Altona's economic data reveals growth, low unemployment, and rising incomes

Altona's population has surged by 7.8% since the 2021 Census, surpassing the growth rate in surrounding areas and pushing its total population to about 12,389 residents, according to data analysed by The Daily Altona from official sources [1].

This marked growth comes alongside a notably low unemployment rate of between 2.2% and 2.5%, which is less than half the Greater Melbourne average of 4.6%, highlighting a robust local job market that has expanded by 5.6% over the past year [2]. This economic strength reflects Altona's evolving role within the local economy, underpinned by a mix of services and industry.

Employment and income trends shape Altona's economy

The leading industries employing Altona residents include health care & social assistance, education & training, and professional & technical services. These sectors reflect a shift towards service-oriented employment, although manufacturing still accounts for a significant 11.4% of jobs, maintaining Altona's industrial heritage, including the operation of a local oil refinery [4].

Income levels in Altona are among the highest recorded in comparable urban areas. The median personal income for individuals stands at approximately $947 per week, or around $49,244 annually. Household median incomes range from $1,826 to $1,861 per week, underscoring the relative affluence of the community [3].

Housing development and urban change accompany economic growth

The suburb's economic vitality is reflected in a strong demand for housing, with between 51 and 63 development applications for new dwellings lodged annually [5]. This escalation in property development corresponds with surging house prices in the area, although specific price figures are not provided in the available data.

The coexistence of professional services and ongoing heavy industry, including the oil refinery, shapes land use and urban form in Altona. This unique blend contributes to a diverse local economy but also presents planning and development challenges as residential and industrial interests intersect [5].

Residents and prospective movers should be aware that Altona's economic data indicate a suburb that is growing both demographically and economically, supported by strong employment sectors and household incomes. The continuing influx of new housing developments suggests opportunities for increased residential capacity but also indicates ongoing construction activity and planning considerations in the years ahead.