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, the estimated population of the suburb of Elwood is around 16,417, reflecting an increase of 1,264 people since the 2021 Census. The 2021 Census reported a population of 15,153 people in Elwood. This growth was inferred from AreaSearch's estimation of the resident population at 16,324 following examination of the latest ERP data release by the ABS (June 2024), and an additional 99 validated new addresses since the Census date. The population density ratio is 6,314 persons per square kilometer, placing Elwood in the top 10% of national locations assessed by AreaSearch. Overseas migration contributed approximately 77.0% of overall population gains during recent periods. According to ABS/Geoscience Australia projections released in 2024 with a base year of 2022 for each SA2 area, and VIC State Government's Regional/LGA projections released in 2023 adjusted employing weighted aggregation methods, Elwood is forecasted to grow significantly by 3,485 persons to 2041.

This reflects a total gain of 20.7% over the 17 years from 2026 to 2041.

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, allocated from statistical area data, shows Elwood recorded around 35 residential properties granted approval annually. Over the past five financial years, between FY-21 and FY-25, approximately 177 homes were approved, with a further 8 approved so far in FY-26. 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. 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, with 81.0% below the regional average per person. This scarcity typically strengthens demand and prices for existing properties. 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. The location has approximately 700 people per dwelling approval, demonstrating an established market.

Looking ahead, Elwood is expected to grow by 3,392 residents through to 2041, potentially leading to increased competition among buyers and stronger price growth if current development rates do not keep pace with population growth.

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

The performance of an area can be significantly influenced by changes to its local infrastructure, major projects, and planning initiatives. AreaSearch has identified a total of 11 projects that are expected to impact the area. Notable among these are the St Kilda Marina Project, Elwood Main Drain Duplication Project, the development at 97 Alma Road by Neometro, and the Elwood Foreshore Precinct Masterplan. The following list details those projects considered 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.

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

Elwood has a highly educated workforce, with the technology sector being well-represented. Its unemployment rate is 4.2%, with an estimated employment growth of 4.1% over the past year, according to AreaSearch's aggregation of statistical area data. As of December 2025, there are 11,482 residents in work, and the unemployment rate is 0.6% lower than Greater Melbourne's rate of 4.8%.

The workforce participation rate is higher at 81.7%, compared to Greater Melbourne's 71.3%. Census data shows that 50.5% of residents work from home, although Covid-19 lockdown impacts should be considered. Employment among residents is concentrated in professional & technical, health care & social assistance, and education & training sectors. Elwood has a notably high concentration in professional & technical employment, at 1.6 times the regional average, while manufacturing shows lower representation at 4.0%, compared to the regional average of 7.2%.

The area appears to offer limited local employment opportunities, as indicated by the count of Census working population versus resident population. Over the 12 months to December 2025, employment increased by 4.1% while labour force increased by 4.5%, causing the unemployment rate to rise by 0.4 percentage points. In comparison, Greater Melbourne saw employment grow by 2.4%, labour force expand by 2.8%, and unemployment rise by 0.3 percentage points. Jobs and Skills Australia's national employment forecasts from May-25 suggest that Elwood's local employment should increase by 7.2% over five years and 14.5% over ten years, based on a simple weighting extrapolation of industry-specific projections against the local employment mix.

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

In financial year 2023, Elwood suburb had a median income among taxpayers of $72,442 and an average level of $108,103. These figures place Elwood in the top percentile nationally, compared to Melbourne's median of $57,688 and average of $75,164. As of September 2025, estimated median income is approximately $78,418 and average is $117,021, adjusted for an 8.25% Wage Price Index growth since financial year 2023. According to the 2021 Census, individual earnings in Elwood stood at the 96th percentile nationally ($1,364 weekly). Income analysis shows that 32.4% of Elwood's community earn between $1,500 and $2,999 weekly (5,319 individuals), mirroring the regional figure of 32.8%. Notably, 33.4% of residents earn over $3,000 weekly, supporting premium retail and service offerings. Despite high housing costs consuming 17.1% of income, disposable income remains 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 a higher proportion of rental properties than 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), compared to Melbourne metro's 67.9% houses and 32.1% other dwellings. Home ownership in Elwood stood 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. 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 represent 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 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 notably high level of educational attainment among residents aged 15 and above, with 57.2% holding university qualifications. This figure surpasses both the Australian average of 30.4% and the Victorian average of 33.4%, indicating a significant educational advantage for the area. Bachelor degrees are the most common qualification held by residents at 37.0%, followed by postgraduate qualifications at 15.2% and graduate diplomas at 5.0%. Vocational pathways account for 22.3% of qualifications, with advanced diplomas making up 11.3% and certificates accounting for 11.0%.

Educational participation is high in Elwood, with 26.9% of residents currently enrolled in formal education. This includes 8.1% pursuing tertiary education, 6.9% in primary education, and 5.6% in 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, consisting of a mix of lightrail and buses. 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, with car being the dominant mode at 70%, followed by train at 8% and walking at 6%. Vehicle ownership averages 0.7 per dwelling, below the regional average. According to the 2021 Census, 50.5% of residents work from home, possibly due to 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 notable results according to AreaSearch's assessment. Mortality rates and chronic condition prevalence are very low across all age groups. Private health cover is exceptionally high at approximately 69% of Elwood's total population (11,383 people), compared to Greater Melbourne's 56.7%.

Nationally, the average is 55.7%. The most prevalent medical conditions in Elwood are mental health issues and asthma, affecting 9.5% and 7.6% of residents respectively. Notably, 74.6% of residents declare themselves completely clear of medical ailments, compared to Greater Melbourne's 72.6%. Working-age residents have low chronic condition prevalence. Elwood has a lower proportion of seniors aged 65 and over at 13.7%, with 2,249 people, compared to Greater Melbourne's 15.1%. Health outcomes among Elwood's seniors are particularly strong, ranking even higher than the general population nationally.

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, as of the 2016 Census, had 15.5% speaking a language other than English at home. Overseas-born residents comprised 28.3%. Christianity was the dominant religion with 30.4%, but Judaism stood out at 3.9%, compared to Greater Melbourne's 1.0%.

The top three ancestry groups were English (26.1%), Australian (18.6%), and Irish (11.3%). Notably, Polish residents were overrepresented at 1.9% versus the regional average of 0.8%, French at 1.3% versus 0.5%, and Russian at 0.9% versus 0.4%.

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. Compared to Greater Melbourne, Elwood has a notably higher percentage of individuals aged 25-34 (20.7% vs. 16.9%) but a lower percentage of those aged 5-14 (6.7% vs. 10.3%). The concentration of the 25-34 age group is well above the national average of 14.4%. Post-2021 Census data shows that the 15 to 24 age group grew from 8.2% to 10.8%, while the 65 to 74 cohort increased from 6.9% to 8.5%. Conversely, the 5 to 14 age group declined from 8.4% to 6.7%, and the 35 to 44 age group decreased from 18.8% to 17.1%. Population forecasts for Elwood in 2041 indicate significant demographic changes. The 45 to 54 age group is projected to grow by 43%, reaching 3,435 people from 2,396. However, both the 0 to 4 and 15 to 24 age groups are expected to have reduced numbers.