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, and new addresses validated by AreaSearch, the population of the suburb of Waterways is estimated at around 2,484 as of Nov 2025. This reflects an increase of 62 people (2.6%) since the 2021 Census, which reported a population of 2,422 people. The change is inferred from the resident population of 2,484, estimated by AreaSearch following examination of the latest ERP data release by the ABS (June 2024) and address validation since the Census date. This level of population equates to a density ratio of 1,469 persons per square kilometer, which is above the average seen across national locations assessed by AreaSearch. Population growth for the area was primarily driven by overseas migration that contributed 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 any SA2 areas not covered by this data, AreaSearch is utilising 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, with the area expected to increase by 153 persons to 2041 based on aggregated SA2-level projections, reflecting an increase of 4.7% 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 has experienced around 2 dwelling approvals per year over the past 5 financial years ending June 30, totalling an estimated 13 homes. As of July 1, 2026 (FY-26), 0 approvals have been recorded. This level of development activity is adequate relative to population decline in the area.

$24,000 in commercial approvals have been registered this financial year, reflecting Waterways' residential nature. Compared to Greater Melbourne, Waterways has significantly less development activity (80.0% below regional average per person). Recent building activity consists entirely of detached dwellings, maintaining the area's traditional suburban character focused on family homes. AreaSearch's latest quarterly estimate forecasts Waterways will gain 116 residents by 2041, with development keeping pace with projected growth.

Population forecasts indicate Waterways will gain 116 residents through to 2041 (from the latest AreaSearch quarterly estimate). Development is keeping reasonable pace with projected growth, though buyers may face increasing competition as the population expands.

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

No changes can significantly affect an area's performance like modifications to local infrastructure, major projects, and planning initiatives. Zero projects have been identified by AreaSearch that could potentially impact this area. Notable projects include 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 projects likely to be 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. The unemployment rate is 4.1%, as per AreaSearch's aggregation of statistical area data.

As of June 2025, 1,483 residents are employed while the unemployment rate stands at 0.5% below Greater Melbourne's rate of 4.6%. Workforce participation in Waterways is higher than Greater Melbourne's, at 72.3% compared to 64.1%. The dominant employment sectors 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.

Conversely, construction shows lower representation at 7.7% versus the regional average of 9.7%. The area offers limited local employment opportunities as indicated by Census data comparing working population to resident population. Between June 2024 and June 2025, Waterways' labour force increased by 1.0%, while employment declined by 0.8%, causing the unemployment rate to rise by 1.8 percentage points. In contrast, Greater Melbourne recorded employment growth of 3.5% over the same period. Jobs and Skills Australia's national employment forecasts from Sep-22 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, based on a simple weighting extrapolation for illustrative purposes.

The economic profile demonstrates exceptional strength, placing the area among the top 10% nationally based on comprehensive AreaSearch income analysis

AreaSearch's latest postcode-level ATO data for financial year 2022 shows Waterways' median income among taxpayers was $61,595 with an average of $82,168. Nationally, these figures are extremely high compared to Greater Melbourne's median of $54,892 and average of $73,761. Based on Wage Price Index growth of 12.16% since financial year 2022, current estimates for Waterways would be approximately $69,085 (median) and $92,160 (average) as of September 2025. According to the 2021 Census figures, household incomes in Waterways rank at the 97th percentile ($3,013 weekly). Income analysis reveals that 32.9% of the population (817 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

The dwelling structure in Waterways, as per the latest Census, consisted of 87.9% houses and 12.1% other dwellings (semi-detached, apartments, 'other' dwellings). In contrast, Melbourne metro had 54.8% houses and 45.2% other dwellings. Home ownership in Waterways was at 30.5%, with mortgaged dwellings at 57.7% and rented ones at 11.8%. The median monthly mortgage repayment in the area was $2,500, higher than Melbourne metro's average of $2,167. The median weekly rent figure for Waterways was recorded at $623, compared to Melbourne metro's $410. Nationally, Waterways' mortgage repayments were significantly higher than 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 comprise the remaining 7.5%, with lone person households at 6.5% and group households making up 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. Educational facilities appear to be located outside the immediate catchment boundaries, requiring families to access schools in neighboring areas.

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

The analysis of public transport in Waterways indicates that there are five active transport stops currently operating. These stops serve a mix of bus routes, with four individual routes providing service. The total number of weekly passenger trips facilitated by these routes is 1,309.

The accessibility of transport in the area is rated as good, with residents on average located 272 meters from their nearest transport stop. The service frequency across all routes averages 187 trips per day, which equates to approximately 261 weekly trips per individual stop.

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

Waterways has excellent health outcomes, with very low prevalence of common conditions across all ages.

Private health cover is exceptionally high at approximately 59% (1,471 people). The most prevalent medical conditions are asthma and mental health issues, affecting 6.3 and 4.3% respectively. A majority, 79.4%, report no medical ailments compared to 70.4% in Greater Melbourne. The area has a lower proportion of seniors aged 65 and over at 14.0% (347 people), compared to Greater Melbourne's 19.3%. Seniors' health outcomes align with the general population's 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, making up 44.4% of the population. Buddhism is significantly overrepresented compared to Greater Melbourne's average, comprising 11.9%.

In terms of ancestry, 'Other' is the largest group at 16.0%, substantially higher than the regional average of 9.1%. English ancestry comprises 15.7%, notably lower than the regional average of 25.6%. Chinese ancestry makes up 14.3%, significantly higher than the regional average of 3.6%. Other ethnic groups with notable divergences include Sri Lankan at 1.6% (vs 0.6%), South African at 1.4% (vs 0.6%), and Vietnamese at 4.5% (vs 0.5%).

Waterways hosts an older demographic, ranking in the top quartile nationwide

Waterways' 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 individuals aged 45-54 (18.7% locally vs. the Greater Melbourne average), but fewer individuals aged 25-34 (8.2%). The 45-54 cohort is also more prevalent in Waterways compared to the national average (18.7% vs. 12.1%). According to the 2021 Census, the age group of 55 to 64 has grown from 11.8% to 13.9%, while the 15 to 24 cohort increased from 16.5% to 18.1%. Conversely, the 45 to 54 cohort declined from 20.7% to 18.7%, and the 5 to 14 group decreased from 15.2% to 13.8%. Demographic modeling indicates that Waterways' age profile will change significantly by 2041, with the strongest projected growth in the 65 to 74 cohort (46%), adding 104 residents to reach 331. The population is expected to age further as individuals aged 65 and older represent 82% of anticipated growth. Conversely, population declines are projected for the 25 to 34 and 0 to 4 cohorts.