Elwood

An assessment of population growth drivers in Elwood reveals an overall ranking slightly below national averages considering recent, and medium term trends

Based on analysis of ABS population updates for Elwood, and new addresses validated by AreaSearch since the 2021 Census, the suburb's population is estimated at around 16,385 as of Nov 2025. This reflects an increase of 1,232 people (8.1%) since the 2021 Census, which reported a population of 15,153 people. The change is inferred from the resident population of 16,324, estimated by AreaSearch following examination of the latest ERP data release by the ABS in June 2024 and an additional 95 validated new addresses since the Census date. This level of population equates to a density ratio of 6,301 persons per square kilometer, which places Elwood in the top 10% of national locations assessed by AreaSearch. Elwood's 8.1% growth since census positions it within 0.8 percentage points of the national average (8.9%), indicating competitive growth fundamentals. Population growth for the suburb was primarily driven by overseas migration, contributing approximately 77.0% of overall population gains during recent periods.

AreaSearch is adopting ABS/Geoscience Australia projections for each SA2 area, as released in 2024 with 2022 as the base year. For any SA2 areas not covered by this data, AreaSearch is utilising the VIC State Government's Regional/LGA projections released in 2023 with adjustments made employing a method of weighted aggregation of population growth from LGA to SA2 levels. Growth rates by age group from these aggregations are also applied across all areas for years 2032 to 2041. Considering the projected demographic shifts, an above median population growth of statistical areas across the nation is projected, with Elwood expected to grow by 3,507 persons to 2041 based on aggregated SA2-level projections, reflecting a gain of 21.2% in total over the 17 years.

AreaSearch assessment of residential development drivers sees a low level of activity in Elwood, placing the area among the bottom 25% of areas assessed nationally

AreaSearch analysis of ABS building approval numbers shows Elwood recorded around 36 residential properties approved annually. Between financial years FY-21 to FY-25, approximately 180 homes were approved, with 7 more in FY-26 up until now. Despite population decline, housing supply has remained adequate relative to demand, creating a balanced market with good buyer choice.

New properties are constructed at an average value of $1,507,000, indicating a focus on the premium segment. This year, there have been $7.8 million in commercial approvals, suggesting limited commercial development focus. Compared to Greater Melbourne, Elwood shows substantially reduced construction, with 80.0% below the regional average per person. This scarcity typically strengthens demand and prices for existing properties. Nationally, this activity is also below average, reflecting the area's maturity and possible planning constraints. Recent construction comprises 29.0% standalone homes and 71.0% townhouses or apartments, offering affordable entry pathways and attracting downsizers, investors, and first-time purchasers.

The location has approximately 657 people per dwelling approval, indicating an established market. By 2041, Elwood is expected to grow by 3,470 residents. If current development rates continue, housing supply may not keep pace with population growth, potentially increasing competition among buyers and supporting stronger price growth.

Elwood has very high levels of nearby infrastructure activity, ranking in the top 10% nationally

Changes to local infrastructure significantly influence an area's performance. AreaSearch has identified eleven projects likely to impact the area. Notable ones are St Kilda Marina Project, Elwood Main Drain Duplication Project, 97 Alma Road by Neometro, and Elwood Foreshore Precinct Masterplan. The following list details those most relevant.

Professional plan users can use the search below to filter and access additional projects.

Denotes AI-based impression for illustrative purposes only, not to be taken as definitive under any circumstances. Please follow links and conduct other investigations from the project's source for actual imagery. Developers and project owners wishing us to use original imagery please Contact Us and we will do so.

The employment environment in Elwood shows above-average strength when compared nationally

Elwood has a highly educated workforce. The technology sector is particularly well-represented.

As of June 2025, the unemployment rate was 4.0%. Employment grew by an estimated 6.3% over the past year. There are 11,628 residents in work currently, with an unemployment rate 0.6% lower than Greater Melbourne's rate of 4.6%. Workforce participation is high at 74.7%, compared to Greater Melbourne's 64.1%.

Employment is concentrated in professional & technical services (1.6 times the regional average), health care & social assistance, and education & training. Manufacturing shows lower representation at 4.0% versus the regional average of 7.2%. Over the year to June 2025, employment increased by 6.3%, while labour force grew by 7.0%, causing unemployment to rise by 0.7 percentage points. In Greater Melbourne, employment grew by 3.5%, labour force expanded by 4.0%, and unemployment rose by 0.5 percentage points. Jobs and Skills Australia's national employment forecasts from Sep-22 suggest national employment will expand by 6.6% over five years and 13.7% over ten years. Applying these projections to Elwood's employment mix, local employment is expected to increase by 7.2% over five years and 14.5% over ten years.

Income metrics indicate excellent economic conditions, with the area achieving higher performance than 75% of national locations assessed by AreaSearch

AreaSearch's aggregation of ATO data shows Elwood had a median taxpayer income of $72,440 and an average income of $108,099 in financial year 2022. These figures place Elwood in the top percentile nationally, compared to Greater Melbourne's median of $54,892 and average of $73,761. By September 2025, adjusted for Wage Price Index growth of 12.16%, estimated incomes would be approximately $81,249 (median) and $121,244 (average). From the 2021 Census, individual earnings in Elwood stand at the 96th percentile nationally ($1,364 weekly). In this area, 32.4% of individuals earn between $1,500 and $2,999 per week, mirroring the regional average of 32.8%. Notably, 33.4% of Elwood residents earn over $3,000 per week, indicating significant affluence. High housing costs consume 17.1% of income, but strong earnings place disposable income at the 70th percentile nationally. The area's SEIFA income ranking places it in the 9th decile.

Elwood features a more urban dwelling mix with significant apartment living, with ownership patterns similar to the broader region

Elwood's dwelling structure, as per the latest Census, consisted of 14.3% houses and 85.8% other dwellings (semi-detached, apartments, 'other' dwellings), contrasting with Melbourne metro's 8.7% houses and 91.3% other dwellings. Home ownership in Elwood stood at 21.1%, similar to Melbourne metro, with mortgaged dwellings at 26.6% and rented ones at 52.3%. The median monthly mortgage repayment was $2,300, higher than Melbourne metro's $2,170. The median weekly rent in Elwood was $415, compared to Melbourne metro's $420. Nationally, Elwood's mortgage repayments were significantly higher at $2,300 versus the Australian average of $1,863, and rents were substantially above the national figure of $375 at $415.

Elwood features high concentrations of lone person households and group households, with a fairly typical median household size

Family households constitute 49.2% of all households, including 17.8% couples with children, 23.7% couples without children, and 6.6% single parent families. Non-family households account for the remaining 50.8%, with lone person households at 44.1% and group households comprising 6.6%. The median household size is 1.9 people, which aligns with the Greater Melbourne average.

Elwood demonstrates exceptional educational outcomes, ranking among the top 5% of areas nationally based on AreaSearch's comprehensive analysis of qualification and performance metrics

Educational attainment in Elwood is notably high with 57.2% of residents aged 15 and above holding university qualifications, compared to the national average of 30.4% and the Victorian average of 33.4%. Bachelor degrees are the most common at 37.0%, followed by postgraduate qualifications at 15.2% and graduate diplomas at 5.0%. Vocational pathways account for 22.3% of qualifications among those aged 15 and above, with advanced diplomas at 11.3% and certificates at 11.0%. Educational participation is high, with 26.9% of residents currently enrolled in formal education, including 8.1% in tertiary education, 6.9% in primary education, and 5.6% pursuing secondary education.

Elwood's four schools have a combined enrollment of 1,766 students as of the latest data available. The area demonstrates significant socio-educational advantages with an ICSEA score of 1121. Educational mix includes two primary schools, one secondary school, and one K-12 school.

Transport servicing is good compared to other areas nationally based on assessment of service frequency, route connectivity and accessibility

Elwood has 45 active public transport stops, operating between January 20XX and February 20XY. These stops offer a mix of light rail and bus services, with 8 individual routes collectively providing 3,529 weekly passenger trips. Residents enjoy excellent transport accessibility, located an average of 158 meters from the nearest stop.

Service frequency averages 504 trips per day across all routes, resulting in approximately 78 weekly trips per individual stop.

Elwood's residents boast exceedingly positive health performance metrics with very low prevalence of common health conditions across all age groups

Elwood shows excellent health outcomes across all age groups, with a very low prevalence of common health conditions. Approximately 69% of Elwood's total population (11,361 people) has private health cover, compared to Greater Melbourne's 73.1%. Nationally, the average is 55.3%.

Mental health issues and asthma are the most prevalent medical conditions in Elwood, affecting 9.5% and 7.6% of residents respectively. A total of 74.6% of residents report being completely clear of medical ailments, compared to Greater Melbourne's 73.3%. As of the latest data, 12.8% of Elwood's population is aged 65 and over (2,097 people), which is lower than Greater Melbourne's 14.3%. Despite this, health outcomes among seniors in Elwood are strong and largely align with those of the general population.

Elwood was found to be more culturally diverse than the vast majority of local markets in Australia, upon assessment of a range of language and cultural background related metrics

Elwood's population showed higher cultural diversity compared to most local markets, with 15.5% speaking a language other than English at home and 28.3% born overseas. Christianity was the predominant religion in Elwood, accounting for 30.4% of its population. Notably, Judaism was overrepresented in Elwood at 3.9%, compared to 3.7% across Greater Melbourne.

The top three ancestry groups were English (26.1%), Australian (18.6%), and Irish (11.3%). Some ethnic groups had notable differences: Polish was overrepresented at 1.9% in Elwood versus 1.5% regionally, French at 1.3% versus 1.1%, and Russian at 0.9%.

Elwood's population aligns closely with national norms in age terms

The median age in Elwood is 38 years, comparable to Greater Melbourne's average of 37 and Australia's median of 38. Compared to Greater Melbourne, Elwood has a higher proportion of residents aged 25-34 (21.3%) but fewer residents aged 5-14 (7.0%). This concentration of 25-34 year-olds is significantly higher than the national average of 14.5%. Between the 2021 Census and now, the proportion of Elwood's population aged 15-24 has increased from 8.2% to 10.3%, while those aged 65-74 have risen from 6.9% to 8.0%. Conversely, the proportion of residents aged 35-44 has decreased from 18.8% to 17.4%, and those aged 5-14 have dropped from 8.4% to 7.0%. By 2041, Elwood's age composition is expected to shift notably. The 45-54 age group is projected to grow by 42%, adding 1,021 people, reaching a total of 3,446 from the current figure of 2,424. Meanwhile, the 0-4 age group is expected to decrease by 49 residents.