Waterways

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

Based on analysis of ABS population updates for the broader area, as of Nov 2025 the estimated population of the Waterways statistical area (Lv2) is around 2,457. This reflects an increase of 35 people since the 2021 Census, which reported a population of 2,422 people in the Waterways (SA2). The change is inferred from AreaSearch's resident population estimate following examination of the latest ERP data release by the ABS on Jun 2024 and address validation since the Census date. This level of population equates to a density ratio of 1,453 persons per square kilometer, above the average seen across national locations assessed by AreaSearch. 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 a base year of 2022. 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. Moving forward with demographic trends, a population increase just below the median of national statistical areas is expected in the Waterways (SA2), with an expected increase of 148 persons to 2041 based on aggregated SA2-level projections, reflecting an increase of 5.6% in total over the 17 years.

The level of residential development activity in Waterways is very low in comparison to the average area assessed nationally by AreaSearch

AreaSearch analysis of ABS building approval numbers allocated from statistical area data shows Waterways experienced approximately one dwelling receiving development approval each year over the past five financial years ending 30 June 2021, totalling an estimated eight homes. As of 30 September 2022, no approvals have been recorded in FY-26.

The area has seen population decline, with development activity adequate relative to its declining population, which is positive for buyers. Compared to Greater Melbourne, Waterways had significantly less development activity, 88.0% below the regional average per person as of June 2021. This limited new supply generally supports stronger demand and values for established properties, although development activity has increased in recent periods. This is also under the national average, indicating the area's established nature and suggesting potential planning limitations. Recent building activity consists entirely of standalone homes, sustaining Waterways' suburban identity with a concentration of family homes suited to buyers seeking space.

With approximately 1222 people per dwelling approval, Waterways reflects a highly mature market. Future projections show Waterways adding 138 residents by 2041, based on the latest AreaSearch quarterly estimate released in September 2022. At current development rates, housing supply may struggle to match population growth, potentially heightening buyer competition and supporting price increases.

Waterways has strong levels of nearby infrastructure activity, ranking in the top 40% nationally

No factors impact an area's performance more than local infrastructure changes, major projects, and planning initiatives. AreaSearch has identified zero projects likely to affect this area. Key projects are Aspendale Gardens Shopping Centre Redevelopment, Dingley Village (former Kingswood Golf Course), Monash Freeway Upgrade Stage 2, and SRL East - Works Package C - Tunnels - Cheltenham To Glen Waverley. The following list details those most relevant.

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

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Waterways has seen below average employment performance when compared to national benchmarks

Waterways has a highly educated workforce with strong representation in professional services. Its unemployment rate is 4.3%, according to AreaSearch's aggregation of statistical area data.

As of September 2025, there are 1,462 residents employed, with an unemployment rate of 0.4% lower than Greater Melbourne's rate of 4.7%. The workforce participation rate in Waterways is higher at 72.3%, compared to Greater Melbourne's 64.1%. The dominant employment sectors among residents include health care & social assistance, retail trade, and professional & technical services. Wholesale trade shows notable concentration with employment levels at 1.9 times the regional average, while construction has lower representation at 7.7% versus the regional average of 9.7%.

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, the labour force increased by 0.2%, while employment declined by 1.2%, causing the unemployment rate to rise by 1.4 percentage points. In comparison, Greater Melbourne recorded employment growth of 3.0% and labour force growth of 3.3%, with unemployment rising by 0.3 percentage points. As of 25-Nov-25, Victoria's employment grew by 1.13% year-on-year, adding 41,950 jobs, with the state unemployment rate at 4.7%. National employment forecasts from Jobs and Skills Australia project national employment growth of 6.6% over five years and 13.7% over ten years. Applying these projections to Waterways' employment mix suggests local employment should increase by 6.5% over five years and 13.6% over ten years, assuming constant population projections 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 latest postcode level ATO data for financial year 2023 shows Waterways' median income among taxpayers is $61,595. The average income in the suburb is $82,168. Nationally, these figures are extremely high compared to Greater Melbourne's median of $57,688 and average of $75,164. Based on Wage Price Index growth of 8.25% since financial year 2023, current estimates for Waterways' median income would be approximately $66,677 and the average around $88,947 as of September 2025. According to 2021 Census figures, household incomes in Waterways rank at the 97th percentile with a weekly income of $3,013. Income analysis reveals that 32.9% of the population (808 individuals) fall within the $4000+ income range, differing from metropolitan patterns where $1,500 - 2,999 dominates with 32.8%. The substantial proportion of high earners (50.7% above $3,000/week) indicates strong economic capacity throughout Waterways. Housing accounts for 13.5% of income while strong earnings rank residents within the 96th percentile for disposable income. The area's SEIFA income ranking places it in the 10th decile.

Waterways is characterized by a predominantly suburban housing profile, with ownership patterns similar to the broader region

Waterways' dwelling structure, as per the latest Census, consisted of 87.9% houses and 12.1% other dwellings (semi-detached, apartments, 'other' dwellings). This compares to Melbourne metro's 54.8% houses and 45.2% other dwellings. Home ownership in Waterways stood at 30.5%, with mortgaged dwellings at 57.7% and rented ones at 11.8%. The median monthly mortgage repayment was $2,500, higher than Melbourne metro's average of $2,167. Median weekly rent in Waterways was $623, compared to Melbourne metro's $410. Nationally, Waterways' mortgage repayments were significantly higher at $2,500 versus the Australian average of $1,863, and rents were substantially above the national figure of $375.

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

Family households constitute 92.5% of all households, including 61.9% couples with children, 20.2% couples without children, and 10.0% single parent families. Non-family households account for the remaining 7.5%, with lone person households at 6.5% and group households comprising 0.6%. The median household size is 3.3 people, larger than the Greater Melbourne average of 2.4.

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

The area's educational profile is notable regionally, with university qualification rates of 40.3% among residents aged 15+, surpassing the Australian average of 30.4% and Victoria's rate of 33.4%. Bachelor degrees are the most common at 27.0%, followed by postgraduate qualifications (9.5%) and graduate diplomas (3.8%). Vocational pathways account for 22.8% of qualifications among those aged 15+, with advanced diplomas making up 10.9% and certificates 11.9%.

Educational participation is high, with 33.0% of residents currently enrolled in formal education. This includes 10.8% in secondary education, 10.4% in primary education, and 7.8% pursuing tertiary education.

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

Transport analysis indicates five active stops operating within Waterways, consisting of buses. These stops are served by four individual routes, collectively facilitating 694 weekly passenger trips. Transport accessibility is rated good, with residents typically situated 272 meters from the nearest stop.

Service frequency averages 99 trips per day across all routes, equating to approximately 138 weekly trips per stop.

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

Health outcomes data shows excellent results across Waterways, with very low prevalence of common health conditions across all age groups.

The rate of private health cover is exceptionally high at approximately 59% of the total population (1,455 people). The most common medical conditions in the area are asthma and mental health issues, affecting 6.3 and 4.3% of residents respectively, while 79.4% declare themselves completely clear of medical ailments compared to 70.4% across Greater Melbourne. The area has 14.0% of residents aged 65 and over (343 people), which is lower than the 19.3% in Greater Melbourne. Health outcomes among seniors are particularly strong, broadly in line with the general population's health profile.

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

Waterways has a high level of cultural diversity, with 44.7% of its population born overseas and 45.3% speaking a language other than English at home. Christianity is the dominant religion in Waterways, comprising 44.4% of people. However, Buddhism is significantly overrepresented, making up 11.9% of the population compared to the Greater Melbourne average of 1.8%.

The top three ancestry groups in Waterways are Other (16.0%), English (15.7%), and Chinese (14.3%). These figures differ from regional averages: Other is substantially higher (16.0% vs 9.1%), English notably lower (15.7% vs 25.6%), and Chinese substantially higher (14.3% vs 3.6%). Additionally, certain ethnic groups are notably divergent in their representation: Sri Lankan at 1.6% compared to the regional average of 0.6%, South African at 1.4% compared to 0.6%, and Vietnamese at 4.5% compared to 0.5%.

Waterways's median age exceeds the national pattern

Waterways's median age is 41 years, significantly higher than Greater Melbourne's average of 37 and slightly above Australia's median of 38. Compared to Greater Melbourne, Waterways has a notably higher proportion of residents aged 45-54 (18.7% locally vs. the Greater Melbourne average), while those aged 25-34 are under-represented (8.2%). This concentration in the 45-54 age group is well above the national average of 12.1%. Following the Census conducted in 2021, the proportion of residents aged 55 to 64 has increased from 11.8% to 13.9%, and those aged 15 to 24 have risen from 16.5% to 18.1%. Conversely, the proportion of residents aged 45 to 54 has decreased from 20.7% to 18.7%, and those aged 5 to 14 have dropped from 15.2% to 13.8%. Demographic modeling suggests that Waterways's age profile will change significantly by the year 2041. The strongest projected growth is in the 65 to 74 age group, with an increase of 48%, adding 106 residents to reach a total of 330. This demographic aging trend continues as residents aged 65 and older represent 79% of the anticipated population growth. Conversely, population declines are projected for those aged 0 to 4 and 15 to 24 years old.