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 Feb 2026, Elwood's population is estimated at around 16,417, reflecting an increase of 1,264 people since the 2021 Census. This growth represents an 8.3% increase from the previous population count of 15,153. The change was inferred from AreaSearch's estimation of the resident population at 16,324 following examination of ABS' latest ERP data release in June 2024 and validation of 99 new addresses since the Census date. This results in a population density ratio of 6,314 persons per square kilometer, placing Elwood within the top 10% nationally according to AreaSearch. The suburb's growth rate of 8.3% since the census is within 1.6 percentage points of the national average (9.9%). Overseas migration contributed approximately 77.0% of overall population gains during recent periods, driving primary growth in Elwood.

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 from 2023 with adjustments made employing weighted aggregation methods. Growth rates by age group are applied across all areas for years 2032 to 2041. Population projections indicate a significant increase in the top quartile of statistical areas nationally, with Elwood expected to expand by 3,503 persons to 2041 based on aggregated SA2-level projections, reflecting an overall increase of 20.9% 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 indicates Elwood has seen approximately 35 new homes approved annually over the past five financial years ending June 2021, totalling an estimated 177 homes. As of April 2026, eight approvals have been recorded. The population decline in recent years has kept housing supply adequate relative to demand, maintaining a balanced market with good buyer choice. New dwellings are developed at an average expected construction cost value of $1,507,000, indicating developers' focus on the premium market and high-end developments.

This year, there have been $7.8 million in commercial approvals, reflecting Elwood's residential character. Compared to Greater Melbourne, Elwood shows significantly reduced construction activity, with 81.0% below the regional average per person. This scarcity typically strengthens demand and prices for existing properties. Nationally, this activity is also below average, suggesting 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 persistent strong demand for family homes amid densification trends.

Elwood has approximately 700 people per dwelling approval, indicating an established market. By 2041, Elwood is projected to grow by 3,432 residents according to AreaSearch's latest quarterly estimate (as of June 2021). 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

The performance of an area can significantly be influenced by changes to local infrastructure, major projects, and planning initiatives. AreaSearch has identified a total of eleven projects that are expected to impact the area. Notable projects include the St Kilda Marina Project, Elwood Main Drain Duplication Project, 97 Alma Road by Neometro, and Elwood Foreshore Precinct Masterplan. The following list details those projects 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 was 4.0% as of September 2025, which is 0.6% lower than Greater Melbourne's rate of 4.7%. Employment growth over the past year was estimated at 4.6%.

Resident participation in the workforce was high at 81.3%, compared to Greater Melbourne's 71.0%. According to Census responses, 50.5% of residents worked from home, potentially influenced by Covid-19 lockdowns. Employment is concentrated in professional & technical (1.6 times the regional average), health care & social assistance, and education & training sectors. Manufacturing representation was lower at 4.0%, compared to the regional average of 7.2%.

Between September 2024 and September 2025, employment increased by 4.6% while labour force grew by 4.9%, resulting in a rise in unemployment rate by 0.3 percentage points. In Greater Melbourne, employment grew by 3.0%, labour force expanded by 3.3%, and unemployment rose by 0.3 percentage points during the same period. Jobs and Skills Australia's national employment forecasts from May-25 project overall growth of 6.6% over five years and 13.7% over ten years. 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 a 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

According to AreaSearch's aggregation of ATO data released on June 30, 2023, Elwood had a median income among taxpayers of $72,442 and an average income of $108,103. These figures place Elwood in the top percentile nationally, compared to Greater Melbourne's median of $57,688 and average of $75,164. Based on Wage Price Index growth of 8.25% since June 30, 2023, estimated incomes as of September 2025 are approximately $78,418 (median) and $117,021 (average). From the 2021 Census, individual earnings in Elwood stood at the 96th percentile nationally ($1,364 weekly). Income analysis shows that 32.4% of individuals earn between $1,500 and $2,999 per week, similar to the regional figure of 32.8%. The suburb demonstrates affluence with 33.4% earning 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 nationally, and Elwood's SEIFA income ranking is 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

As of the latest Census, Elwood's dwelling structure comprised 14.3% houses and 85.8% other dwellings (semi-detached, apartments, 'other' dwellings). In comparison, Melbourne metro had 67.9% houses and 32.1% other dwellings. Home ownership in Elwood was at 21.1%, 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 average of $2,000. The median weekly rent in Elwood was $415, compared to Melbourne metro's $390. 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.

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

Family households account for 49.2% of all households, including 17.8% composed of couples with children, 23.7% consisting of couples without children, and 6.6% headed by single parents. Non-family households constitute the remaining 50.8%, with lone person households making up 44.1% and group households comprising 6.6%. The median household size is 1.9 people, 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

Elwood has a significantly higher educational attainment than national and state averages. As of [2016](https://www.abs.gov.au/), 57.2% of Elwood residents aged 15 and above hold university qualifications, compared to the Australian average of 30.4% and the Victorian average of 33.4%. This high educational attainment is largely driven by bachelor degrees (37.0%), followed by postgraduate qualifications (15.2%) and graduate diplomas (5.0%). Vocational pathways account for 22.3% of qualifications among those aged 15 and above, with advanced diplomas making up 11.3% and certificates 11.0%.

Educational participation is notably high in Elwood, with 26.9% of residents currently enrolled in formal education as of [2018](https://www.abs.gov.au/). This includes 8.1% in tertiary education, 6.9% in primary education, and 5.6% pursuing secondary education.

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

Elwood has 44 active public transport stops offering a mix of light rail and bus services. These stops are served by 8 different routes, collectively providing 3018 weekly passenger trips. Transport accessibility is rated excellent, with residents typically located 159 meters from the nearest stop. Most residents commute outward due to Elwood's residential nature. Car remains the dominant mode of transport at 70%, while train accounts for 8% and walking for 6%. Vehicle ownership averages 0.7 per dwelling, below the regional average.

According to the 2021 Census, 50.5% of residents work from home, which may reflect COVID-19 conditions. Service frequency averages 431 trips per day across all routes, equating to approximately 68 weekly trips per stop.

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

Elwood's health outcomes show exceptional results based on AreaSearch's assessment. Mortality rates and chronic condition prevalence were very low across all age groups. Approximately 69% of Elwood's total population (11,383 people) had private health cover, compared to Greater Melbourne's 56.7% and the national average of 55.7%.

Mental health issues impacted 9.5% of residents, while asthma affected 7.6%. A total of 74.6% declared themselves completely clear of medical ailments, compared to 72.6% across Greater Melbourne. Working-age residents had low chronic condition prevalence. Elwood has 13.5% of residents aged 65 and over (2,216 people), lower than Greater Melbourne's 15.1%. Health outcomes among seniors in Elwood are particularly strong, ranking higher than the national average for the general population.

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 significant linguistic diversity, with 15.5% speaking a language other than English at home as of the 2016 Census. This figure was higher than most local markets. Additionally, 28.3% of Elwood residents were born overseas.

Christianity was the predominant religion in Elwood, accounting for 30.4% of the population. However, Judaism was notably overrepresented at 3.9%, compared to the Greater Melbourne average of 1%. The top three ancestral groups based on parental country of birth were English (26.1%), Australian (18.6%), and Irish (11.3%). Some ethnic groups showed notable differences in representation: Polish (1.9% vs regional 0.8%), French (1.3% vs regional 0.5%), and Russian (0.9% vs regional 0.4%) were more prevalent in Elwood compared to the broader region.

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

The median age in Elwood is 39 years, which is higher than Greater Melbourne's average of 37 years and close to the national average of 38 years. The 25-34 cohort is over-represented in Elwood at 20.7%, compared to Greater Melbourne's average of 16.7%. Conversely, the 5-14 age group is under-represented at 6.7% in Elwood. Nationally, the 25-34 cohort comprises 14.4%. Post-2021 Census data shows the 15 to 24 age group grew from 8.2% to 10.6%, while the 65 to 74 cohort increased from 6.9% to 8.4%. The 5 to 14 cohort declined from 8.4% to 6.7%, and the 35 to 44 group dropped from 18.8% to 17.1%. By 2041, population forecasts indicate significant demographic changes in Elwood. Notably, the 45 to 54 age group is projected to grow by 44%, reaching 3,445 people from 2,396. However, both the 0 to 4 and 15 to 24 age groups are expected to decrease in number.