Southbank is a well-populated suburb in Victoria within the Melbourne local government area (postcode 3006). It is home to about 22,631 residents, with a predominantly early-career demographic and a median age of 31. Households earn a median income of $100K per year, with an average household size of 1.8 people. Recent annual estimates show population movement into the broader catchment, with population growth running at +3.7% year-on-year at the LGA level. VIC employment has moved +0.8% year-on-year in the official ABS Labour Force trend series, which provides the broader jobs backdrop for this suburb. VIC also had 41 Commonwealth-backed major projects under construction, 18 underway, and 24 in planning as at 2025-09-01, which is useful as a broader delivery backdrop rather than a suburb-specific project count. The most common occupations are professionals, managers, clerical & administrative. Employment in the area leans toward professional services and accommodation & food. The top ancestries reported are Chinese, English, Australian.
Units have a median price of $573,000 (-4.6% YoY). The current median weekly rent is $680. This gives a gross rental yield of approximately 6.2%. The median monthly mortgage repayment is $1,900.
Southbank is served by 2 schools, including 1 primary, 1 secondary. The average ICSEA score is 1142, which is well above the national average of 1,000. Public transport access includes 4 tram stops, 32 bus stops. The crime rate in the Melbourne LGA is higher than average at 23,304 incidents per 100,000 population.
On the investment side, Gross rental yield sits at around 6.2% (high yield). Property prices sit below the state median ($573K/$850K), which can point to relative value. The price-to-income ratio of 5.7x is considered affordable. House prices have moved -4.6% year-on-year. Population growth of +3.7% year-on-year points to strong growth demand fundamentals. Building approvals have changed +0% year-on-year, indicating steady development activity.