Toorak
Statistical Area - sa2

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

Toorak's population is around 13,707 as of Aug 2025. This reflects an increase of 754 people since the Census in Aug 2021, which reported a population of 12,953 people. The change was inferred from ABS data showing an estimated resident population of 13,508 in Jun 2024 and an additional 140 validated new addresses since the Census date. This level of population equates to a density ratio of 3,172 persons per square kilometer, placing it in the upper quartile relative to national locations assessed by AreaSearch. Toorak's growth rate of 5.8% since the Census positions it within 2.8 percentage points of the national average (8.6%), demonstrating competitive growth fundamentals. Population growth for the area was primarily driven by overseas migration, contributing approximately 97.7% of overall population gains during recent periods.

AreaSearch is adopting ABS/Geoscience Australia projections released in Dec 2024 with a base year of 2022 for each SA2 area. For any SA2 areas not covered by this data, AreaSearch is utilising the VIC State Government's Regional/LGA projections released in Jun 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. Considering the projected demographic shifts, lower quartile growth of Australian statistical areas is anticipated. The area is expected to grow by 357 persons to 2041 based on the latest population numbers, with an increase of 1.1% 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 averaged approximately 65 new dwelling approvals annually. The Australian Bureau of Statistics produces development approval data on a financial year basis, totalling 326 approvals from FY-21 to FY-25 and 5 in FY-26 so far. Despite recent population decline, development activity has been adequate relative to other areas, benefiting buyers. New properties are constructed at an average expected construction cost value of $4,801,000, indicating a focus on the premium market segment with higher-end properties.

This financial year has seen $37.9 million in commercial development approvals, suggesting strong local business investment. Compared to Greater Melbourne, Toorak records significantly lower building activity, at 58.0% below the regional average per person, which typically strengthens demand and prices for existing properties. New building activity comprises approximately 29.0% standalone homes and 71.0% townhouses or apartments, offering affordable entry pathways and attracting downsizers, investors, and first-time purchasers. Toorak reflects a low density area, with around 299 people per approval. Population forecasts indicate an increase of 154 residents by 2041.

At current development rates, new housing supply should comfortably meet demand, providing favorable conditions for buyers and potentially supporting growth beyond current population projections.

Toorak has very high levels of nearby infrastructure activity, ranking in the top 10% nationally

Influence on an area's performance is significantly impacted by changes to local infrastructure projects and planning initiatives. AreaSearch has identified 22 such projects likely to affect the area, notable among them being the Metro Tunnel Project, Toorak Village at 109 Mathoura Road, Orrong Rd in Toorak at 707 Orrong Road, and Carters Ave in Toorak at 2A Carters Avenue. The following list details those projects deemed most relevant.

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

Toorak ranks among the top 25% of areas assessed nationally for overall employment performance

Toorak has a highly educated workforce with professional services being strongly represented. The unemployment rate in Toorak is 2.6%, lower than Greater Melbourne's 4.6%.

In the past year, there was an estimated employment growth of 6.9%. As of June 2025, 7,972 residents are employed with a local unemployment rate of 2.0% below the Greater Melbourne average. The workforce participation rate in Toorak is 59.5%, lower than Greater Melbourne's 64.1%. The key industries for employment among Toorak residents are professional & technical (with an employment share 1.8 times the regional level), health care & social assistance, and finance & insurance.

However, construction employs only 5.1% of local workers compared to Greater Melbourne's 9.7%. The area appears to offer limited employment opportunities locally. Between June 2024 and June 2025, employment levels in Toorak increased by 6.9%, while the labour force grew by 7.2%, resulting in a rise of 0.3 percentage points in unemployment rate. This contrasts with Greater Melbourne where employment rose by 3.5% during the same period. As of Sep-25, state-level data shows Victoria's employment growth year-on-year was 1.08% (adding 39,880 jobs), with a state unemployment rate of 4.7%, slightly higher than the national rate of 4.5%. However, Victoria's employment growth outpaced the national average of 0.26%. Jobs and Skills Australia's national employment forecasts from May 2025 project an increase in national employment by 6.6% over five years and 13.7% over ten years. Applying these projections to Toorak's employment mix suggests local growth could be approximately 7.7% over five years and 15.2% over ten years, though these are simple weighting extrapolations for illustrative purposes only.

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

Toorak had a median taxpayer income of $79,895 and an average income of $265,075 in the 2022 financial year, according to postcode level ATO data aggregated by AreaSearch. This is notably high compared to Greater Melbourne's median income of $54,892 and average income of $73,761 during the same period. Based on Wage Price Index growth from June 2022 to March 2025 (an increase of 10.11%), estimated incomes for Toorak would be approximately $87,972 (median) and $291,874 (average) by March 2025. Census data shows that household, family, and personal incomes in Toorak all rank highly nationally, between the 91st and 97th percentiles. Income brackets indicate that 35.9% of the community earns over $4,000 annually (4,920 individuals), which differs from patterns across the broader area where earnings between $1,500 and $2,999 dominate with 32.8%. Economic strength is evident in Toorak as 45.3% of households achieve high weekly earnings exceeding $3,000, supporting elevated consumer spending. After accounting for housing costs, residents retain 87.1% of their income, reflecting strong purchasing power. 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

Toorak's dwelling structures, as per the latest Census, consisted of 30.3% houses and 69.6% other dwellings (semi-detached, apartments, 'other' dwellings), contrasting with Melbourne metro's 16.9% houses and 83.1% other dwellings. Home ownership in Toorak stood at 44.4%, with mortgaged dwellings at 23.6% and rented ones at 32.0%. The median monthly mortgage repayment was $3,146, higher than Melbourne metro's average of $2,287. Median weekly rent in Toorak was $490, compared to Melbourne metro's $425. Nationally, Toorak's mortgage repayments were significantly higher at $3,146 versus the Australian average of $1,863, and rents were substantially above the national figure of $375.

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

Family households account for 59.7% of all households, including 20.8% who are couples with children, 31.1% who are 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%. The median household size is 2.1 people, which is larger than the Greater Melbourne average of 1.9.

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

Toorak's educational attainment is notably higher than national averages. 58.8% of residents aged 15+ have university qualifications, compared to Australia's 30.4% and Victoria's 33.4%. Bachelor degrees are the most common at 38.8%, followed by postgraduate qualifications (15.9%) and graduate diplomas (4.1%). Vocational pathways account for 17.2%, with advanced diplomas at 10.3% and certificates at 6.9%.

Educational participation is high, with 27.6% of residents currently enrolled in formal education: 9.9% in tertiary, 6.8% in secondary, and 6.3% in primary. Six schools operate within Toorak, educating approximately 4,498 students. The area's educational performance is high (ICSEA: 1161), indicating local schools are among the most advantaged nationally. The educational mix includes one primary school and five K-12 schools. Toorak functions as an education hub with 32.8 school places per 100 residents, significantly above the regional average of 14.1.

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

Toorak has 58 operational public transport stops. These include train, light rail, and bus services. Eight routes collectively facilitate 5,215 weekly passenger trips.

The average distance to the nearest stop for residents is 185 meters. Daily service frequency across all routes averages 745 trips, equating to approximately 89 weekly trips per individual stop.

Toorak's residents are extremely healthy with very low prevalence of common health conditions across all age groups

Analysis of health metrics shows strong performance throughout Toorak with very low prevalence of common health conditions across all age groups. The rate of private health cover is exceptionally high at approximately 95% of the total population (12,994 people), compared to 81.8% across Greater Melbourne and a national average of 55.3%. The most common medical conditions in the area are arthritis and mental health issues, impacting 6.8 and 6.1% of residents respectively, while 73.4% declared themselves completely clear of medical ailments compared to 73.3% across Greater Melbourne.

The area has 29.6% of residents aged 65 and over (4,054 people), which is higher than the 16.3% in Greater Melbourne. Health outcomes among seniors are particularly strong, performing even better than the general population in health metrics.

Toorak 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

Toorak's cultural diversity surpasses most local markets, with 21.2% speaking a language other than English at home and 32.9% born overseas. Christianity is the predominant religion in Toorak, comprising 43.5%. Notably, Judaism is overrepresented at 10.7%, higher than Greater Melbourne's average of 5.1%.

The top three ancestry groups are English (24.4%), Australian (16.8%), and Other (11.0%). Some ethnic groups show significant differences: Polish (3.2% vs regional 1.9%), Russian (1.1% vs 0.9%), and Hungarian (0.7% vs 0.5%) are notably overrepresented in Toorak.

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

Toorak's median age is 47 years, which is higher than the Greater Melbourne average of 37 years and exceeds the national average of 38 years. The age group of 75-84 years has a strong representation in Toorak at 12.2%, compared to Greater Melbourne, while the 35-44 cohort is less prevalent at 9.8%. This concentration of the 75-84 age group is higher than the national average of 6.0%. According to post-2021 Census data, the 75 to 84 age group has increased from 9.6% to 12.2% of Toorak's population. Conversely, the 45 to 54 cohort has declined from 11.9% to 10.4%. Demographic modeling suggests that Toorak's age profile will change significantly by 2041. The 85+ cohort is projected to grow by 106%, adding 654 residents to reach a total of 1,271. Senior residents aged 65 and above will drive all population growth in Toorak, emphasizing demographic aging trends. Meanwhile, population declines are projected for the 45-54 age group and the 5-14 age group.