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 the broader area, and new addresses validated by AreaSearch since the Census Elwood's population is estimated at around 16,424 as of May 2026. This reflects an increase of 1,271 people (8.4%) since the 2021 Census, which reported a population of 15,153 people. The change is inferred from the resident population of 16,423, estimated by AreaSearch following examination of the latest ERP data release by the ABS (June 2025) and an additional 97 validated new addresses since the Census date. This level of population equates to a density ratio of 6,316 persons per square kilometer, which lies in the top 10% of national locations assessed by AreaSearch, making land in the area a highly-sought resource. Elwood's 8.4% growth since census positions it within 0.9 percentage points of the state (9.3%), demonstrating competitive growth fundamentals. Population growth for the area was primarily driven by overseas migration that contributed 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. Looking at population projections moving forward, an above median population growth of statistical areas across the nation is projected, with the area expected to expand by 3,348 persons to 2041 based on aggregated SA2-level projections, reflecting with an increase of 20.4% in total over the 16 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

Based on AreaSearch analysis of building approvals data from the ABS mapped from regional records, Elwood averages roughly 35 approved residential dwellings annually. A total of 177 residences received approvals over the past 5 financial years (between FY-21 and FY-25), with an additional 12 approvals logged so far during FY-26. Given that local population expansion averaged only 0.7 additional residents per built dwelling each year over the past 5 financial years (between FY-21 and FY-25), residential construction matches or outpaces demand. This scenario provides house hunters with more choices and supports growth that may outpace current projections. Developers focus on the upper end of the market, building dwellings with an average valuation of $1,507,000. Additionally, commercial building approvals reached $7.8 million this financial year, showing limited commercial investment focus.

Elwood exhibits significantly constrained construction activity when compared against Greater Melbourne, tracking at 80.0% below the regional average per capita. This undersupply of new housing typically supports demand and pushes up values for established properties. The level of building is also lower than the national average, pointing to the suburb's mature state and potential planning limits. Recent residential projects consist of 30.0% houses and 70.0% townhouses or units. This skew towards higher density options offers cheaper entry points for buyers and draws interest from downsizers, investors, and first-home seekers. Interestingly, building activity reveals developers are constructing a higher proportion of detached houses than the historical mix suggests (14.0% at Census), illustrating strong ongoing demand for family residences despite densification trends. The area has approximately 712 people for every dwelling approved, indicating a highly mature property market.

Looking ahead, Elwood is projected to add 3,347 residents up to 2041, according to recent quarterly estimates by AreaSearch. If building activity remains at its current pace, housing supply might fall short of population gains, which could intensify competition among buyers and underpin stronger price growth.

Elwood has very high levels of nearby infrastructure activity, ranking in the top 20% nationally

Local infrastructure projects, planning initiatives, and major developments are key drivers of regional performance. AreaSearch has identified a total of 11 projects expected to impact the suburb. Notable projects include the Elwood Main Drain Duplication Project, the Elwood Foreshore Precinct Masterplan, 97 Alma Road by Neometro, and the St Kilda Marina Redevelopment, with details provided for the most relevant initiatives.

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.

Employment performance in Elwood exceeds national averages across key labour market indicators

According to aggregated data compiled by AreaSearch, Elwood is home to a highly qualified workforce, with the technology sector being exceptionally well represented. The suburb recorded an unemployment rate of 4.0% and an estimated annual job growth rate of 3.5%. As of March 2026, there are 11,544 employed residents. The local unemployment rate sits 0.8% below the Greater Melbourne rate of 4.8%, while the labor participation rate is exceptionally high at 81.5% compared to the Greater Melbourne average of 70.2%. Census figures indicate that a high 50.5% of workers performed their duties from home, though this data may reflect the influence of COVID-19 lockdowns.

The local workforce is heavily concentrated in the professional & technical, health care & social assistance, and education & training sectors. Notably, representation in professional & technical fields is 1.6 times the regional average. Conversely, manufacturing jobs are less common, accounting for 4.0% of the workforce compared to the regional average of 7.2%. The suburb remains predominantly residential and seems to offer few jobs within its borders, as shown by comparing the count of local working population to the resident population.

Based on AreaSearch analysis of SALM and ABS statistics aggregated from broader regions, the 12 months leading up to March 2026 saw employment grow by 3.5% and the labor force expand by 3.7%, resulting in a 0.1 percentage point increase in the unemployment rate. In comparison, Greater Melbourne recorded employment growth of 2.1%, labor force expansion of 2.3%, and a 0.2 percentage point rise in unemployment. National employment forecasts released by Jobs and Skills Australia in May-25 provide context for future local demand. These five and ten-year projections were applied to the local workforce structure to model future growth. While national employment is projected to rise by 6.6% over five years and 13.7% over ten years, trends vary by industry. Projecting these national industry trends onto Elwood's specific workforce mix suggests local employment is on track to grow by 7.2% over five years and 14.5% over ten years, using a basic weighted extrapolation that does not incorporate localized population forecasts.

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

According to AreaSearch's aggregation of the latest postcode level ATO data released for financial year 2023, the suburb of Elwood had a median income among taxpayers of $72,442 with the average level standing at $108,103. This is among the top percentile nationally and compares to levels of $57,688 and $75,164 across Greater Melbourne respectively. Based on Wage Price Index growth of 9.62% since financial year 2023, current estimates would be approximately $79,411 (median) and $118,503 (average) as of March 2026. From the 2021 Census, individual earnings stand out at the 96th percentile nationally ($1,364 weekly). Income analysis reveals the $1,500 - 2,999 earnings band captures 32.4% of the community (5,321 individuals), mirroring the region where 32.8% occupy this bracket. The district demonstrates considerable affluence with 33.4% earning over $3,000 per week, supporting premium retail and service offerings. High housing costs consume 17.1% of income, though strong earnings still place disposable income at the 70th percentile and the area's SEIFA income ranking places it in the 9th decile.

Elwood features a more urban dwelling mix with significant apartment living, with a higher proportion of rental properties than the broader region

Data from the latest Census shows that the housing stock in Elwood consisted of 14.3% separate houses and 85.8% multi-unit dwellings like townhouses and apartments, differing from the Greater Melbourne split of 67.9% houses and 32.1% other dwellings. Home ownership in Elwood is lower than the metropolitan average at 21.1%, with the remaining properties occupied by households with a mortgage (26.6%) or renting tenants (52.3%). The median monthly mortgage payment in the suburb was recorded at $2,300, which is higher than the Greater Melbourne median of $2,000. Similarly, the median weekly rent was $415, compared to $390 across the metropolitan area. Nationally, mortgage repayments in Elwood are higher than the Australian median of $1,863, and rents exceed the national benchmark of $375.

Elwood features high concentrations of lone person households and group households, with a lower-than-average median household size

Families make up 49.2% of the local households, which includes 17.8% couples raising children, 23.7% couples without children, and 6.6% single parents. The remaining 50.8% of households are non-family arrangements, with single-person households representing 44.1% and group shared housing representing 6.6% of the total. The median household size is 1.9 residents, which is smaller than the Greater Melbourne average of 2.6.

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

Academic achievement in Elwood is significantly higher than broader geographical levels, with 57.2% of residents aged 15+ holding a university degree, compared to 30.4% nationally and 33.4% across VIC. This strong educational profile positions the suburb well for opportunities in the knowledge economy. Bachelor degrees are the most common qualification at 37.0%, followed by postgraduate degrees at 15.2% and graduate diplomas at 5.0%. Vocational training accounts for 22.3% of qualifications among residents aged 15+, consisting of advanced diplomas (11.3%) and certificates (11.0%).

Participation in study is notably strong, with 26.9% of the population enrolled in an educational program. This student population includes 8.1% in higher education, 6.9% attending primary school, and 5.6% enrolled in secondary school.

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

Public transport services in Elwood include 44 active stops, offering a combination of light rail and bus options. These stops are served by 8 distinct routes, which support 3,018 passenger journeys weekly. Access to transport is excellent, with residents living an average of 159 meters from their nearest stop. Because Elwood is primarily residential, most workers commute out of the suburb, with private cars remaining the primary travel mode at 70%, followed by train travel at 8% and walking at 6%. Motor vehicle ownership averages 0.7 per household, which is below the metropolitan average. A high 50.5% of workers worked from home, based on 2021 Census data that may reflect pandemic conditions.

Service schedules show an average of 431 daily trips across all routes, which translates to approximately 68 weekly departures per transit stop.

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

Health profiles show excellent outcomes for Elwood, based on AreaSearch assessments of mortality rates and chronic illness prevalence, showing low rates of common health conditions across every age cohort. The rate of private health insurance is exceptionally high, covering approximately 69% of the population (11,388 people). This compares to a coverage rate of 56.7% in Greater Melbourne and a national average of 55.7%.

The most prevalent medical conditions recorded in the suburb were mental health issues and asthma, affecting 9.5% and 7.6% of residents, respectively. A total of 74.6% of the population reported no chronic medical conditions, compared to 72.6% across Greater Melbourne. Working-age residents exhibit strong health metrics with a low incidence of chronic illness. Residents aged 65 and over account for 13.3% of the community (2,184 people), which is lower than the Greater Melbourne share of 15.0%. Health outcomes among older residents are highly positive, with national benchmarks broadly matching the general population trends.

The level of cultural diversity witnessed in Elwood was found to be slightly above average when compared nationally for a number of language and cultural background related metrics

Elwood exhibits greater cultural diversity than most comparable markets, with 15.5% of residents using a non-English language at home and 28.3% born in another country. Christianity is the most common religion, followed by 30.4% of the population. The most distinct religious overrepresentation is Judaism, which accounts for 3.9% of residents, compared to 1.0% across Greater Melbourne.

Regarding family heritage and parental birthplace, the three largest ancestral cohorts in Elwood are English at 26.1% of the population, which is higher than the regional average of 20.1%, Australian at 18.6%, and Irish at 11.3%. There are also notable differences in the concentration of other backgrounds: Polish ancestry is represented at 1.9% of Elwood (compared to 0.8% across the region), French at 1.3% (compared to 0.5%), and Russian at 0.9% (compared to 0.4%).

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

The median age of residents in Elwood is 38 years, which is close to the Greater Melbourne median of 37 years and matches the national median of 38 years. Compared to Greater Melbourne, Elwood has a higher proportion of residents aged 25 - 34 (21.7%) and a lower share of children aged 5 - 14 (6.7%). The local concentration of 25 - 34 year-olds is higher than the national figure of 14.6%. Since the 2021 Census, the 15 to 24 age bracket grew from 8.2% to 10.7% of the population, and the 65 to 74 group rose from 6.9% to 8.2%. Conversely, the cohort aged 5 to 14 fell from 8.4% to 6.7%, and the 45 to 54 group decreased from 15.8% to 14.2%. Projections to 2041 suggest changes in the age profile, led by the 45 to 54 group, which is forecast to increase by 43% (1,012 people), rising from 2,332 to 3,345. Meanwhile, both the 0 to 4 and 15 to 24 age brackets are expected to contract.