Elwood

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

Elwood's population, as of November 2025, is approximately 16,017. This figure represents an increase of 1,199 people since the 2021 Census, which recorded a population of 14,818. The increase is inferred from the estimated resident population of 15,961 in June 2024 and the addition of 94 validated new addresses post-census. This results in a population density of 6,281 persons per square kilometer, placing Elwood within the top 10% of locations assessed by AreaSearch. The area's 8.1% growth since the census is close to the national average of 8.9%, indicating competitive growth fundamentals. Overseas migration contributed approximately 76.8% of Elwood's population gains in recent periods.

AreaSearch uses projections released by ABS/Geoscience Australia for each SA2 area in 2024, with a base year of 2022. For areas not covered by this data, AreaSearch employs the VIC State Government's Regional/LGA projections from 2023, adjusted using a weighted aggregation method from LGA to SA2 levels. Growth rates by age group are applied across all areas for years 2032 to 2041. Based on these projections, Elwood is expected to experience above median population growth nationally, with an anticipated increase of 3,356 persons by 2041, reflecting a total gain of 20.6% over the 17-year period.

AreaSearch assessment of residential development drivers sees a low level of activity in Elwood, placing the area among the bottom 25% of areas assessed nationally

Elwood has received approximately 35 dwelling approvals annually over the past five financial years, totalling 176 homes. In FY2026 so far, seven approvals have been recorded. The population decline during this period suggests that new supply has likely kept pace with demand, providing good options for buyers. The average construction cost of new homes is $618,000, indicating developers target the premium market segment.

This financial year, $7.8 million in commercial approvals have been registered, reflecting Elwood's primarily residential nature. Compared to Greater Melbourne, Elwood has significantly lower building activity, 80.0% below the regional average per person, which typically reinforces demand and pricing for existing homes. This activity is also below the national average, suggesting the area's established nature and potential planning limitations. New building activity comprises 32.0% detached houses and 68.0% medium to high-density housing, attracting downsizers, investors, and first-time purchasers due to affordable entry pathways. Interestingly, developers are constructing more traditional houses than the current mix suggests (14.0% at Census), indicating strong demand for family homes despite density pressures. Elwood has around 702 people per dwelling approval, reflecting a highly mature market.

Population forecasts estimate Elwood will gain approximately 3,300 residents by 2041. If current development rates continue, housing supply may not keep pace with population growth, potentially increasing competition among buyers and supporting stronger price growth.

Elwood has strong levels of nearby infrastructure activity, ranking in the top 30% nationally

Changes to local infrastructure significantly influence an area's performance. AreaSearch has identified ten projects likely impacting the area. Key projects include Elwood Foreshore Precinct Masterplan, St Kilda Marina Project, Elwood Main Drain Duplication Project, and Coles Carlisle Street Precinct Development. 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.

AreaSearch assessment positions Elwood ahead of most Australian regions for employment performance

Elwood has a highly educated workforce with significant representation in the technology sector. The unemployment rate is 3.9%, lower than Greater Melbourne's 4.7%.

Over the past year, employment grew by an estimated 4.6%. As of September 2025, 11,140 residents are employed, with a local unemployment rate of 3.2% compared to Greater Melbourne's 4.7%. Key industries include professional & technical services (1.6 times the regional average), health care & social assistance, and education & training. However, manufacturing shows lower representation at 4.0%, versus the regional average of 7.2%.

The area appears to offer limited local employment opportunities based on Census data. Between September 2024 and September 2025, employment increased by 4.6% while labour force grew by 4.9%, resulting in a slight rise in unemployment (0.3 percentage points). In comparison, Greater Melbourne recorded employment growth of 3.0%. Statewide, Victoria's employment grew by 1.13% year-on-year to November 25, adding 41,950 jobs, with an unemployment rate of 4.7%, slightly higher than the national rate of 4.3%. National employment forecasts from May-25 suggest a 6.6% increase over five years and 13.7% over ten years. Applying these projections to Elwood's industry mix indicates potential local employment growth of 7.2% over five years and 14.5% over ten years, though this is a simplified extrapolation for illustrative purposes only.

Income metrics indicate excellent economic conditions, with the area achieving higher performance than 75% of national locations assessed by AreaSearch

As per AreaSearch's latest postcode level ATO data released for financial year 2022, Elwood SA2 had a median income among taxpayers of $72,472 and an average income of $108,247. Nationally, these figures are exceptionally 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, estimated incomes for September 2025 would be approximately $81,285 (median) and $121,410 (average). According to Census 2021 income data, individual earnings in Elwood stand out at the 96th percentile nationally with $1,363 weekly. Income analysis shows that the largest segment comprises 32.3% earning between $1,500 and $2,999 weekly, with a total of 5,173 residents falling into this bracket, similar to the metropolitan region where 32.8% occupy this bracket. A substantial proportion, 33.4%, earn above $3,000 weekly, indicating strong economic capacity throughout the suburb. High housing costs consume 17.1% of income, but with strong earnings disposable income still ranks at the 69th percentile nationally. The area's SEIFA income ranking places it in the 9th decile.

Elwood features a more urban dwelling mix with significant apartment living, with ownership patterns similar to the broader region

Elwood's dwelling structure, as per the latest Census evaluation, comprised 14.3% houses and 85.7% other dwellings (semi-detached, apartments, 'other' dwellings). This compares to Melbourne metro's 8.7% houses and 91.3% other dwellings. Home ownership in Elwood was at 21.2%, aligning with Melbourne metro's figure. Dwellings were either mortgaged (26.7%) or rented (52.1%). The median monthly mortgage repayment was $2,300, higher than Melbourne metro's average of $2,170. Median weekly rent in Elwood was $415, compared to Melbourne metro's $420. Nationally, Elwood's mortgage repayments were significantly higher at $2,300 versus Australia's average of $1,863. Rents in Elwood were substantially above the national figure of $375.

Elwood features high concentrations of lone person households and group households, with a fairly typical median household size

Family households constitute 49.2% of all households, including 17.9% composed of couples with children, 23.6% consisting of couples without children, and 6.6% made up of single parent families. Non-family households account for the remaining 50.8%, with lone person households representing 44.2% and group households comprising 6.7%. The median household size is 1.9 people, which aligns with the Greater Melbourne average.

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

Elwood's educational attainment is notably higher than national averages. Among residents aged 15 and above, 57.3% hold university qualifications, compared to Australia's 30.4% and Victoria's 33.4%. This high level of educational attainment positions the area favourably for knowledge-based opportunities. Bachelor degrees are the most prevalent at 37.1%, followed by postgraduate qualifications (15.1%) and graduate diplomas (5.1%).

Vocational pathways account for 22.4% of qualifications, with advanced diplomas making up 11.4% and certificates 11.0%. Educational participation is significantly high in Elwood, with 26.9% of residents currently enrolled in formal education. This includes 8.0% in tertiary education, 7.0% in primary education, and 5.6% pursuing secondary education.

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

Elwood has 44 active public transport stops operating within its boundaries. These are a mix of light rail and bus services. Eight unique routes serve these stops, collectively facilitating 3,529 weekly passenger trips.

The accessibility of transport in Elwood is rated as excellent, with residents typically located just 160 meters from the nearest stop. Across all routes, service frequency averages 504 trips per day, equating to approximately 80 weekly trips per individual stop.

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

Elwood exhibits exceptional health outcomes across all age groups, with a very low prevalence of common health conditions. Private health cover stands at approximately 75% of Elwood's total population (11,964 people), significantly higher than the national average of 55.3%.

Mental health issues and asthma are the most prevalent medical conditions in the area, affecting 9.5 and 7.6% of residents respectively. A substantial majority, 74.6%, report being completely free from medical ailments, compared to 73.3% across Greater Melbourne. Elwood has a lower proportion of seniors aged 65 and over at 12.8% (2,046 people), compared to the 14.3% in Greater Melbourne. Notably, health outcomes among seniors in Elwood align closely with those of the general population.

The level of cultural diversity witnessed in Elwood was found to be slightly above average when compared nationally for a number of language and cultural background related metrics

Elwood's population showed significant cultural diversity, with 15.4% speaking a language other than English at home and 28.1% born overseas. Christianity was the dominant religion in Elwood, comprising 30.5% of its population. Notably, Judaism was slightly overrepresented compared to Greater Melbourne, making up 3.9% of Elwood's population versus 3.7%.

The top three ancestry groups were English at 26.3%, Australian at 18.7%, and Irish at 11.2%. Some ethnic groups showed notable differences: Polish was overrepresented at 1.9% compared to the regional average of 1.5%, French was slightly higher at 1.2% versus 1.1%, and Russian remained steady at 0.9%.

Elwood's population is slightly younger than the national pattern

The median age in Elwood is close to Greater Melbourne's average of 37 years and equivalent to Australia's median age of 38 years. Compared to Greater Melbourne, Elwood has a higher percentage of residents aged 25-34 (21.1%) but fewer residents aged 5-14 (7.0%). This concentration of 25-34 year-olds is significantly higher than the national average of 14.5%. Between the 2021 Census and present, the population aged 15 to 24 has increased from 8.2% to 10.4%, while the 5 to 14 age group has declined from 8.5% to 7.0% and the 35 to 44 age group has decreased from 18.6% to 17.4%. By the year 2041, Elwood's population is expected to experience notable demographic shifts. The 45-54 age group is projected to grow by 41%, adding 973 people and reaching a total of 3,360 from its previous count of 2,386. Meanwhile, the 0-4 age group is forecasted to decrease by 49 residents.