Albert Park

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

Albert Park's population, as of May 2026, is approximately 17,439. This figure represents an increase of 1,614 people since the 2021 Census, which reported a population of 15,825. The growth is inferred from ABS data showing an estimated resident population of 17,253 as of June 2025 and the addition of 74 validated new addresses since the Census date. This results in a population density ratio of 3,734 persons per square kilometer, placing Albert Park in the upper quartile nationally according to AreaSearch's assessments. The area's population growth rate of 10.2% since the 2021 census exceeds both the state (9.3%) and national averages. Overseas migration contributed approximately 91.3% of overall population gains during recent periods, driving this growth.

AreaSearch uses 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 employs the VIC State Government's Regional/LGA projections from 2023, adjusted using 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 projected to experience significant population growth, with an increase of 4,822 persons expected based on the latest annual ERP population numbers, reflecting a total increase of 26.6% over the 16-year period.

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

Albert Park has received approximately 323 dwelling approvals annually. Between FY-21 and FY-25, 1,619 homes were approved, with an additional 237 approved in FY-26 so far. Each year, about 0.1 new residents per dwelling are added.

This meets or exceeds demand, offering more buyer choices and potential population growth. The average construction cost of new properties is $442,000. In FY-26, $44.2 million in commercial development approvals have been recorded. Compared to Greater Melbourne, Albert Park has 70.0% more development activity per person. New developments consist of 1.0% standalone homes and 99.0% attached dwellings. By 2041, Albert Park is projected to add 4,636 residents.

Current development rates should comfortably meet demand, benefiting buyers and potentially supporting growth beyond current projections.

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 area. Notable ones are The Carter Building, Park Quarter, Queens Road Build-to-Rent Development, and Home Albert Park. The following details 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 a highly educated workforce with professional services being strongly represented. The unemployment rate in the area is 2.9%. In the past year, there was an estimated employment growth of 4.4%.

As of December 2025, 10,723 residents are employed and the unemployment rate is 1.9% lower than Greater Melbourne's rate of 4.8%. Workforce participation in Albert Park is at 72.3%, compared to Greater Melbourne's 69.9%. According to Census responses, 50.7% of residents work from home, though Covid-19 lockdown impacts should be considered. The key industries of employment among residents are professional & technical, health care & social assistance, and finance & insurance.

Albert Park has a particular specialization in professional & technical services, with an employment share that is 1.9 times the regional level. In contrast, construction employs only 6.2% of local workers, below Greater Melbourne's 9.7%. There is one worker for every resident in Albert Park as at the Census, indicating it functions as an employment hub hosting more jobs than residents and attracting workers from surrounding areas. During the year to December 2025, employment levels increased by 4.4% and labour force increased by 4.6%, resulting in a rise of unemployment by 0.2 percentage points. In contrast, Greater Melbourne experienced employment growth of 2.4% and labour force growth of 2.8%, with a rise of unemployment by 0.3 percentage points. Jobs and Skills Australia's national employment forecasts from May-25 suggest that national employment is forecast to expand by 6.6% over five years and 13.7% over ten years. Applying these industry-specific projections to Albert Park's employment mix suggests local employment should increase by 7.3% over five years and 14.6% over ten years, though this is a simple weighting extrapolation for illustrative purposes and does not take into account localised population projections.

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

Albert Park SA2 had a median taxpayer income of $74,286 and an average income of $138,471 in financial year 2023, according to the latest postcode level ATO data aggregated by AreaSearch. Nationally, these figures are exceptionally high compared to Greater Melbourne's median income of $57,688 and average income of $75,164. By March 2026, estimates suggest a median income of approximately $81,432 and an average income of $151,792, based on Wage Price Index growth of 9.62% since financial year 2023. Census data indicates that household, family, and personal incomes in Albert Park rank highly nationally, between the 83rd and 95th percentiles. Income distribution shows that 29.4% of the population (5,127 individuals) fall within the $4000+ income range, unlike regional patterns where $1,500 - 2,999 dominates with 32.8%. Economic strength is evident with 40.4% of households achieving high weekly earnings exceeding $3,000, supporting elevated consumer spending. 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). In contrast, Melbourne metro had 67.9% houses and 32.1% other dwellings. Home ownership in Albert Park was at 32.2%, similar to Melbourne metro's level, with mortgaged dwellings at 23.2% and rented ones at 44.6%. The median monthly mortgage repayment in Albert Park was $2,600, higher than Melbourne metro's average of $2,000. The median weekly rent in Albert Park was $493, compared to Melbourne metro's $390. Nationally, Albert Park's mortgage repayments were significantly higher at $2,600 against the Australian average of $1,863, while rents were 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 constitute 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, 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 residents aged 15+, with a university qualification rate of 57.8%, significantly exceed the national average of 30.4% and the Victorian average of 33.4%. The area's high educational attainment is dominated by bachelor degrees (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 in Albert Park is notably high, with 26.6% of residents currently enrolled in formal education.

This includes 7.7% pursuing tertiary education, 7.1% primary education, and 6.2% 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, serving a mix of lightrail and bus routes. These stops are covered by 15 individual routes, collectively transporting 19,749 weekly passenger trips. Transport accessibility is excellent, with residents typically located 128 meters from the nearest stop. Most residents commute outward daily, with car being the dominant mode at 59%, followed by walking at 13% and cycling at 5%. Vehicle ownership averages 0.7 per dwelling, below the regional average. According to the 2021 Census, a high 50.7% of residents work from home, which may reflect COVID-19 conditions.

Service frequency averages 2,821 trips per day 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 according to AreaSearch's assessment. Mortality rates and chronic condition prevalence are very low across all age groups. Approximately 82% of Albert Park's total population (14,387 people) has private health cover, compared to 56.7% in Greater Melbourne and the national average of 55.7%.

The most prevalent medical conditions are asthma and mental health issues, affecting 6.8% and 6.6% of residents respectively. 74.4% of Albert Park's residents declare themselves completely clear of medical ailments, compared to 72.6% in Greater Melbourne. The area has 19.9% of residents aged 65 and over (3,461 people), higher than the 15.0% in Greater Melbourne. Health outcomes among seniors are strong, ranking broadly in line with the general population nationally.

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 had a higher cultural diversity than most local markets, with 25.3% of its 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 the population. However, Judaism was notably overrepresented, comprising 1.2% compared to 1.0% across Greater Melbourne.

The top three ancestral groups were English at 24.2%, Australian at 16.9%, and Irish at 10.7%. Some ethnic groups showed significant differences: French was overrepresented at 1.1% (vs regional 0.5%), Greek at 5.0% (vs 2.7%), and Polish at 1.1% (vs 0.8%).

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

Albert Park's median age is 41 years, notably higher than Greater Melbourne's average of 37 and Australia's median of 38. Locally, the 75-84 age cohort is over-represented at 7.9%, compared to Greater Melbourne's average, while the 5-14 year-olds are under-represented at 7.8%. According to the 2021 Census, Albert Park's population has shifted: the 15-24 group grew from 9.1% to 11.0%, and the 75-84 cohort increased from 6.7% to 7.9%. Conversely, the 5-14 age group declined from 9.0% to 7.8%, and the 45-54 group dropped from 14.4% to 13.4%. By 2041, demographic modeling projects significant changes in Albert Park's age profile. The 45-54 cohort is expected to grow by 58%, adding 1,354 residents to reach 3,686. Meanwhile, the 15-24 group is projected to show modest growth of 0%, adding only 5 residents.