Corio - Lovely Banks

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, as per AreaSearch's analysis, was approximately 18,593 by November 2025. This figure indicates a rise of 268 individuals, representing a 1.5% increase from the 2021 Census count of 18,325 people. The population change is inferred from ABS's estimated resident population of 18,518 in June 2024 and an additional 131 validated new addresses since the Census date. This results in a density ratio of 250 persons per square kilometer, offering significant space per person and potential room for further development. Overseas migration primarily drove population growth, contributing approximately 66.0% of overall population gains during recent periods.

AreaSearch employs 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 via 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, a significant population increase in the top quartile of regional areas nationwide is forecasted, with this area expected to grow by 4,603 persons, reflecting a total gain of 24.3% over the 17 years based on the latest annual ERP population numbers.

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 averaged approximately 73 new dwelling approvals annually over the past five financial years, totalling 367 homes. As of FY26, there have been 13 recorded approvals. The population has declined in recent years, with new supply likely meeting demand and providing good options for buyers. New properties are constructed at an average value of $219,000, below regional norms, offering more affordable housing choices.

This financial year, there have been $1.3 million in commercial approvals, indicating the area's residential nature. Compared to Rest of Vic., Corio - Lovely Banks has significantly lower building activity, with 63.0% fewer approvals per person. Limited new supply generally supports stronger demand and values for established properties. New development consists mainly of detached houses (84.0%) and attached dwellings (16.0%), maintaining 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. According to AreaSearch quarterly estimates, Corio - Lovely Banks is projected to add 4,526 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 moderate levels of nearby infrastructure activity, ranking in the 43rdth percentile nationally

Changes in local infrastructure significantly affect an area's performance. AreaSearch has identified 34 projects that may impact the area. 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.

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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.

As of September 2025, 7691 residents are employed, but the unemployment rate is high at 12.2%. This is 8.4% higher than Rest of Vic.'s rate of 3.8%. Workforce participation is lower, at 52.5% compared to Rest of Vic.'s 57.4%. Employment is concentrated in health care & social assistance, retail trade, and construction.

Manufacturing shows strong specialization, with an employment share 1.5 times the regional level. Agriculture, forestry & fishing has lower representation, at 2.0% versus the regional average of 7.5%. The area may lack local employment opportunities, as indicated by Census data. Between September 2024 and September 2025, the labour force decreased by 0.6%, while employment declined by 1.0%, raising unemployment by 0.4 percentage points. State-level data to 25-Nov-25 shows VIC employment grew by 1.13% year-on-year, with an unemployment rate of 4.7%. National forecasts suggest employment should increase locally by 5.8% over five years and 12.4% over ten years, based on industry-specific projections.

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

The Corio - Lovely Banks SA2 had a median taxpayer income of $46,030 and an average income of $51,713 in the financial year 2022, according to postcode level ATO data aggregated by AreaSearch. This is lower than the national average, with Rest of Vic.'s median income being $48,741 and average income being $60,693. As of September 2025, estimates based on Wage Price Index growth indicate a median income of approximately $51,627 and an average income of $58,001 in Corio - Lovely Banks. Census data reveals that incomes in Corio - Lovely Banks fall between the 8th and 15th percentiles nationally for households, families, and individuals. The $800 - 1,499 earnings band captures 29.7% of the community (5,522 individuals), which differs from patterns across regional levels where the $1,500 - 2,999 band dominates with 30.3%. Housing affordability pressures are severe in Corio - Lovely Banks, 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

Corio-Lovely Banks' dwelling structure, as per the latest Census, consisted of 91.5% houses and 8.5% other dwellings (semi-detached, apartments, 'other' dwellings). This compares to Non-Metro Vic.'s 84.6% houses and 15.4% other dwellings. Home ownership in Corio-Lovely Banks was at 30.6%, with mortgaged dwellings at 32.0% and rented ones at 37.4%. The median monthly mortgage repayment was $1,300, below Non-Metro Vic.'s average of $1,712. Median weekly rent in the area was $280, compared to Non-Metro Vic.'s $335. Nationally, Corio-Lovely Banks' mortgage repayments were significantly lower at $1,300 versus Australia's average of $1,863, and rents were substantially below the national figure of $375.

Corio - Lovely Banks has a typical household mix, with a higher-than-average median household size

Family households constitute 69.2% of all households, including 26.9% couples with children, 21.5% couples without children, and 19.2% single parent families. Non-family households comprise the remaining 30.8%, with lone person households at 26.9% and group households making up 3.8% of the total. The median household size is 2.6 people, which is 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 (1.0%). Vocational credentials are prevalent, with 35.9% of residents aged 15+ holding them, including advanced diplomas (8.8%) and certificates (27.1%). Educational participation is high at 32.1%, comprising secondary education (11.1%), primary education (10.0%), and tertiary education (3.4%).

Educational participation is notably high, with 32.1% of residents currently enrolled in formal education. This includes 11.1% in secondary education, 10.0% in primary education, and 3.4% pursuing tertiary education.

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

Corio-Lovely Banks has 82 active public transport stops, offering a mix of train and bus services. These stops are served by 10 different routes, collectively facilitating 2,985 weekly passenger trips. Transport accessibility is rated good, with residents located an average of 253 meters from the nearest stop.

Service frequency averages 426 trips per day across all routes, resulting in 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, with common conditions prevalent across both younger and older age groups. Private health cover stands at approximately 46%, covering around 8,589 people, compared to Victoria's average of 52.7% and the national average of 55.3%. Mental health issues and asthma are the most prevalent medical conditions, affecting 10.9% and 9.4% of residents respectively.

About 64.3% of residents report having no medical ailments, compared to 65.9% in the rest of Victoria. The area has 15.0%, or approximately 2,781 people aged 65 and over, which is lower than the 16.8% in the rest of Victoria. Health outcomes among seniors largely align with those of the general population.

The level of cultural diversity witnessed in Corio - Lovely Banks was found to be above average when compared nationally for a number of language and cultural background related metrics

Corio-Lovely Banks, surveyed in 2016, had a higher cultural diversity than most local areas. Its population with overseas birth was 27.2%, and those speaking languages other than English at home were 24.5%. Christianity dominated the religious scene, comprising 45.1% of its people.

Islam, however, was more prevalent here at 5.9% compared to the regional average of 2.0%. In terms of ancestry, Australians topped the list at 25.5%, followed by English at 24.8%. The 'Other' category stood at 14.0%, significantly higher than the regional average of 7.3%. Some ethnic groups showed notable differences: Croatians were overrepresented at 2.1% compared to the region's 1.5%, Hungarians at 0.7% (regional 0.3%), and Dutch at 2.2% (regional 2.0%).

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

Corio-Lovely Banks's median age is 35 years, which is significantly below 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 grown 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 dropped from 12.7% to 11.4%. Demographic modeling suggests that Corio-Lovely Banks's age profile will evolve significantly by 2041. The 25 to 34 cohort is projected to grow by 59%, adding 1,905 residents to reach 5,156. Meanwhile, the 55 to 64 group is expected to contract by 10 residents.