Corio - Lovely Banks
Statistical Area - sa2

Corio - Lovely Banks has seen population growth performance typically on par with national averages when looking at short and medium term trends

Corio - Lovely Banks' population is approximately 18,579 as of Aug 2025. This represents an increase of 254 people since the 2021 Census, which reported a population of 18,325. The ABS estimated resident population in June 2024 was 18,517, with an additional 127 validated new addresses recorded since the Census date. This results in a density ratio of 249 persons per square kilometer. Overseas migration contributed approximately 66.0% of overall population gains recently.

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, VIC State Government's Regional/LGA projections from 2023 are used, adjusted employing weighted aggregation methods to SA2 levels. Growth rates by age group are applied across all areas for years 2032 to 2041. By 2041, the area is forecasted to increase by 4,603 persons, representing a total gain of 24.4% over the 17-year period.

Residential development activity is lower than average in Corio - Lovely Banks according to AreaSearch's national comparison of local real estate markets

Corio - Lovely Banks has averaged approximately 73 new dwelling approvals annually. The Australian Bureau of Statistics produces development approval data on a financial year basis. Over the past five financial years, from FY21 to FY25367 dwellings were approved in total, with four approvals so far in FY26. The population has been declining in recent years, suggesting that new supply has likely kept pace with demand, offering good choice for buyers.

New properties are constructed at an average expected construction cost value of $527,000. This financial year has seen $1.3 million in commercial approvals, indicating a predominantly residential focus. Compared to the Rest of Vic., Corio - Lovely Banks records significantly lower building activity, with 63.0% fewer approvals per person than the regional average. This limited new supply generally supports stronger demand and values for established properties.

New development consists of 84.0% detached houses and 16.0% attached dwellings, preserving the area's low density nature and attracting space-seeking buyers. The estimated population per dwelling approval is 627 people, reflecting its quiet, low activity development environment. Future projections indicate that Corio - Lovely Banks will add approximately 4,540 residents by 2041. If current development rates continue, housing supply may not keep pace with population growth, potentially increasing competition among buyers and supporting stronger price growth.

Corio - Lovely Banks has emerging levels of nearby infrastructure activity, ranking in the 24thth percentile nationally

Changes to local infrastructure significantly affect an area's performance. AreaSearch has identified 35 projects likely to impact the region. Notable ones include Cedar Woods Corio Residential Estate, Stead Park Hockey Facility Upgrade, Lovely Banks Development, and Corio Convenience Retail Hub. The following list details those most relevant.

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

Employment conditions in Corio - Lovely Banks face significant challenges, ranking among the bottom 10% of areas assessed nationally

Corio-Lovely Banks has a balanced workforce with white and blue collar jobs. The construction sector is prominent.

Unemployment rate was 12.4% in June 2025 with an estimated employment growth of 1.5% over the past year. As of June 2025, 7807 residents are employed while unemployment stands at 8.6%, above Rest of Vic.'s 3.8%. Workforce participation is lower at 52.5%. Key industries include health care & social assistance, retail trade, and construction.

Manufacturing has higher representation than the regional average but agriculture, forestry & fishing has lower representation. Employment opportunities appear limited locally based on Census data. From June 2024 to June 2025, employment levels increased by 1.5% while labour force rose by 2.3%, causing unemployment rate to rise by 0.7 percentage points. Comparing this with Rest of Vic., Corio-Lovely Banks had higher increases in employment and labour force but also a larger increase in unemployment rate. State-level data to Sep-25 shows VIC employment grew by 1.08% year-on-year, with state unemployment at 4.7%. National forecasts from Jobs and Skills Australia indicate national employment growth of 6.6% over five years and 13.7% over ten years. Applying these projections to Corio-Lovely Banks's employment mix suggests local growth of approximately 5.8% over five years and 12.4% over ten years, assuming no change in population projections.

The area's income levels rank in the lower 15% nationally based on AreaSearch comparative data

Corio - Lovely Banks had a median taxpayer income of $46,030 and an average income of $51,713 in the financial year 2022, according to AreaSearch's aggregation of postcode level ATO data. This was lower than the national averages of $48,741 (median) and $60,693 (average). Based on a 10.11% increase from March 2022 to March 2025, estimated incomes for Corio - Lovely Banks are approximately $50,684 (median) and $56,941 (average). The 2021 Census reported that incomes in Corio - Lovely Banks fell between the 9th and 15th percentiles nationally. Income distribution showed that 29.7% of locals earned between $800 and $1,499 annually, with a total of 5,517 people in this income bracket. Housing affordability was severe, with only 83.7% of income remaining after housing costs, ranking at the 16th percentile nationally.

Corio - Lovely Banks is characterized by a predominantly suburban housing profile, with a higher proportion of rental properties than the broader region

In Corio-Lovely Banks, evaluated in the 2016 Census, houses accounted for 91.5% of dwellings while other types such as apartments comprised 8.5%. This is compared to Non-Metro Vic., where 84.6% were houses and 15.4% other dwellings. Home ownership in Corio-Lovely Banks stood at 30.6%, with mortgages at 32.0% and rentals at 37.4%. The median monthly mortgage repayment was $1,300, below Non-Metro Vic.'s average of $1,712. Median weekly rent in Corio-Lovely Banks was $280, lower than Non-Metro Vic.'s $335 and the national average of $375. Nationally, mortgage repayments averaged $1,863.

Corio - Lovely Banks features high concentrations of group households, with a higher-than-average median household size

Family households constitute 69.2 percent of all households, including 26.9 percent couples with children, 21.5 percent couples without children, and 19.2 percent single parent families. Non-family households account for the remaining 30.8 percent, with lone person households at 26.9 percent and group households comprising 3.8 percent of the total. The median household size is 2.6 people, larger than the Rest of Vic average of 2.4.

Educational outcomes in Corio - Lovely Banks fall within the lower quartile nationally, indicating opportunities for improvement in qualification attainment

The area's university qualification rate is 11.1%, significantly lower than Victoria's average of 33.4%. Bachelor degrees are the most common at 7.7%, followed by postgraduate qualifications (2.4%) and graduate diplomas (1%). Trade and technical skills are prevalent, with 35.9% of residents aged 15+ holding vocational credentials - advanced diplomas (8.8%) and certificates (27.1%). Educational participation is high at 32.1%, including secondary education (11.1%), primary education (10.0%), and tertiary education (3.4%).

There are nine schools operating in Corio - Lovely Banks, educating approximately 3,722 students. The area has typical Australian school conditions (ICSEA: 996) with balanced educational opportunities. The educational mix includes one primary, two secondary, and six K-12 schools. Note: where schools show 'n/a' for enrolments, please refer to the parent campus.

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

The analysis of public transport in Corio - Lovely Banks indicates there are 82 active transport stops currently operating. These include a mix of train and bus services. The area is served by 10 individual routes that collectively facilitate 2,985 weekly passenger trips.

Transport accessibility is rated as good, with residents typically situated around 253 meters from the nearest transport stop. Service frequency averages at 426 trips per day across all routes, which equates to approximately 36 weekly trips per individual stop.

Health performance in Corio - Lovely Banks is well below average with prevalence of common health conditions notable across both younger and older age cohorts

Corio-Lovely Banks faces significant health challenges, as indicated by health data. Both younger and older age groups experience high prevalence of common health conditions. Only approximately 46% (~8,583 people) have private health cover, compared to 52.7% in the rest of Victoria and a national average of 55.3%.

Mental health issues affect 10.9% of residents, while asthma impacts 9.4%. About 64.3% report no medical ailments, slightly lower than the 65.9% in the rest of Victoria. The area has 15.0% (2,779 people) aged 65 and over, lower than the 16.8% in the rest of Victoria. Health outcomes among seniors are challenging but broadly align with the general population's health profile.

Corio - Lovely Banks 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

Corio-Lovely Banks, surveyed in June 2016, had a higher proportion of overseas-born residents than most local areas, with 27.2%. It also had more residents speaking languages other than English at home, at 24.5%. Christianity was the predominant religion, with 45.1%, but Islam was overrepresented compared to the regional average, at 5.9% versus 2.0%.

The top three ancestry groups were Australian (25.5%), English (24.8%), and Other (14.0%). Croatians were notably more represented in Corio-Lovely Banks than regionally, at 2.1% compared to 1.5%, Hungarians were also more represented at 0.7% versus 0.3%, and Dutch residents were similarly more prevalent at 2.2%.

Corio - Lovely Banks's population is slightly younger than the national pattern

Corio-Lovely Banks has a median age of 35 years, which is significantly lower than the Rest of Vic average of 43 and somewhat younger than the Australian median of 38. The 25-34 cohort is notably over-represented at 17.5% locally compared to the Rest of Vic average, while the 65-74 year-olds are under-represented at 8.7%. According to the 2021 Census, the 25 to 34 age group has increased from 14.9% to 17.5% of the population. Conversely, the 45 to 54 cohort has declined from 12.6% to 11.0%, and the 5 to 14 group has dropped from 12.7% to 11.4%. Demographic modeling suggests that Corio-Lovely Banks' age profile will change significantly by 2041. The 25 to 34 cohort is projected to grow by 59%, adding 1,908 residents to reach a total of 5,156. Meanwhile, the 55 to 64 group is expected to contract by 8 residents.