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Albert Park Population Reaches 17,439 Amid Rising Local Incomes
Fresh figures point to sustained economic strength in the suburb three and a half kilometres south of the Melbourne CBD.
How we reported this
Albert Park’s estimated population reached 17,439 in May 2026, up 1,614 residents since the 2021 census count of 15,825. The increase tracks with an average taxpayer income of $138,471 and an unemployment rate of 2.8 percent, both drawn from the latest AreaSearch compilation.
The timing matters because the suburb continues to add dwellings while rents rose 4.3 percent year-on-year to a median of $698 a week as of September 2025. Local businesses and services that rely on a steady flow of higher-earning residents now face clearer signals about demand and housing pressure.
Income and education profile
Residents hold university qualifications at a rate of 57.8 percent according to the 2021 census, supporting the higher income levels recorded for the 2022-23 financial year. The same data set shows taxable income averaging $74,286, yet the broader average taxpayer figure of $138,471 indicates concentration of earnings at the upper end. This pattern aligns with the suburb’s 4.7 square kilometre footprint and density of 3,730 people per square kilometre.
Development and housing outlook
Residential approvals stand at 19.1 per 1,000 residents, signalling continued high-density construction. The shift favours apartments over detached houses, matching the observed preference for single-person households in the area. Median age sits at 41, a figure unchanged from the 2021 census and consistent with an established professional demographic.
People tracking the local rental market can check bond-lodgement records through the Residential Tenancies Bond Authority once coverage expands to the 3206 postcode. Those considering a move or investment can review the full AreaSearch profile at areasearch.com.au/vic/albert_park for updated sales and rental tables as they become available.