, The Carter, Four Three Seven, and Four Three Seven (437 St Kilda Road), with the following list detailing 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 strong representation in professional services. Its unemployment rate was 2.8% as of September 2025.

Employment growth over the past year was estimated at 4.5%. As of that date, 10,628 residents were employed, with an unemployment rate of 1.8% below Greater Melbourne's rate of 4.7%. Workforce participation in Albert Park was 66.9%, compared to Greater Melbourne's 64.1%. Key industries for employment among residents are professional & technical, health care & social assistance, and finance & insurance.

The area specializes particularly in professional & technical jobs, with an employment share of 1.9 times the regional level. Conversely, construction employs only 6.2% of local workers, below Greater Melbourne's 9.7%. There is one worker for every resident in Albert Park, indicating it functions as an employment hub attracting workers from surrounding areas. Between September 2024 and September 2025, employment levels increased by 4.5%, while the labour force grew by 4.8%, causing the unemployment rate to rise by 0.2 percentage points. In comparison, Greater Melbourne experienced employment growth of 3.0% and labour force growth of 3.3%, with a 0.3 percentage point rise in unemployment. State-level data from 25-Nov shows Victoria's employment grew by 1.13% year-on-year, adding 41,950 jobs, with the state unemployment rate at 4.7%. Nationally, the unemployment rate was 4.3%, and employment growth outpaced the national average of 0.14%. Jobs and Skills Australia's 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 increase by 7.3% over five years and 14.6% over ten years, based on simple weighting extrapolation for illustrative purposes.

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

Albert Park SA2 had one of the highest income levels nationally according to AreaSearch's aggregation of latest ATO data for financial year ending June 30, 2022. The median income among taxpayers was $74,398 with an average income of $147,457, compared to Greater Melbourne's figures of $54,892 and $73,761 respectively. Based on a Wage Price Index growth rate of 12.16% from July 1, 2022 to June 30, 2022, estimated incomes as of September 2025 would be approximately $83,445 (median) and $165,388 (average). The 2021 Census data showed household, family, and personal incomes in Albert Park ranked highly nationally, between the 83rd and 95th percentiles. Income brackets indicated that 29.4% of residents earned over $4,000 weekly (5,071 people), contrasting with surrounding regions where the $1,500 - $2,999 bracket led at 32.8%. Higher earners made up a substantial portion, with 40.4% exceeding $3,000 weekly, suggesting strong purchasing power within the community. High housing costs consumed 15.6% of income, but strong earnings placed disposable income at the 82nd percentile nationally. The area's SEIFA income ranking placed 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 structure, as per the latest Census, comprised 10.1% houses and 90.0% other dwellings (semi-detached, apartments, 'other' dwellings), contrasting with Melbourne metro's 8.7% houses and 91.3% other dwellings. Home ownership in Albert Park was 32.2%, with mortgaged dwellings at 23.2% and rented ones at 44.6%. The median monthly mortgage repayment was $2,600, higher than Melbourne metro's average of $2,170. Median weekly rent in Albert Park was $493, compared to Melbourne metro's $420. Nationally, Albert Park's mortgage repayments were significantly higher at $2,600 versus the Australian average of $1,863, and rents were substantially higher at $493 compared to the national figure of $375.

Albert Park features high concentrations of lone person households and group households, with a higher-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 make up 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, larger than the Greater Melbourne average of 1.9.

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 has a notable educational advantage with 57.8% of residents aged 15+ holding university qualifications, significantly higher than the Australian average of 30.4% and the Victorian average of 33.4%. This high level of educational attainment is primarily composed of Bachelor degrees (34.5%), followed by postgraduate qualifications (18.5%) and graduate diplomas (4.8%). Vocational pathways account for 18.4% of qualifications, with advanced diplomas making up 9.9% and certificates 8.5%. Educational participation in Albert Park 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, collectively facilitating 9,216 weekly passenger trips. The area's transport accessibility is rated excellent, with residents typically living within 128 meters of the nearest stop.

Service frequency averages 1,316 trips per day across all routes, translating to approximately 148 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 across all age groups with very low prevalence of common health conditions. The rate of private health cover is exceptionally high at approximately 86% of the total population (14,765 people), compared to Greater Melbourne's 73.1%. Nationally, this figure stands at 55.3%.

In Albert Park, asthma and mental health issues are the most common medical conditions, affecting 6.8% and 6.6% of residents respectively. A total of 74.4% of residents declare themselves completely clear of medical ailments, compared to Greater Melbourne's 73.3%. The area has a higher proportion of seniors aged 65 and over at 19.6%, with 3,382 people falling into this category, compared to Greater Melbourne's 14.3%. Health outcomes among seniors in Albert Park are particularly strong, outperforming the general population in health metrics.

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 notable, with 25.3% of residents speaking a language other than English at home and 35.6% born overseas. Christianity was the predominant religion in Albert Park, accounting for 43.1% of its population. However, Judaism had an overrepresentation in Albert Park at 1.2%, compared to Greater Melbourne's 3.7%.

The top three ancestry groups were English (24.2%), Australian (16.9%), and Irish (10.7%). Some ethnic groups showed notable differences: French was equally represented at 1.1% in both Albert Park and the region, while Greek had a higher representation at 5.0% compared to the regional average of 3.2%. Polish also showed a slight overrepresentation at 1.1%, compared to the regional average of 1.5%.

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

Albert Park's median age is 41 years, which is significantly higher than the Greater Melbourne average of 37 and somewhat older than the Australian median of 38. Compared to the Greater Melbourne average, the 75-84 cohort is notably over-represented at 7.7% locally, while the 5-14 year-olds are under-represented at 7.9%. According to the 2021 Census, the 15 to 24 age group has grown from 9.1% to 10.9% of the population. Conversely, the 5 to 14 cohort has declined from 9.0% to 7.9%. Demographic modeling suggests that Albert Park's age profile will evolve significantly by 2041. The 45 to 54 cohort shows the strongest projected growth at 61%, adding 1,449 residents to reach 3,811. The 0 to 4 group displays more modest growth at 2%, adding only 12 residents.