Toorak

Toorak has shown very soft population growth performance across periods assessed by AreaSearch

Based on AreaSearch's analysis, Toorak's population is around 13,956 as of Feb 2026. This reflects an increase of 1,003 people (7.7%) since the 2021 Census, which reported a population of 12,953 people. The change is inferred from the estimated resident population of 13,504 from the ABS as of June 2024 and an additional 214 validated new addresses since the Census date. This population level equates to a density ratio of 3,230 persons per square kilometer, placing it in the upper quartile relative to national locations assessed by AreaSearch. Toorak's 7.7% growth since the census positions it within 2.2 percentage points of the national average (9.9%), demonstrating competitive growth fundamentals. Population growth for the area was primarily driven by overseas migration, which contributed approximately 97.7% 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. Anticipating future population dynamics, lower quartile growth of statistical areas across the nation is anticipated, with the area expected to increase by 357 persons by 2041 based on the latest annual ERP population numbers, reflecting a decline of 0.7% in total over the 17 years.

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

Toorak has averaged around 65 new dwelling approvals per year, with 326 homes approved over the past 5 financial years (between FY-21 and FY-25) and 74 so far in FY-26. With population declining over recent years, development activity has been adequate in relative terms, which is a positive for buyers, while new properties are constructed at an average value of $2,378,000, showing that developers are focusing on the premium market with high-end developments. Additionally, $37.9 million in commercial approvals have been registered this financial year, suggesting robust local business investment.

Compared to Greater Melbourne, Toorak has significantly less development activity (58.0% below regional average per person). This scarcity of new dwellings typically strengthens demand and prices for existing properties. Recent construction comprises 29.0% detached dwellings and 71.0% townhouses or apartments. This trend toward denser development provides accessible entry options and appeals to downsizers, investors, and entry-level buyers. The location has approximately 299 people per dwelling approval, indicating room for growth.

With the population expected to remain stable or decline, Toorak should see reduced pressure on housing, potentially creating opportunities for buyers.

Toorak has strong levels of nearby infrastructure activity, ranking in the top 30% nationally

Nothing can influence an area's performance as much as changes to local infrastructure, major projects, and planning initiatives. In total, 21 projects have been identified by AreaSearch that are likely to have an impact on the area. Key projects include One Toorak Place (Orchard Piper Carters Avenue), Orrong Rd, Toorak (707 Orrong Road), Grandview Prahran, and 671 Chapel Street, with the list below detailing those likely to be of most relevance.

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.

The labour market in Toorak shows considerable strength compared to most other Australian regions

Toorak possesses a highly educated workforce, with professional services showing strong representation, an unemployment rate of just 2.7%, and 4.5% in estimated employment growth over the past year. As of December 2025, 7,732 residents are in work while the unemployment rate is 2.1% below Greater Melbourne's rate of 4.8%, and workforce participation lags significantly (65.8% compared to Greater Melbourne's 71.3%). Based on Census responses, a high 47.7% of residents were found to work from home, though Covid-19 lockdown impacts should be considered.

The dominant employment sectors among residents include professional & technical, health care & social assistance, and finance & insurance. The area shows particularly strong specialization in professional & technical, with an employment share of 1.8 times the regional level. Meanwhile, construction has a limited presence with 5.1% employment compared to 9.7% regionally. The predominantly residential area appears to offer limited employment opportunities locally, as indicated by the count of the Census working population versus the resident population.

Based on AreaSearch analysis of SALM and ABS data, over the 12 months to December 2025, employment increased by 4.5% while the labour force increased by 4.5%, keeping the unemployment rate relatively stable. This contrasts with Greater Melbourne, where employment rose by 2.4%, the labour force grew by 2.8%, and unemployment rose 0.3 percentage points. Jobs and Skills Australia's national employment forecasts from May-25 can offer further insight into potential future demand within Toorak. These projections, covering five and ten-year periods, have been mapped against the local employment profile to estimate growth patterns. While national employment is forecast to expand by 6.6% over five years and 13.7% over ten years, growth rates differ significantly between industry sectors. Applying these industry-specific projections to Toorak's employment mix suggests local employment should increase by 7.7% over five years and 15.2% over ten years (please note this is a simple weighting extrapolation for illustrative purposes and does not take into account localised population projections).

The economic profile demonstrates exceptional strength, placing the area among the top 10% nationally based on comprehensive AreaSearch income analysis

AreaSearch's latest postcode level ATO data for FY-23 reveals that income in the Toorak SA2 is among the top percentile nationally, with the median assessed at $79,405 while the average income stands at $240,326. This contrasts with Greater Melbourne's figures of a median income of $57,688 and an average income of $75,164. Based on Wage Price Index growth of 8.25% since FY-23, current estimates would be approximately $85,956 (median) and $260,153 (average) as of September 2025. Census data reveals household, family and personal incomes all rank highly in Toorak, between the 91st and 97th percentiles nationally. Income brackets indicate the $4000+ bracket dominates with 35.9% of residents (5,010 people), differing from patterns across the surrounding region where $1,500 - 2,999 dominates with 32.8%. A significant 45.3% earn above $3,000 weekly, reflecting pockets of prosperity that drive robust local economic activity. After housing costs, residents retain 87.1% of income, reflecting strong purchasing power, and the area's SEIFA income ranking places it in the 10th decile.

Toorak features a more urban dwelling mix with significant apartment living, with above-average rates of outright home ownership

Dwelling structure within Toorak, as evaluated at the latest Census, comprised 30.3% houses and 69.6% other dwellings (semi-detached, apartments, 'other' dwellings), in comparison to Melbourne metro's 67.9% houses and 32.1% other dwellings. Meanwhile, the level of home ownership within Toorak was well beyond that of Melbourne metro, at 44.4%, with the remainder of dwellings either mortgaged (23.6%) or rented (32.0%). The median monthly mortgage repayment in the area was well above the Melbourne metro average at $3,146, while the median weekly rent figure was recorded at $490, compared to Melbourne metro's $2,000 and $390. Nationally, Toorak's mortgage repayments are significantly higher than the Australian average of $1,863, while rents are substantially above the national figure of $375.

Toorak features high concentrations of lone person households and group households, with a lower-than-average median household size

Family households dominate at 59.7% of all households, comprising 20.8% couples with children, 31.1% couples without children, and 6.8% single parent families. Non-family households make up the remaining 40.3%, with lone person households at 35.1% and group households comprising 5.2% of the total. The median household size of 2.1 people is smaller than the Greater Melbourne average of 2.6.

Educational achievement in Toorak places it within the top 10% nationally, reflecting strong academic performance and high qualification levels across the community

Educational attainment in Toorak significantly surpasses broader benchmarks, with 58.8% of residents aged 15+ holding university qualifications compared to 30.4% in Australia and 33.4% in VIC. This substantial educational advantage positions the area strongly for knowledge-based opportunities. Bachelor degrees lead at 38.8%, followed by postgraduate qualifications (15.9%) and graduate diplomas (4.1%). Vocational pathways account for 17.2% of qualifications among those aged 15+ – advanced diplomas (10.3%) and certificates (6.9%).

Educational participation is notably high, with 27.6% of residents currently enrolled in formal education. This includes 9.9% in tertiary education, 6.8% in secondary education, and 6.3% pursuing primary education.

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

Public transport analysis reveals 59 active transport stops operating within Toorak, comprising a mix of light rail and buses. These stops are serviced by 8 individual routes, collectively providing 7,328 weekly passenger trips. Transport accessibility is rated as excellent, with residents typically located 185 meters from the nearest transport stop. As a primarily residential area, most residents commute outward; the car remains the dominant mode at 73%, with 9% by train and 6% walking. Vehicle ownership averages 1.1 per dwelling, which is below the regional average. A high 47.7% of residents work from home (2021 Census; may reflect COVID-19 conditions).

Service frequency averages 1,046 trips per day across all routes, equating to approximately 124 weekly trips per individual stop.

Toorak's residents boast exceedingly positive health performance metrics with very low prevalence of common health conditions across all age groups

Health outcomes data demonstrates outstanding results across Toorak, based on AreaSearch's assessment of mortality rates and chronic condition prevalence. There is a very low prevalence of common health conditions across all age groups, and the rate of private health cover is exceptionally high at approximately 95% of the total population (13,244 people). This compares to 56.7% across Greater Melbourne and a national average of 55.7%.

The most common medical conditions in the area were found to be arthritis and mental health issues, impacting 6.8 and 6.1% of residents, respectively, while 73.4% declared themselves as completely clear of medical ailments compared to 72.6% across Greater Melbourne. The area has 30.7% of residents aged 65 and over (4,285 people), which is higher than the 15.1% in Greater Melbourne. Health outcomes among seniors are particularly strong, with national rankings broadly in line with the general population.

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

Toorak is more culturally diverse than the vast majority of local markets, with 21.2% of its population speaking a language other than English at home and 32.9% born overseas. The main religion in Toorak is Christianity, which makes up 43.5% of the population. However, the most apparent overrepresentation is in Judaism, which comprises 10.7% of the population, substantially higher than the Greater Melbourne average of 1.0%.

In terms of ancestry (country of birth of parents), the top three represented groups in Toorak are English, comprising 24.4% of the population, Australian, comprising 16.8% of the population, and Other, comprising 11.0% of the population. Additionally, there are notable divergences in the representation of certain other ethnic groups: Polish is notably overrepresented at 3.2% of Toorak (vs 0.8% regionally), Russian at 1.1% (vs 0.4%) and Hungarian at 0.7% (vs 0.3%).

Toorak hosts an older demographic, ranking in the top quartile nationwide

At 47 years, Toorak's median age is considerably higher than the Greater Melbourne average of 37 and also substantially exceeds the 38-year national average. The 75 - 84 age group shows strong representation at 12.7% compared to Greater Melbourne, whereas the 35 - 44 cohort is less prevalent at 9.4%. This 75 - 84 concentration is well above the national 6.1%. Post-2021 Census data shows the 75 to 84 age group has grown from 9.6% to 12.7% of the population. Conversely, the 45 to 54 cohort has declined from 11.9% to 10.1% and the 35 to 44 group dropped from 10.6% to 9.4%. Demographic modeling suggests Toorak's age profile will evolve significantly by 2041. The 85+ cohort shows the strongest projected growth at 87%, adding 589 residents to reach 1,271. Senior residents (65+) will drive 100% of population growth, underscoring demographic aging trends. Meanwhile, population declines are projected for the 45 to 54 and 0 to 4 cohorts.