Mount Waverley

Population growth drivers in Mount Waverley are slightly above average based on AreaSearch's ranking of recent, and medium term trends

Based on analysis of ABS population updates for the broader area, and new addresses validated by AreaSearch, the population of Mount Waverley is estimated at around 39,155 as of Feb 2026. This reflects an increase of 3,815 people (10.8%) since the 2021 Census, which reported a population of 35,340 people. The change is inferred from the resident population of 37,795 estimated by AreaSearch following examination of the latest ERP data release by the ABS in June 2024 and an additional 391 validated new addresses since the Census date. This level of population equates to a density ratio of 2,579 persons per square kilometer, placing it in the upper quartile relative to national locations assessed by AreaSearch. Mount Waverley's 10.8% growth since the 2021 census exceeded the national average (9.9%), marking it as a growth leader in the region. Population growth for the area was primarily driven by overseas migration that contributed approximately 98.0% of overall population gains during recent periods.

AreaSearch is adopting ABS/Geoscience Australia projections for each SA2 area, released in 2024 with 2022 as the base year. For any SA2 areas not covered by this data, AreaSearch utilises 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. As we examine future population trends, an above median population growth of national areas is projected, with the suburb expected to grow by 9,072 persons to 2041 based on aggregated SA2-level projections, reflecting a total increase of 19.7% over the 17 years.

AreaSearch assessment of residential development activity positions Mount Waverley among the top 25% of areas assessed nationwide

Mount Waverley has seen approximately 232 new homes approved annually based on AreaSearch analysis of ABS building approval numbers. Over the past five financial years, from FY-21 to FY-25, around 1,160 homes were approved, with an additional 144 approved so far in FY-26. On average, each dwelling constructed over these years has accommodated about 1.1 new residents per year. However, this figure has increased to 4.3 people per dwelling over the past two financial years, indicating Mount Waverley's growing popularity and potential supply constraints.

The average expected construction cost value of new homes is $967,000, reflecting a focus on the premium segment. In FY-26, there have been $31.7 million in commercial approvals, suggesting strong local business investment. Compared to Greater Melbourne, Mount Waverley has recorded somewhat elevated construction activity, with 20.0% more approvals per person over the five-year period ending in FY-25.

New development consists of 54.0% detached dwellings and 46.0% attached dwellings, offering a mix of townhouses and apartments across different price points. Mount Waverley reflects a developing area with around 169 people per approval. Population forecasts indicate that the suburb will gain approximately 7,712 residents by 2041, as estimated in AreaSearch's latest quarterly report. Construction activity is maintaining pace with projected growth, but buyers may face increasing competition as population increases.

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

Changes to local infrastructure significantly impact an area's performance. AreaSearch has identified 32 projects likely affecting the region. Key initiatives include 151-161 Forster Road Industrial Development, Mount Waverley Activity Centre Structure Plan, Mount Waverley Reserve Masterplan Implementation, and Syndal Place Townhouses. 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.

Employment conditions in Mount Waverley rank among the top 10% of areas assessed nationally

Mount Waverley has a highly educated workforce with professional services being strongly represented. The unemployment rate in the area is 1.6%. Over the past year, there was an estimated employment growth of 4.7% based on AreaSearch's aggregation of statistical area data.

As of September 2025, there are 20,698 residents employed with an unemployment rate of 3.1%, which is below Greater Melbourne's rate of 4.7%. Workforce participation in Mount Waverley is somewhat lower at 66.7% compared to Greater Melbourne's 71.0%. According to Census responses, 40.0% of residents work from home, although Covid-19 lockdown impacts should be considered. The key industries of employment among residents are professional & technical, health care & social assistance, and retail trade.

Mount Waverley shows a notable concentration in professional & technical services with employment levels at 1.4 times the regional average. Conversely, construction shows lower representation at 6.6% compared to the regional average of 9.7%. While local employment opportunities exist, many residents commute elsewhere for work based on the count of Census working population to local population. In the 12-month period ending in September 2025, employment increased by 4.7% while labour force increased by 4.9%, causing the unemployment rate to rise by 0.1 percentage points. By comparison, Greater Melbourne recorded employment growth of 3.0%, labour force growth of 3.3%, with unemployment rising 0.3 percentage points. Jobs and Skills Australia's national employment forecasts from May-25 suggest that national employment is forecast to expand by 6.6% over five years and 13.7% over ten years. Applying these industry-specific projections to Mount Waverley's employment mix suggests local employment should increase by 6.9% over five years and 14.1% over ten years, although it's important to note that this is a simple weighting extrapolation for illustrative purposes and does not take into account localised population projections.

Income levels align closely with national averages, indicating typical economic conditions for Australian communities according to AreaSearch analysis

Mount Waverley suburb's income level is very high nationally. According to latest ATO data aggregated by AreaSearch for financial year 2023, Mount Waverley's median income among taxpayers is $51,652 and average income stands at $75,299. These figures compare to Greater Melbourne's of $57,688 and $75,164 respectively. Based on Wage Price Index growth of 8.25% since financial year 2023, current estimates would be approximately $55,913 (median) and $81,511 (average) as of September 2025. According to 2021 Census figures, household income ranks at the 69th percentile ($2,066 weekly), while personal income sits at the 51st percentile. Distribution data shows the $1,500 - 2,999 bracket dominates with 28.8% of residents (11,276 people). Mount Waverley demonstrates considerable affluence with 32.8% earning over $3,000 per week. Housing accounts for 15.1% of income while strong earnings rank residents within the 72nd percentile for disposable income and the area's SEIFA income ranking places it in the 9th decile.

Mount Waverley displays a diverse mix of dwelling types, with above-average rates of outright home ownership

Mount Waverley's dwellings, as per the latest Census, consisted of 68.6% houses and 31.4% other dwellings (semi-detached, apartments, 'other' dwellings), compared to Melbourne metro's 67.9% houses and 32.1% other dwellings. Home ownership in Mount Waverley stood at 42.9%, with mortgaged dwellings at 32.3% and rented ones at 24.8%. The median monthly mortgage repayment was $2,600, higher than Melbourne metro's average of $2,000. The median weekly rent in Mount Waverley was $476, compared to Melbourne metro's $390. Nationally, Mount Waverley's mortgage repayments were significantly higher at $2,600 versus the Australian average of $1,863, and rents were substantially above the national figure of $375.

Mount Waverley features high concentrations of family households, with a higher-than-average median household size

Family households account for 77.0% of all households, including 40.9% couples with children, 24.3% couples without children, and 10.5% single parent families. Non-family households constitute the remaining 23.0%, with lone person households at 19.2% and group households comprising 3.7%. The median household size is 2.7 people, which is larger than the Greater Melbourne average of 2.6.

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

Mount Waverley has a notably high level of educational attainment among its residents aged 15 and above. As of the latest data, 48.5% of these residents hold university qualifications, which is significantly higher than the SA4 region's 29.8% and Australia's 30.4%. This high proportion of university graduates positions Mount Waverley favourably for knowledge-based opportunities. Bachelor degrees are the most prevalent at 29.0%, followed by postgraduate qualifications (15.7%) and graduate diplomas (3.8%).

Vocational pathways account for 21.1% of all qualifications among residents aged 15 and above, with advanced diplomas making up 10.7% and certificates 10.4%. Educational participation is notably high in Mount Waverley, with 31.5% of residents currently enrolled in formal education. This includes 9.1% in primary education, 8.6% in secondary education, and 8.2% pursuing tertiary education.

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

Mount Waverley has 124 active public transport stops, all of which are bus stops. These stops are served by 19 different routes that together facilitate 4,952 weekly passenger trips. Residents have good access to transport, with an average distance of 290 meters to the nearest stop. Most residents commute outwards from Mount Waverley, primarily using cars (84%). Train usage is at 9%. The area has an average vehicle ownership of 1.4 per dwelling.

According to the 2021 Census, 40% of residents work from home, which may be influenced by COVID-19 conditions. On average, there are 707 trips daily across all routes, translating to approximately 39 weekly trips per individual stop. The map provided displays the 100 nearest stops to the location's centerpoint.

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

Mount Waverley's health outcomes show excellent results based on AreaSearch's assessment of mortality rates and chronic condition prevalence, indicating very low prevalence across all age groups.

Private health cover is high at approximately 57% of the total population (~22,146 people). The most prevalent medical conditions are arthritis (6.1%) and asthma (5.9%). A majority, 75.5%, report being completely clear of medical ailments compared to 72.6% in Greater Melbourne. Mount Waverley has a higher proportion of seniors aged 65 and over at 18.5% (7,243 people) than Greater Melbourne's 15.1%. Health outcomes for seniors are strong and align with national rankings.

Mount Waverley is among the most culturally diverse areas in the country based on AreaSearch assessment of a range of language and cultural background related metrics

Mount Waverley has a high level of cultural diversity, with 51.4% speaking a language other than English at home and 49.3% born overseas. Christianity is the predominant religion in Mount Waverley, accounting for 40.4% of its population. However, Buddhism is more prevalent here compared to Greater Melbourne, making up 7.8% versus 4.2%.

The top three ancestry groups are Chinese at 22.1%, English at 15.2%, and Australian at 12.9%. Notably, Sri Lankan, Greek, and Korean ethnicities are overrepresented in Mount Waverley compared to the regional averages.

Mount Waverley's population is slightly older than the national pattern

Mount Waverley's median age is 40, higher than Greater Melbourne's figure of 37 and Australia's average of 38 years. The 15-24 age group is over-represented in Mount Waverley at 14.8%, compared to the Greater Melbourne average, while the 25-34 cohort is under-represented at 11.3%. Between 2021 and present, the 15-24 age group has increased from 13.4% to 14.8% of the population. Conversely, the 25-34 age group has decreased from 12.1% to 11.3%. By 2041, demographic modeling suggests significant changes in Mount Waverley's age profile. The 45-54 cohort is projected to expand by 1,630 people (32%), growing from 5,050 to 6,681. Meanwhile, the 0-4 cohort is expected to grow modestly by 9%, adding 138 people.