Elwood

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

As of Nov 2025, the estimated population for the Elwood statistical area (Lv2) is around 16,396. This reflects an increase of 1,243 people since the 2021 Census, which reported a population of 15,153. 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 6,306 persons per square kilometer, placing Elwood (SA2) within the top 10% nationally assessed by AreaSearch. The area's 8.2% growth since census is within 1.5 percentage points of the national average (9.7%), indicating competitive growth fundamentals. Overseas migration contributed approximately 77.0% of overall population gains during recent periods, driving primary growth in the area.

AreaSearch adopts ABS/Geoscience Australia projections for each SA2 area released in 2024 with a base year of 2022. For areas not covered by this data, AreaSearch utilises 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 are applied across all areas for years 2032 to 2041. Projected demographic shifts indicate an above median population growth, with Elwood (SA2) expected to grow by 3,502 persons to 2041 based on aggregated SA2-level projections, reflecting a gain of 21.1% 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

Based on AreaSearch analysis, Elwood recorded approximately 35 residential properties granted approval annually. Between FY-21 and FY-25, around 177 homes were approved, with an additional 8 approved so far in FY-26. Despite population decline, housing supply has remained adequate relative to demand, resulting in a balanced market with good buyer choice.

New properties are constructed at an average expected construction cost value of $1,507,000, indicating a focus on the premium segment. In FY-26, there have been $7.8 million in commercial approvals, suggesting limited commercial development focus. Compared to Greater Melbourne, Elwood shows substantially reduced construction (81.0% below regional average per person), which typically strengthens demand and prices for existing properties. This activity is also below national average, reflecting the area's maturity and possible planning constraints. Recent construction comprises 30.0% standalone homes and 70.0% townhouses or apartments, offering affordable entry pathways and attracting downsizers, investors, and first-time purchasers. Notably, developers are constructing more detached housing than the existing pattern implies (14.0% at Census), reflecting strong demand for family homes amid densification trends.

The location has approximately 700 people per dwelling approval, demonstrating an established market. According to AreaSearch's latest quarterly estimate, Elwood is expected to grow by 3,454 residents through to 2041. 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 20% nationally

Eleven projects are identified by AreaSearch as potentially impacting the area. Key projects include St Kilda Marina Project, Elwood Main Drain Duplication Project, 97 Alma Road by Neometro, and Elwood Foreshore Precinct Masterplan. The following list details those likely to be most relevant.

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

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

Elwood has a highly educated workforce with notable representation in the technology sector. Its unemployment rate is 4.0%.

Over the past year, estimated employment growth was 4.6%, according to AreaSearch's aggregation of statistical area data. As of September 2025, there are 11,395 employed residents, with an unemployment rate of 0.6% below Greater Melbourne's rate of 4.7%. Workforce participation in Elwood is higher at 74.7%, compared to Greater Melbourne's 64.1%. Employment is concentrated in professional & technical, health care & social assistance, and education & training sectors.

Professional & technical employment is particularly high, at 1.6 times the regional average. Conversely, manufacturing shows lower representation at 4.0% versus the regional average of 7.2%. The area offers limited local employment opportunities, as indicated by the count of Census working population vs resident population. Between September 2024 and September 2025, employment increased by 4.6%, while labour force grew by 4.9%, causing unemployment to rise by 0.3 percentage points. In Greater Melbourne, employment grew by 3.0% over the same period. State-wide in Victoria, between November 2024 and November 2025, employment grew by 1.13% year-on-year, adding 41,950 jobs, with an unemployment rate of 4.7%. Nationally, employment growth was 0.14%, compared to the national unemployment rate of 4.3%. Jobs and Skills Australia's national employment forecasts from May-25 project a 6.6% increase over five years and 13.7% over ten years nationally. Applying these projections to Elwood's employment mix suggests local employment should increase by 7.2% over five years and 14.5% over ten years, based on simple weighting extrapolation for illustrative purposes.

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

AreaSearch's aggregation of latest postcode level ATO data for financial year 2023 shows Elwood had a median taxpayer income of $72,442 and an average income of $108,103. Nationally, this places Elwood in the top percentile. Compared to Greater Melbourne's median of $57,688 and average of $75,164, Elwood's incomes are higher. Using Wage Price Index growth of 8.25% since financial year 2023, estimated current incomes (as of September 2025) are approximately $78,418 median and $117,021 average. The 2021 Census records Elwood's individual earnings at the 96th percentile nationally ($1,364 weekly). Income analysis reveals 32.4% of Elwood residents earn between $1,500 - 2,999 weekly (5,312 individuals), similar to the regional 32.8%. Notably, 33.4% earn over $3,000 weekly, supporting premium retail and services. High housing costs consume 17.1% of income, but strong earnings place disposable income at the 70th percentile. Elwood's SEIFA income ranking is in the 9th decile.

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

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

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

Elwood's residents aged 15+ have a higher educational attainment than national averages. 57.2% hold university qualifications, compared to Australia's 30.4% and Victoria's 33.4%. Bachelor degrees are the most common at 37.0%, followed by postgraduate qualifications (15.2%) and graduate diplomas (5.0%). Vocational pathways account for 22.3%, with advanced diplomas at 11.3% and certificates at 11.0%.

Educational participation is high, with 26.9% currently enrolled in formal education. This includes tertiary education (8.1%), primary education (6.9%), and secondary education (5.6%).

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

The analysis of public transport in Elwood shows that there are currently 44 active transport stops operating within the area. These stops offer a mix of light rail and bus services. There are 8 individual routes servicing these stops, collectively providing 3,018 weekly passenger trips.

The accessibility to transport is rated as excellent, with residents typically located 159 meters from their nearest transport stop. On average, there are 431 trips per day across all routes, which equates to approximately 68 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, with very low prevalence of common conditions across all ages. Approximately 69% of Elwood residents have private health cover, compared to 71.9% in Greater Melbourne and a national average of 55.7%. Mental health issues and asthma are the most prevalent conditions at 9.5% and 7.6%, respectively.

About 74.6% of residents report no medical ailments, slightly higher than Greater Melbourne's 73.3%. Elwood has 12.8% of residents aged 65 and over (2,098 people), lower than Greater Melbourne's 14.3%. Seniors' health outcomes align with the general population's profile.

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's population showed high cultural diversity, 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 comprised 3.9%, slightly higher than Greater Melbourne's 3.7%.

The top three ancestral groups were English (26.1%), Australian (18.6%), and Irish (11.3%). Some ethnic groups showed notable variations: Polish was overrepresented at 1.9% in Elwood compared to the regional average of 1.5%, 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 close to Greater Melbourne's average of 37 years and equivalent to Australia's median age of 38 years. 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%. According to the 2021 Census, Elwood's population aged 15-24 grew from 8.2% to 10.3%, while the 65-74 age group increased from 6.9% to 8.0%. Conversely, the 35-44 age group decreased from 18.8% to 17.4%, and the 5-14 age group dropped from 8.4% to 7.0%. By 2041, Elwood's population is expected to experience significant changes in its age composition. Notably, the 45-54 age group is projected to grow by 42% (an increase of 1,019 people), reaching a total of 3,446 from 2,426. Meanwhile, the 0-4 age group is expected to decrease by 50 residents.