At the 2016 census, the population of Bannockburn was 5,283. Ten years prior, the population was 2486 residents. It is forecast to grow to 9,911 by 2036. With a growth rate of 1.3% per annum, Golden Plains Shire is the top ten fastest growing regional Local Government Area (LGA) in Victoria by percentage.
The nearby Bannockburn Vineyards is a 25-hectare vineyard on the Midland Highway, established in 1974 by Stuart Hooper. Grapes grown include cabernet sauvignon, chardonnay, malbec, merlot, pinot noir, riesling, sauvignon blanc and shiraz.
The Golden Plains Farmers Market occurs at Bannockburn on the first Saturday of every month. The market sells produce made by local business, wineries, jam makers, plants, baked produce, and meats and vegetables included. The market also feature local musicians such as 'The Johnson trio'.
Bannockburn is also home to a branch of the Geelong Regional Library Corporation, which replaced the once to twice a week visit by the Mobile Library Service.
An extensive concrete bike trail is available for those that wish to use it located throughout the town. Near its starting point is a Lions Club founded park, with play equipment. There is also a skate park located near the football ground.
Local landmarks include a bridge, some old and distinctive Gum trees, and a local wind power generator.
Bannockburn is unofficially divided by the railway line, with locals using it as a landmark to guide others to certain locations.
The Bannockburn Lagoon is used for fishing, and picnic activities. It is not recommended for swimming.
Council offices, and a Family Services Centre, are located on Pope Street.