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 around 18,609 as of Feb 2026. This reflects an increase of 284 people (1.5%) since the 2021 Census, which reported a population of 18,325 people. The change is inferred from the estimated resident population of 18,529 from the ABS as of June 2024 and an additional 142 validated new addresses since the Census date. This level of population equates to a density ratio of 250 persons per square kilometer. Population growth for the area was primarily driven by overseas migration that contributed approximately 66.0% of overall population gains during recent periods.

AreaSearch is adopting ABS/Geoscience Australia projections for each SA2 area, as released in 2024 with 2022 as the base year. For any SA2 areas not covered by this data, AreaSearch is utilising the VIC State Government's Regional/LGA projections released in 2023 with adjustments made employing a method of weighted aggregation of population growth from LGA to SA2 levels. Growth rates by age group from these aggregations are also applied across all areas for years 2032 to 2041. A significant population increase in the top quartile of Australian non-metropolitan areas is forecast, with the area expected to increase by 4,603 persons to 2041 based on the latest annual ERP population numbers, reflecting an increase of 24.2% in total over the 17 years.

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 received approximately 73 dwelling approvals per year over the past five financial years, totalling 367 homes. As of FY26, 13 approvals have been recorded. Despite population decline in the area, housing supply has remained adequate relative to demand, resulting in a balanced market with diverse buyer options. The average expected construction cost for new homes is $219,000, which is below regional norms, indicating more affordable housing choices.

This financial year has seen $1.3 million in commercial approvals, suggesting minimal commercial development activity compared to the rest of Victoria. When comparing Corio - Lovely Banks' development activity to the regional average per person, it is 63.0% lower, which typically strengthens demand and prices for existing properties. Recent construction comprises 84.0% detached dwellings and 16.0% townhouses or apartments, maintaining the area's traditional low-density character focused on family homes. The estimated population density of 627 people per dwelling approval reflects its quiet, low-activity development environment.

According to AreaSearch's latest quarterly estimate, Corio - Lovely Banks is projected to grow by 4,510 residents by 2041. If current development rates continue, housing supply may not keep pace with population growth, potentially increasing buyer competition and supporting stronger price growth.

Corio - Lovely Banks has moderate levels of nearby infrastructure activity, ranking in the 49thth percentile nationally

Changes to local infrastructure significantly influence an area's performance. AreaSearch has identified 35 projects likely impacting the area. Key projects 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.

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 had a balanced workforce as of September 2025, with 7,691 residents employed. The unemployment rate was 12.2%. This was higher than the Rest of Vic.'s rate of 3.8%, indicating room for improvement.

Workforce participation was lower at 56.9% compared to Rest of Vic.'s 61.4%. Census responses showed that only 9.8% of residents worked from home, though Covid-19 lockdown impacts should be considered. Employment was concentrated in health care & social assistance, retail trade, and construction. Manufacturing had a notable concentration with employment levels at 1.5 times the regional average.

Agriculture, forestry & fishing had limited presence at 2.0% compared to the regional average of 7.5%. The area appeared to offer limited local employment opportunities based on Census data. Between September 2024 and September 2025, labour force levels decreased by 0.6%, while employment decreased by 1.0%, causing unemployment to rise by 0.4 percentage points. This contrasted with Rest of Vic., where employment contracted by 0.7% and the labour force fell by 0.6%. Jobs and Skills Australia's national employment forecasts from May-25 suggested that national employment would expand by 6.6% over five years and 13.7% over ten years. Applying these projections to Corio - Lovely Banks's employment mix indicated local employment should increase by 5.8% over five years and 12.4% over ten years, assuming population projections remain constant for illustrative purposes.

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

The Corio - Lovely Banks SA2's median income among taxpayers was $48,565 in financial year 2023. The average income stood at $54,577 during the same period. These figures are below the national averages for Rest of Vic., which were $50,954 and $62,728 respectively. By September 2025, current estimates project median income to be approximately $52,572 and average income at around $59,080, accounting for an 8.25% 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 largest income bracket comprises 29.7% of residents earning $800 to $1,499 weekly, which differs from broader area patterns where $1,500 to $2,999 is the dominant range 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

In Corio - Lovely Banks, as per the latest Census evaluation, 91.5% of dwellings were houses while 8.5% comprised semi-detached homes, apartments, and other types. This is comparable to Non-Metro Vic.'s figures of 90.1% houses and 9.9% other dwellings. Home ownership in Corio - Lovely Banks stood at 30.6%, with mortgaged properties at 32.0% and rented ones at 37.4%. The median monthly mortgage repayment was $1,300, lower than Non-Metro Vic.'s average of $1,430. Weekly rent in the area was recorded at $280, slightly below Non-Metro Vic.'s figure of $285. Nationally, Corio - Lovely Banks' mortgage repayments were significantly lower at $1,300 compared to Australia's average of $1,863, and rents were substantially lower at $280 compared to 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 make up 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, 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%. This indicates a need for targeted educational initiatives to improve this figure. Bachelor degrees are the most common at 7.7%, followed by postgraduate qualifications (2.4%) and graduate diplomas (1.0%). Vocational credentials are also prevalent, with 35.9% of residents aged 15 and above holding such qualifications, including advanced diplomas (8.8%) and certificates (27.1%).

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 operational public transport stops, offering a mix of train services. These stops are served by eight distinct routes, collectively facilitating 1,851 weekly passenger trips. Transport accessibility is deemed good, with residents typically situated 253 meters from the nearest stop. Primarily residential, most residents commute outward, predominantly using cars (91%). Average vehicle ownership stands at 1.3 per dwelling, below the regional average. According to the 2021 Census, a relatively low 9.8% of residents work from home, which may reflect COVID-19 conditions.

Service frequency averages 264 trips daily across all routes, translating to approximately 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 substantial health challenges based on AreaSearch's assessment. Mortality rates and chronic condition prevalence are notable across both younger and older age cohorts. The rate of private health cover is very low at approximately 47% of the total population (~8,709 people), compared to 50.5% in Rest of Vic., and the national average of 55.7%.

Mental health issues impact 10.9% of residents, while asthma affects 9.4%, with 64.3% declaring themselves completely clear of medical ailments, compared to 63.4% in Rest of Vic.. The working-age population faces notable health challenges due to elevated chronic condition rates. The area has 14.8% of residents aged 65 and over (2,763 people), lower than the 23.9% in Rest of Vic.. Health outcomes among seniors present some challenges, with national rankings broadly in line with 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 compared to most local areas, with 27.2% of its population born overseas and 24.5% speaking a language other than English at home. Christianity is the predominant religion in Corio-Lovely Banks, making up 45.1% of its population. Islam, however, is overrepresented compared to the rest of Victoria, comprising 5.9% versus 1.0%.

The top three ancestry groups are Australian (25.5%), English (24.8%), and Other (14.0%). Notably, Croatian (2.1%) and Dutch (2.2%) are overrepresented compared to regional averages of 0.4% and 1.7%, respectively.

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 18.2% locally compared to the Rest of Vic average, while the 65-74 age group is under-represented at 8.6%. According to the 2021 Census, the 25 to 34 age group has grown from 14.9% to 18.2%, the 45 to 54 cohort has declined from 12.6% to 10.6%, and the 5 to 14 group has dropped from 12.7% to 11.1%. Demographic modeling suggests that Corio-Lovely Banks' age profile will evolve significantly by 2041, with the 25 to 34 cohort projected to grow by 52%, adding 1,761 residents to reach 5,156. The 55 to 64 group is expected to grow more modestly at 2%, adding only 36 residents.