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 is approximately 18,502 as of May 2026. This figure represents an increase of 177 people since the 2021 Census, which recorded a population of 18,325. The change is inferred from ABS's estimated resident population of 18,502 in June 2025 and additional validated new addresses since the Census date. This results in a density ratio of 248 persons per square kilometer. Recent population growth was primarily driven by overseas migration, contributing approximately 62.3% of overall gains.

AreaSearch uses ABS/Geoscience Australia projections for each SA2 area released in 2024 with a base year of 2022. For areas not covered, it utilises VIC State Government's Regional/LGA projections from 2023 with adjustments made 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, the area is forecasted to increase by 4,353 persons based on the latest annual ERP population numbers, reflecting a total gain of 23.4% over the 16-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 averaged approximately 73 new dwelling approvals annually over the past five financial years from FY18 to FY22, totalling 367 homes. As of FY26 so far, 28 approvals have been recorded. The population has declined in recent years, suggesting that new supply has likely kept pace with demand, offering buyers good choice while new properties are constructed at an average expected construction cost value of $219,000, below regional norms, reflecting more affordable housing options for purchasers. There have also been $1.3 million in commercial approvals this financial year, indicating the area's residential nature.

Compared to Rest of Vic., Corio - Lovely Banks records markedly lower building activity, 62.0% below the regional average per person, which 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 with an emphasis on detached housing attracting space-seeking buyers. The estimated count of 627 people in the area per dwelling approval reflects its quiet, low activity development environment. Future projections from AreaSearch quarterly estimates suggest Corio - Lovely Banks will add approximately 4,337 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 top 50% nationally

Changes to local infrastructure significantly influence an area's performance. AreaSearch has identified 32 projects likely impacting the area. Notable ones include Cedar Woods Corio Residential Estate, Stead Park Hockey Facility Upgrade, Lovely Banks Development, and Corio Convenience Retail Hub. Below is a list of most relevant projects.

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.

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 both white and blue collar jobs. The construction sector is prominent. As of December 2025, the unemployment rate was 13.0%.

There were 7,607 residents employed while the unemployment rate was 9.3% higher than Regional Vic.'s rate of 3.7%. Workforce participation was lower at 57.1%, compared to Regional Vic.'s 61.0%. According to Census responses, only 9.8% of residents worked from home. Employment is concentrated in health care & social assistance, retail trade, and construction.

Manufacturing has a strong representation with an employment share 1.5 times the regional level. Agriculture, forestry & fishing shows lower representation at 2.0%, compared to the regional average of 7.5%. The area may offer limited local employment opportunities. Between December 2024 and December 2025, the labour force decreased by 1.0% while employment declined by 1.0%, keeping the unemployment rate stable at 13.0%. In Regional Vic., employment declined by 0.6%, labour force by 0.7%, with unemployment falling to 12.9%. Jobs and Skills Australia's national employment forecasts from May-25 suggest that Corio - Lovely Banks' employment should increase by 5.8% over five years and 12.4% over ten years, based on industry-specific projections applied to the local employment mix.

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 $48,565 and an average income of $54,577 in the financial year 2023, according to postcode level ATO data aggregated by AreaSearch. This is lower than the national average, with Regional Vic.'s median income being $50,954 and average income being $62,728. By March 2026, estimates suggest the median income would be approximately $53,237 and the average income $59,827, based on a 9.62% growth in wages since financial year 2023. Census data indicates that incomes in Corio - Lovely Banks fall between the 8th and 15th percentiles nationally for households, families, and individuals. The income band of $800 - 1,499 captures 29.7% of the community (5,495 individuals), unlike 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, had 91.5% houses and 8.5% other dwellings (semi-detached, apartments, 'other' dwellings). Regional Vic., in comparison, had 90.1% houses and 9.9% other dwellings. Home ownership in Corio - Lovely Banks was 30.6%, with mortgaged dwellings at 32.0% and rented ones at 37.4%. The median monthly mortgage repayment was $1,300, below Regional Vic.'s average of $1,430. Median weekly rent in Corio - Lovely Banks was $280, compared to Regional Vic.'s $285. Nationally, mortgage repayments were significantly lower at $1,863 and rents 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 account for 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 constitute the remaining 30.8%, with lone person households at 26.9% and group households comprising 3.8%. The median household size is 2.6 people, which is larger than the Regional 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 - advanced diplomas at 8.8% and certificates at 27.1%. Educational participation is 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 services. These are served by eight distinct routes, facilitating 1,851 weekly passenger trips in total. The area's transport accessibility is deemed good, with residents located an average of 253 meters from the nearest stop. Predominantly residential, most commuters travel outward, with cars being the primary mode at 91%. On average, there are 1.3 vehicles per dwelling, lower than the regional norm. According to the 2021 Census, only 9.8% of residents work from home, potentially influenced by COVID-19 conditions.

Across all routes, service frequency averages 264 trips daily, equating to roughly 22 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 based on AreaSearch's assessment. Mortality rates and chronic condition prevalence are high across both younger and older age groups. Private health cover is low at approximately 47% of the total population (~8,658 people), compared to 50.5% in Regional Vic.

and the national average of 55.7%. Mental health issues and asthma are the most common medical conditions, affecting 10.9% and 9.4% of residents respectively. However, 64.3% of residents claim to be completely clear of medical ailments, compared to 63.4% in Regional Vic. The working-age population faces notable health challenges with elevated chronic condition rates. The area has 15.3% of residents aged 65 and over (2,836 people), lower than the 23.9% in Regional Vic.. Health outcomes among seniors present some challenges, broadly in line with national rankings for 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 has a higher cultural diversity than most local areas, with 27.2% of its population born overseas and 24.5% speaking languages other than English at home. Christianity is the dominant religion in Corio-Lovely Banks, accounting for 45.1%. However, Islam is notably overrepresented at 5.9%, compared to Regional Vic's average of 1.0%.

The top three ancestry groups are Australian (25.5%), English (24.8%), and Other (14.0%). Some ethnicities have significant representation: Croatian at 2.1% (regional avg: 0.4%), Hungarian at 0.7% (regional avg: 0.2%), and Dutch at 2.2% (regional avg: 1.7%).

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 Regional Vic. average of 43 and somewhat younger than the Australian median of 38. The 25-34 cohort is notably over-represented at 17.1% locally compared to the Regional Vic. average, while the 65-74 year-olds are under-represented at 8.8%. According to the 2021 Census, the 25 to 34 age group has grown from 14.9% to 17.1% of the population. Conversely, the 45 to 54 cohort has declined from 12.6% to 10.8%, and the 5 to 14 group dropped from 12.7% to 11.1%. Demographic modeling suggests that Corio - Lovely Banks' age profile will evolve significantly by 2041. The 25 to 34 cohort shows the strongest projected growth at 51%, adding 1,620 residents to reach 4,781. The 55 to 64 group displays more modest growth at 1%, adding only 28 residents.