Waterford (WA)

Population growth drivers in Waterford are strong compared to national averages based on AreaSearch's ranking of recent, and medium to long-term trends

As of Feb 2026, the estimated population for the suburb of Waterford (WA) is around 2,660. This figure reflects an increase of 200 people since the 2021 Census, which reported a population of 2,460. The change is inferred from AreaSearch's estimation of the resident population at 2,655 following examination of the latest ERP data release by the ABS in June 2024, along with an additional 18 validated new addresses since the Census date. This results in a population density ratio of 1,705 persons per square kilometer, which is above the average seen across national locations assessed by AreaSearch. Over the past decade, Waterford has demonstrated resilient growth patterns with a compound annual growth rate of 1.0%. Population growth for the area was primarily driven by overseas migration, contributing approximately 87.0% 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 areas not covered by this data and to estimate growth post-2032, AreaSearch utilises growth rates by age cohort provided by the ABS in its latest Greater Capital Region projections (released in 2023, based on 2022 data). Future population trends project an above median growth for statistical areas analysed by AreaSearch. By 2041, the suburb of Waterford is expected to increase by 506 persons, reflecting a total increase of 22.6% over the 17 years.

AreaSearch analysis of residential development drivers sees Waterford recording a relatively average level of approval activity when compared to local markets analysed countrywide

AreaSearch analysis of ABS building approval numbers indicates Waterford has seen around 16 new homes approved annually. Over the past five financial years, from FY-21 to FY-25, approximately 82 homes were approved, with an additional four approved so far in FY-26. On average, 2.6 people moved to the area per new home constructed during this period, suggesting strong demand that supports property values.

New homes are being built at an average expected construction cost of $825,000, indicating a focus on the premium segment with upmarket properties. This year has seen $25.1 million in commercial approvals, suggesting balanced commercial development activity. Compared to Greater Perth, Waterford maintains similar construction rates per person, preserving market equilibrium consistent with surrounding areas.

The area's building activity shows 94.0% detached houses and 6.0% medium and high-density housing, sustaining its suburban identity with a concentration of family homes suited to buyers seeking space. With around 320 people per dwelling approval, Waterford indicates a developing market. Population forecasts suggest Waterford will gain 601 residents by 2041 (from the latest AreaSearch quarterly estimate). Building activity is keeping pace with growth projections, though increased competition among buyers may be expected as the population grows.

Waterford has moderate levels of nearby infrastructure activity, ranking in the 46thth percentile nationally

Changes to local infrastructure significantly impact an area's performance. AreaSearch has identified two projects that may affect this region: Sam Kerr Football Centre and Queens Park Regional Open Space, Australian Hockey Centre, Curtin University B316 Sciences Building, Wilson Riverfront Masterplan (Canning River Precinct Redevelopment). The following details those likely to be most relevant.

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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.

The employment environment in Waterford shows above-average strength when compared nationally

Waterford has a highly educated workforce with strong representation in professional services. The unemployment rate was 3.3% as of September 2025. Employment growth over the past year was estimated at 3.1%.

Compared to Greater Perth's 4.0%, Waterford's unemployment rate is 0.7% lower, and its workforce participation rate is 67.6%, below Greater Perth's 71.6%. Only 11.8% of residents worked from home based on Census responses, considering Covid-19 lockdown impacts. Leading employment industries are health care & social assistance, professional & technical, and education & training. Professional & technical services show notable concentration at 1.8 times the regional average, while construction has lower representation at 5.2% compared to the regional average of 9.3%.

Employment opportunities appear limited locally as indicated by Census data. Between September 2024 and September 2025, employment levels increased by 3.1%, labour force by 2.7%, reducing the unemployment rate by 0.4 percentage points. In contrast, Greater Perth had employment growth of 2.9% and labour force growth of 3.0%. National employment forecasts from May-25 project a 6.6% increase over five years and 13.7% over ten years. Applying these projections to Waterford's employment mix suggests local employment should grow by 6.9% over five years and 14.2% over ten years, though this is a simple extrapolation for illustrative purposes only.

The economic profile demonstrates above-average performance, with income metrics exceeding national benchmarks based on AreaSearch comparative assessment

AreaSearch's latest postcode level ATO data for financial year 2023 shows that income in Waterford is high nationally. The median income is $52,530 and the average is $74,795. This contrasts with Greater Perth's figures of a median income of $60,748 and an average of $80,248. Based on Wage Price Index growth of 9.62% since financial year 2023, current estimates would be approximately $57,583 (median) and $81,990 (average) as of September 2025. According to the 2021 Census figures, household incomes rank at the 83rd percentile ($2,301 weekly), while personal income ranks at the 49th percentile. Income analysis reveals that 27.4% of residents earn between $1,500 and $2,999 weekly (728 individuals), aligning with the surrounding region where this cohort represents 32.0%. Notably, 38.7% earn above $3,000 weekly, reflecting prosperity that drives local economic activity. After housing costs, residents retain 87.6% of income, indicating strong purchasing power and the area's SEIFA income ranking places it in the 9th decile.

Waterford is characterized by a predominantly suburban housing profile, with above-average rates of outright home ownership

Waterford's dwelling structures, as per the latest Census, comprised 90.3% houses and 9.7% other dwellings (semi-detached, apartments, 'other' dwellings), contrasting with Perth metro's 77.8% houses and 22.1% other dwellings. Home ownership in Waterford stood at 50.5%, with mortgaged dwellings at 33.9% and rented ones at 15.6%. The median monthly mortgage repayment was $2,817, higher than Perth metro's average of $1,907. Median weekly rent in Waterford was $410, compared to Perth metro's $350. Nationally, Waterford's mortgage repayments exceeded the Australian average of $1,863, while rents were higher than the national figure of $375.

Waterford features high concentrations of group households and family households, with a higher-than-average median household size

Family households comprise 80.3% of all households, including 37.2% couples with children, 31.5% couples without children, and 8.2% single parent families. Non-family households account for the remaining 19.7%, with lone person households at 14.4% and group households comprising 6.0%. The median household size is 2.8 people, larger than the Greater Perth average of 2.6.

Educational outcomes in Waterford fall within the lower quartile nationally, indicating opportunities for improvement in qualification attainment

Waterford's residents aged 15+ have a higher educational attainment than state averages, with 50.9% holding university qualifications compared to 27.9% in WA and 29.9% in SA4 region. Bachelor degrees are most common at 32.2%, followed by postgraduate qualifications (15.0%) and graduate diplomas (3.7%). Vocational pathways account for 23.3%, with advanced diplomas at 11.5% and certificates at 11.8%. Educational participation is high, with 31.6% of residents currently enrolled in formal education, including 10.5% in tertiary, 7.8% in secondary, and 7.4% in primary education.

Educational participation is notably high, with 31.6% of residents currently enrolled in formal education. This includes 10.5% in tertiary education, 7.8% in secondary education, and 7.4% pursuing primary education.

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

Waterford has nine active public transport stops currently operating, serving a mix of bus routes. These stops are served by six different routes in total, facilitating 1,359 weekly passenger trips combined. Transport accessibility is rated as good, with residents generally living an average of 264 meters from the nearest stop. In this predominantly residential area, most commuters travel outward. The car remains the primary mode of transport for 80% of residents, followed by train at 10%, and bus at 7%. On average, there are 1.8 vehicles per dwelling, higher than the regional norm.

According to the 2021 Census, only 11.8% of residents work from home, which may be influenced by COVID-19 conditions. Across all routes, service frequency averages 194 trips per day, translating to approximately 151 weekly trips per individual stop.

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

Health outcomes data shows notable results for Waterford, as assessed by AreaSearch's evaluation of mortality rates and chronic condition prevalence. The area has a very low prevalence of common health conditions across all age groups.

Approximately 57% (~1,513 people) of the total population have private health cover, compared to 59.0% in Greater Perth. Arthritis and asthma are the most prevalent medical conditions, affecting 6.3 and 5.2% of residents respectively. A total of 76.4% of residents claim to be completely free from medical ailments, compared to 71.9% across Greater Perth. Working-age residents exhibit low chronic condition prevalence. Waterford has 22.6% (601 people) of residents aged 65 and over, higher than the 16.3% in Greater Perth. Health outcomes among seniors are particularly strong, with national rankings broadly in line with the general population.

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

Waterford's cultural diversity is notable, with 41.8% speaking a language other than English at home and 53.1% born overseas. Christianity is the predominant religion at 50.4%. Buddhism stands out at 7.8%, higher than Greater Perth's average of 2.7%.

In terms of ancestry, Chinese people comprise 23.7%, substantially more than the regional average of 4.0%. English ancestry is lower at 19.1% compared to the region's 28.0%. Other ancestry comprises 13.8%. Certain ethnic groups show notable differences: Polish (1.0% vs 0.7%), Korean (0.8% vs 0.3%), and Sri Lankan (0.6% vs 0.2%) are overrepresented in Waterford compared to regional averages.

Waterford's median age exceeds the national pattern

Waterford has a median age of 40, which is somewhat higher than Greater Perth's figure of 37 and Australia's average of 38 years. Compared to Greater Perth's average, Waterford has a notably over-represented 65-74 cohort at 13.9%, while the 5-14 age group is under-represented at 7.6%. Between 2021 and present, the 15-24 age group grew from 14.9% to 16.8% of the population, while the 25-34 cohort increased from 12.6% to 14.3%. Conversely, the 5-14 cohort declined from 10.1% to 7.6%, and the 0-4 group dropped from 4.5% to 3.3%. Demographic modeling suggests Waterford's age profile will evolve significantly by 2041. The 75-84 age cohort is projected to grow significantly, expanding by 137 people (68%) from 202 to 340. Meanwhile, the 5-14 cohort is projected to grow by a modest 0% (0 people).