Ultimo
At just 0.56 square kilometres, Ultimo packs 7,410 residents into a density of 13,260.6 people per square kilometre, while 72.4% of households rent. The suburb is 71.2% overseas-born, 49.6 percentage points above the national comparison, and 62.1% have university qualifications, 32 points higher than national. That mix supports a youthful, mobile inner-city market, with a median age of 30 and 53.9% turnover. Compared with nearby Pyrmont and Glebe, Ultimo is more student-oriented and apartment-led, with 87.7% apartments and a 17.1% vacancy rate. It suits residents who value central access, small dwellings and walkable routines more than detached-house space.
Population
7,410
Median Age
30.0
Household IncomeiMedian weekly household income (ABS Census)
$1,805/wk
DAs (12 months)iDevelopment Applications lodged in the past year
43
Ultimo suits buyers prioritising location and low-maintenance living over land. Apartments account for 87.7% of dwellings and separate houses only 0.2%, while 38.3% are studios or one-bedroom homes and 42.5% have two bedrooms. That compact supply reflects a high-density setting of 13,260.6 people per square kilometre, so owner-occupiers should compare strata levies, ventilation, storage and noise as carefully as floor area. Renting is 72.4%, versus only 13.2% owned outright and 13.0% with a mortgage, making the owner base smaller than in established family suburbs. Mortgage commitments average $2,500 monthly, and mortgage-to-income pressure is 32.0%, above the 27.7% rent-to-income figure. Compared with nearby Glebe or Pyrmont, the choice is more apartment-centric, so inspect building records and sinking-fund plans before committing.
For Buyers
Ultimo suits buyers prioritising location and low-maintenance living over land. Apartments account for 87.7% of dwellings and separate houses only 0.2%, while 38.3% are studios or one-bedroom homes and 42.5% have two bedrooms. That compact supply reflects a high-density setting of 13,260.6 people per square kilometre, so owner-occupiers should compare strata levies, ventilation, storage and noise as carefully as floor area. Renting is 72.4%, versus only 13.2% owned outright and 13.0% with a mortgage, making the owner base smaller than in established family suburbs. Mortgage commitments average $2,500 monthly, and mortgage-to-income pressure is 32.0%, above the 27.7% rent-to-income figure. Compared with nearby Glebe or Pyrmont, the choice is more apartment-centric, so inspect building records and sinking-fund plans before committing.
For Investors
Ultimo has a clear rental audience: 72.4% rent, weekly rent is $500, and average household size is 2.1. Apartments make up 87.7% of dwellings, while studios and one-bedroom homes represent 38.3%, supporting demand from students, singles and short-term workers, although tenant turnover is high at 53.9%. A 17.1% vacancy rate is higher than a tightly held rental market, so investors should allow for leasing volatility rather than assume uninterrupted occupancy. Forty-one development matters were recorded over 12 months, including a build-to-rent proposal and restaurant or cafe changes, which may add competition or amenity. Overseas migration is the primary growth driver, and the 1.75% annual trend is stronger than a flat established-suburb profile. Compare net yield after strata, repairs and vacancy with Pyrmont and Haymarket, not gross rent alone.
Development Activity
Total DAs
229
Last 12 Months
43
YoY ChangeiYear-over-year change in DA lodgements
0.0%
Avg DA CostiAverage estimated cost per DA in the past year
N/A
Monthly DA Lodgements
DA Categories
Schools in Ultimo
Open-register school locations for education access. This is not a school-quality ranking.
Demographics
Ultimo's demographic profile is younger and more internationally connected than the national comparison: median age is 30, 10 years below national, and 71.2% were born overseas, 49.6 points above national. Chinese ancestry is the largest recorded group at 2,328 people, followed by Other at 2,038 and English at 998. Mandarin is spoken by 588 residents and Cantonese by 205, while no religion accounts for 3,645 people and Buddhism 920. University attainment is 62.1%, 32 points above national, helping explain the 1,354 professionals and 479 managers. Household size averages 2.1, below the national comparison by 0.4, and 53.9% turnover reinforces a mobile student and early-career population. Compared with nearby Glebe, Ultimo has a more international, apartment-based social profile.
Age Distribution
Bedrooms
Dwelling Structure
0.2%
Houses
11.7%
Townhouse
87.7%
Apartment
Tenure
Housing in Ultimo is defined by apartments, small floorplans and renting. Apartments comprise 87.7% of dwellings, semis 11.7% and separate houses just 0.2%; studios and one-bedroom homes account for 38.3%, while two-bedroom homes make up 42.5%. The tenure split is sharply renter-led: 72.4% rent, compared with 13.2% owning outright and 13.0% paying a mortgage. That pattern is lower in ownership than a family-oriented suburb because the stock is compact and inner-city. Weekly rent is $500, with rent-to-income at 27.7%, while the $2,500 monthly mortgage figure corresponds with 32.0% mortgage pressure, above rent pressure. Affordability improved from 94.9 in 2011 to 64.8 in 2021, although buyers still need to test strata costs. Compared with nearby Pyrmont, Ultimo's housing choice is more concentrated in smaller apartments.
Mortgage / mo
$2,500
Rent / wkiMedian weekly rent for new bonds (April to June 2026), NSW Rental Bond Board (DCJ). Census 2021 median: $500.
$719
Bond data Jun 2026 · houses $850 · units $740
HH Size
2.1
Personal Income / wk
$772
Vacancy Ratei% of dwellings unoccupied on Census night (ABS 2021)
17.1%
Unoccupied
606
Rent / IncomeiMedian rent as % of household income. Over 30% = housing stress
27.7%
Mortgage / IncomeiMedian mortgage as % of household income. Over 30% = housing stress
32.0% stressed
Community Profile
Languages Spoken at Home
Ancestry
Household Composition
23.2%
Couples with children
59.9%
Couples, no children
11.0%
Single parent
1,349
Total families
Economy & Employment
Ultimo has a highly educated but uneven economic profile. Professional and Tech work is the largest industry at 18.3% or 563 workers, followed by Hospitality at 13.5% or 417, Education at 10.3% or 317, Healthcare at 8.7% or 267 and Finance at 8.3% or 256. Professionals number 1,354 and managers 479, supporting a university and inner-city employment base, while community or personal work adds 470. The labour-force participation rate is 63.4%, unemployment is 9.9%, and 2,003 employed residents work full time versus 1,416 part time. SEIFA is mixed: education and occupation reach decile 10, but economic resources are decile 1; disadvantage is decile 3 while advantage and disadvantage is decile 8. This is more qualified than the national profile, yet student, renter and part-time patterns explain the weaker resource result. Household income sits at the 64.2 percentile.
Unemployment
9.9%
Labour Force
4,393
Unemployed
433
Source: ABS Census 2021
Socio-Economic Indexes (SEIFA)iABS index ranking suburbs from 1 (most disadvantaged) to 10 (most advantaged)
Full-time
50.6%
Part-time
35.8%
Participation
63.4%
Employed
3,960
Full-time and part-time are shares of the employed. Source: ABS Census 2021
Occupations
Top Industries
University
62.1%
Postgraduate
21.4%
Born Overseas
71.2%
Dwellings
2,913
Transport to Work
Ultimo is practical for people who can trade private outdoor space for central access. Walking or cycling accounts for 20.7% of travel, public transport 13.6%, car driving 12.0% and working from home 52.0%, a pattern more active and less car-dependent than many suburban settings. Density reaches 13,260.6 people per square kilometre, so convenience is strong but privacy, traffic noise and shared-building management deserve attention. Ultimo Public School is the local government primary option; families seeking secondary or non-government education should check exact enrolment zones across the surrounding inner city because boundaries can cut across neighbouring suburbs. A 2.2% need-assistance rate indicates a relatively small support-needs share, while an IRSAD decile of 8 is above the national midpoint. Compared with nearby Glebe, Ultimo is better suited to compact, connected routines than large-lot family living.
Drive
12.0%
Public Transport
13.6%
Walk / Cycle
20.7%
Work from Home
52.0%
Population Forecast
+1.75%/yr
(+184 people/yr)
EstablishedUltimo's established-suburb trajectory is positive but mixed. The annual trend is 1.75%, with overseas migration the primary driver, while population change across the wider area is 4.2% over 10 years. Gentrification is at an Early signs stage with a score of 32, so renewal is present without a clear wholesale shift in the suburb's identity. Rent growth of 8.2% can lift investor interest, but a 17.1% vacancy rate and 53.9% resident turnover can make results uneven. The area recovered from a 15.4% COVID dip, followed by 33.1% recovery, which supports resilience but also shows sensitivity to student and visitor cycles. Compared with a flat inner-city market, 1.75% annual growth is higher, while the Mixed trajectory argues for checking project timing, rental competition and amenity changes around 41 recent development matters.
Historical + Forecast
Hamilton-Perry + Holt smoothing on ERP 2001-2025
Age Cohort Forecast
Primary Driver
Overseas Migration
Net Overseas / yr
+1,056
Net Internal / yr
-346
Gentrification Signal
Early signs
Population +37% since 2011, Net internal outflow -346/yr, Strong overseas inflow +1056/yr, COVID recovered (-15% dip → full recovery)
National Ranking iPercentile rank among ~15,000 AU suburbs. 90% = higher than 90% of suburbs
How Ultimo compares to ~15,000 Australian suburbs
Frequently Asked Questions
Is Ultimo a good suburb to live in?
Yes, for residents who value central access, compact apartments and low car dependence. Ultimo has a median age of 30, 20.7% walking or cycling, and 52.0% working from home. It is more apartment-heavy and renter-oriented than family suburbs, so noise, storage and strata rules matter.
What is the median house price in Ultimo?
An apartment benchmark is more useful than a detached-house median because only 0.2% of dwellings are separate houses and 87.7% are apartments. A current house median is therefore not representative of Ultimo. Buyers should compare recent apartment sales by bedroom count, noting that 38.3% are studios or one-bedroom homes and 42.5% are two-bedroom dwellings.
What schools are in Ultimo?
Ultimo Public School is the local government primary school. For secondary and non-government options, check the exact address because enrolment boundaries cross the inner city. The suburb's compact profile includes 87.7% apartments and an average household size of 2.1, so school demand can vary substantially by building and household mix.
Is Ultimo safe?
Safety should be judged street by street, particularly in a dense inner-city setting of 13,260.6 people per square kilometre. Ultimo has 7,410 residents, 72.4% renters and 53.9% annual turnover, so activity patterns can differ between residential buildings, campus areas and evening venues. Inspect the exact block at different times before choosing a home.
Is Ultimo good for property investment?
Ultimo can suit investors seeking a deep renter pool: 72.4% rent, weekly rent is $500 and vacancy is 17.1%. The 1.75% annual growth trend and overseas migration driver are positives, while 41 development matters and high turnover of 53.9% point to competition and leasing variability. Compare net returns with Pyrmont and Haymarket after strata and vacancy.
How is Ultimo's population changing?
Ultimo's population is 7,410 today, with a median age of 30 and 71.2% born overseas. The wider area has a 4.2% 10-year population change, and the annual trend is 1.75%, driven primarily by overseas migration. The trajectory is Mixed, with gentrification at Early signs and a score of 32, so change is steady rather than uniform.
What languages are spoken in Ultimo?
Mandarin is the most common language other than English, with 588 speakers, followed by Cantonese at 205 and Hindi at 87. Korean accounts for 48 speakers and Italian 43. With 71.2% of residents born overseas, Ultimo is more internationally connected than the national comparison by 49.6 percentage points.
What development is happening in Ultimo?
Ultimo recorded 41 development matters over 12 months, including a build-to-rent proposal, building alterations, telecommunications work and restaurant or cafe changes. This is more activity than a quiet established market and may improve amenity, but it can also increase construction disruption and rental competition. Check project timing before buying or leasing.
How to read these comparisons
Phrases like "above the national average" reference the unweighted median across Australian suburbs with more than 1,000 residents, not population-weighted national figures. Suburb-level medians are more useful for ranking suburbs against each other; ABS census headlines are population-weighted (so dominated by Sydney and Melbourne) and can read very differently.
Current baseline (refreshed 2026-05-10): median age 40, university-educated 30.1%, born overseas 21.6%, average household size 2.5 people.
Data sources: ABS 2021 Census (demographics, income, tenure), state education open registers (school locations), state Crime Statistics agencies (offences), council DA portals (development applications). Population forecasts use a Hamilton-Perry cohort model calibrated to ABS ERP.
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