Southbank
VICSouthbank is a growing suburb in VIC with 22,631 residents.
- SAL code
- 22315
- SA2
- 206041509
- Population
- 22,631
- LGA
- Melbourne
Southbank, VIC had 22,631 residents at the 2021 Census, with the broader statistical area showing a 13.0% growth over the last five years. The predominant age group is 25-34 years, and the median age sits at 31. Households are most often couples without children, and those with a mortgage repay a median of $1,900 a month. Around 30.3% of homes are owner-occupied, with the largest single tenure being rented at 67.0%. Most dwellings are flats or apartments, making up 98.6% of the suburb's housing stock. The suburb has 31 parks and reserves mapped within its boundary. Source: ABS Census 2021 and Estimated Resident Population, with amenity counts from state Open Data and OpenStreetMap.
Suburb analysis
Southbank, VIC at a glance
Southbank is a high-rise apartment district on the south bank of the Yarra in the City of Melbourne, immediately across from the CBD. Most stock is post-2000 strata-title towers, and the suburb is one of the most densely populated postcodes in Australia. The data tiles below cover the demographic baseline; this card adds the live market, lifestyle, and council pipeline.
For homebuyers
Southbank is the apartment-only side of central Melbourne. Stock is overwhelmingly high-rise strata, often with pool, gym and concierge baked into body corporate. The Southbank Promenade and Crown Entertainment Complex sit a few minutes' walk from most addresses; the NGV, Arts Centre Melbourne, Hamer Hall and Malthouse Theatre are inside the suburb. Trams along Sturt and City Road connect into Flinders Street in 5-10 minutes; Southern Cross is a 15-minute walk. The City of Melbourne's $44m Southbank Boulevard transformation has added 2.5 hectares of linear park and 1.2 km of separated bike lanes between Domain Parklands and the river. There's no high school inside the SAL — families typically zone to schools across the river or in South Melbourne. In short: a CBD-adjacent lifestyle precinct for buyers who want apartment living next to the arts and dining strip, not a house-and-garden suburb.
For investors
Southbank is a yield-led unit market. Median unit sale $500,000 against $700/week rent gives ~6.91% gross yield (Your Investment Property, data Jan 2026). 12-month unit growth -1.96%; quarterly 0.00%. 589 unit sales in the past 12 months — one of the deepest strata markets in Australia — but days-on-market sits at 44, well above metro Melbourne. The thin house market (9 sales, $750/wk rent, ~3.35% yield) is effectively irrelevant to most strategies here.
Strengths
- Strong gross unit yield (~6.91%) — among the highest in inner Melbourne (YIP, Jan 2026).
- Deep, liquid strata market (589 unit sales/yr) — easy to enter and exit at scale.
- CBD-adjacent location with arts + dining + tram on the doorstep underpins consistent tenant demand.
- Median unit price $500K is below most inner-Melbourne suburbs, lowering capital outlay per door.
Trade-offs
- 12-month unit capital growth -1.96% (YIP, Jan 2026) — yield, not growth, is the thesis.
- Days-on-market 44 for units (YIP, Jan 2026) — soft resale conditions; pricing discipline matters.
- 37% of inner-city apartments under construction in early 2026 sit in Southbank — meaningful future supply could keep rents and prices flat.
- Body corporate fees on tower stock with pool/gym/concierge meaningfully erode net yield — model on a net basis.
What's coming
The Victorian Government's $1.7bn Melbourne Arts Precinct Transformation is mid-build, with The Fox: NGV Contemporary at 77 Southbank Boulevard and the new 18,000 sqm Laak Boorndap garden both due to open in 2028. The City of Melbourne 2025/26 budget funds further Southbank Promenade upgrades, a Normanby Road linear park, and the City Road Undercroft Park. New tower approvals continue under the City Road Master Plan.
Bottom line
For homebuyers: a high-rise lifestyle address next to the arts and the CBD if you're buying for amenity, not a yard. For investors: a yield + liquidity play with negative recent growth and a known supply pipeline to weigh.
Population
?22,631
Suburb · Census 2021
5-Year Growth
+13.0%
3yr: +13.2% · 10yr: +65.3%
SA2 · 5yr
Household Income
$1,926/wk
Suburb · Census 2021 median
Median Age
31
Suburb · Census 2021
Socio-Economic Index
?8/10
SA2 · least disadvantaged
Unemployment
?2.4%
SA2 · Q4 2025
Schools
2
1 primary, 1 secondary
Hospitals
No data for this suburb
Childcare services
?6
5 long day, 1 OSHC
Parks & green space
?31
Parks, reserves
Transport stops
?96
GTFS stops
Dwelling approvals
?696
Melbourne · Feb 2026
Median Weekly Rent
Based on rental bond lodgements recorded by the state government.
Median House Sale Price
No data for this suburb
VGV suppresses suburbs with too few sales per quarter
Safety & Crime
2025 Q4Reported incidents from VIC police. Offence rates may not reflect all crime.
Population over time — Southbank - East (SA2)
ABS publishes annual estimates only at SA2; Southbank suburb alone is ~22,631 (Census 2021).
Source: ABS ERP (latest release · 2025) · Census 2021. Numbers refreshed quarterly.
Growth at a Glance
Population grew from 2,828 to 19,552 over 24 years, averaging 8.4% per year.
Schools
2 in suburbSector
2 public
Type
1 primary · 1 secondary
Total enrolment
850
Avg per school
425
Government school catchment
Catchment data is not yet available for VIC.
Source when available: Victorian Department of Education / Vicmap School Zones.
Profile
Census snapshot
Housing
Public housing 0.0%Almost entirely apartments (98.6%), rental-heavy (67% renting), built for families (58% are 2 bed).
Dwelling mix
Tenure
VIC 29%
Number of bedrooms
Bushfire risk
This suburb falls outside every bushfire polygon mapped by the relevant authority. Always confirm at the property address — local conditions and unmapped overlays can still apply.
Overlap is the percentage of the suburb's land area inside the mapped bushfire polygons. Always verify the exact property address with the relevant authority before making decisions. Source when available: Vicmap Planning — Bushfire Prone Area + Vicmap flood overlays.
Flood risk
Source: VIC DTP Vicmap Planning Overlay (flood codes)
As of Apr 2026
Overlap is the percentage of the suburb's land area inside the mapped flood polygons. Always verify the exact property address with the relevant authority before making decisions.
Planning zones
13 zones in suburb| Code | Zone | % covered | Area |
|---|---|---|---|
| CCZ3 | CCZ3Business | 30.7% | 0.48 km² |
| TRZ2 | TRZ2Special use | 21.9% | 0.34 km² |
| CCZ7 | CCZ7Business | 10.8% | 0.17 km² |
| MUZ | Mixed Use ZoneResidential | 8.8% | 0.14 km² |
| CCZ1 | CCZ1Business | 8.7% | 0.14 km² |
| PPRZ | Public Park and Recreation ZoneRecreation | 5.5% | 0.09 km² |
| CA | CAOther | 3.6% | 0.06 km² |
| C2Z | Commercial 2 ZoneBusiness | 3.6% | 0.06 km² |
| PUZ2 | Public Use Zone Schedule 2Special use | 2.7% | 0.04 km² |
| TRZ1 | TRZ1Special use | 1.3% | 0.02 km² |
| PUZ7 | Public Use Zone Schedule 7Special use | 1.3% | 0.02 km² |
| C1Z | Commercial 1 ZoneBusiness | 0.9% | 0.01 km² |
| PUZ1 | Public Use Zone Schedule 1Special use | 0.1% | 1,989 m² |
Source: VIC DTP Vicmap Planning Zones (ZONE_VIC/2026-04-29/08783d2926383881) · As of Apr 2026. Zone boundaries are amended periodically; verify the exact property with the relevant council before relying on permitted use.