Professional Sectors Drive Albert Park's Economic Growth Through Population Shifts

Albert Park records a median weekly household income of $2,303 to $2,533, placing the area in the top 10 percent of Australian locations by income and ranking it ahead of 98 percent of suburbs on the SEIFA index of socio-economic advantage.

Income and Advantage Levels

These income figures reflect a workforce concentrated in professional and technical services, health care and social assistance, and finance and insurance. Professional and technical services operate at 1.9 times the regional average, supporting the high household earnings reported in the 2021 Census data.

Employment Landscape

The unemployment rate stood at 2.8 percent as of June 2025, below the Greater Melbourne average, accompanied by 6.6 percent employment growth and a workforce participation rate of 66.9 percent. These metrics developed from an established base of highly educated residents whose skills align with the dominant local industries.

Population data from the same period shows 6,044 residents at a density of 3,692 persons per square kilometre. Growth of 8.6 percent since 2021 has been driven 86.1 percent by overseas migration, adding to the pool of workers in the key sectors.

Property and Population Drivers

Property indicators include a median house price that rose 12.0 percent year-on-year to approximately $958,000 and a median unit price of $741,000 after a 16.7 percent increase. Median weekly rent reached $590 according to the 2021 Census. These outcomes track the same period of employment expansion and population change.

The combination of low unemployment, above-average participation, and industry concentration has positioned the suburb at its present level without reliance on short-term events. Continued monitoring of participation rates and sector performance will indicate whether these patterns hold.