Waterways

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

The estimated population of the suburb of Waterways is 2,443 as of May 2026. This figure represents an increase of 21 people since the 2021 Census, which recorded a population of 2,422. The current estimate was derived from AreaSearch's analysis of the latest ERP data release by the ABS in June 2025 and address validation since the Census date. This results in a density ratio of 1,445 persons per square kilometer, higher than the national average assessed by AreaSearch. Overseas migration accounted for approximately 87.0% of recent population gains in the suburb.

AreaSearch's projections for Waterways are based on ABS/Geoscience Australia data released in 2024 with a base year of 2022 for each SA2 area. For areas not covered by this data, AreaSearch uses the VIC State Government's Regional/LGA projections from 2023, adjusted using a method of weighted aggregation of population growth from LGA to SA2 levels. Growth rates by age group are applied across all areas for years 2032 to 2041. According to these projections, Waterways is expected to experience a population increase just below the median of statistical areas nationally by 2041. The suburb is projected to grow by 194 persons over this period, reflecting a total gain of 7.9%.

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 per year.

Between financial years 2021 (FY-21) and 2025 (FY-25), around eight homes were approved, with none so far in FY-26. Despite population decline, development activity has been adequate relative to recent years, which is positive for buyers. Comparing Waterways to Greater Melbourne, there was significantly less development activity, 88.0% below the regional average per person. This limited new supply generally supports stronger demand and values for established homes, although development activity has increased recently. Nationally, Waterways' level of development is also below average, reflecting its maturity and possible planning constraints.

Recent development comprised entirely detached dwellings, preserving the area's suburban nature and attracting space-seeking buyers at around 1226 people per approval. By 2041, AreaSearch estimates Waterways will grow by 194 residents. If current construction levels persist, housing supply may lag population growth, potentially intensifying buyer competition and underpinning price growth.

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

Changes to local infrastructure significantly impact an area's performance. AreaSearch identified zero projects likely affecting the 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 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 December 2025, 1,430 residents are employed while the unemployment rate is 0.5% lower than Greater Melbourne's rate of 4.8%.

Workforce participation stands at 72.5%, slightly higher than Greater Melbourne's 69.9%. Census responses indicate that 33.7% of residents work from home, potentially influenced by Covid-19 lockdowns. Key industries employing Waterways' residents are health care & social assistance, retail trade, and professional & technical services. The area specializes in wholesale trade, with an employment share nearly twice the regional level (1.9 times).

Conversely, construction employs only 7.7% of local workers, below Greater Melbourne's 9.7%. The predominantly residential area may offer limited local employment opportunities, as suggested by the difference between working population and resident population counts. Between December 2024 and December 2025, labour force levels decreased by 1.1%, with employment declining by 1.7%, leading to a 0.6 percentage point rise in unemployment rate. In contrast, Greater Melbourne saw employment growth of 2.4% and labour force growth of 2.8%, with unemployment rising by 0.3 percentage points. Jobs and Skills Australia's national employment forecasts from May-25 project overall employment growth of 6.6% over five years and 13.7% over ten years, but growth rates vary significantly between industry sectors. Applying these projections to Waterways' employment mix suggests local employment should increase by 6.5% over five years and 13.6% over ten years, though this is a simple extrapolation for illustrative purposes and does not consider localized population projections.

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 and the average is $82,168. This is notably higher than national averages. In comparison, Greater Melbourne has a median of $57,688 and an average of $75,164. Based on Wage Price Index growth since financial year 2023, current estimates for Waterways would be approximately $67,520 (median) and $90,073 (average) as of March 2026. According to the 2021 Census, household incomes in Waterways rank at the 97th percentile with a weekly income of $3,013. The data distribution shows that 32.9% of individuals earn above $4,000 weekly, differing from broader area patterns where the $1,500 - 2,999 range dominates at 32.8%. Notably, 50.7% of residents earn above $3,000 weekly. Housing expenses account for 13.5% of income, and strong earnings place residents in 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' dwellings, as per the latest Census, consisted of 87.9% houses and 12.1% other dwellings (semi-detached, apartments, 'other'). Compared to Melbourne metro's 67.9% houses and 32.1% other dwellings. Home ownership in Waterways was 30.5%, with mortgaged dwellings at 57.7% and rented at 11.8%. Median monthly mortgage repayments were $2,500, higher than Melbourne metro's average of $2,000. Median weekly rent was $623, compared to Melbourne metro's $390. Nationally, Waterways' mortgage repayments were significantly higher at $1,863 and rents 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 7.5%, comprising 6.5% lone person households and 0.6% group households. The median household size is 3.3 people, which is larger than the Greater Melbourne average of 2.6.

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+ exceeding 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 at 10.9% and certificates at 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

Waterways has five operational public transport stops, all serving buses. These stops are covered by four distinct routes, offering a combined total of 694 weekly passenger trips. The accessibility to these stops is deemed good, with residents typically residing 272 meters from the nearest one. As Waterways is predominantly residential, most commuting is outward-bound, with cars being the primary mode of transport at 94%. On average, there are 2.1 vehicles per dwelling, exceeding the regional norm. According to the 2021 Census, a high proportion of residents, 33.7%, work from home, which may be influenced by COVID-19 conditions.

The service frequency across all routes averages 99 trips daily, translating to approximately 138 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

Health outcomes data shows excellent results across Waterways, as per AreaSearch's assessment of mortality rates and chronic condition prevalence, 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 (1,447 people), compared to 56.7% across Greater Melbourne.

The most prevalent medical conditions 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 72.6% across Greater Melbourne. The area has 14.7% of residents aged 65 and over (359 people). Health outcomes among seniors are particularly strong, with national rankings broadly in line with the general population.

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 predominant religion in Waterways, accounting for 44.4% of the population. Buddhism is notably overrepresented, comprising 11.9%, compared to the Greater Melbourne average of 4.2%.

The top three ancestry groups are Other (16.0%), English (15.7%), and Chinese (14.3%), which is significantly higher than the regional average of 6.5%. There are also notable divergences in the representation of Sri Lankan (1.6% vs regional 0.8%), South Australian (1.4% vs regional 0.4%), and Vietnamese (4.5% vs regional 1.9%) ethnic groups.

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. Comparing with Greater Melbourne, Waterways has a notably higher proportion of the 45-54 cohort (18.1% locally vs. 12.0% nationally), but fewer residents aged 25-34 (8.7%). Post-2021 Census, the 75-84 age group grew from 2.7% to 4.2%, and the 55-64 cohort increased from 11.8% to 13.2%. Conversely, the 45-54 cohort decreased from 20.7% to 18.1%, and the 5-14 group dropped from 15.2% to 13.3%. By 2041, Waterways's age profile is projected to change significantly. The 65-74 cohort is expected to grow by 42%, adding 96 residents to reach 326. Residents aged 65 and older will represent 75% of the anticipated growth, while populations in the 0-4 and 15-24 cohorts are projected to decline.