Elwood

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

Based on AreaSearch's analysis, Elwood's population is around 16,035 as of Feb 2026. This reflects an increase of 1,217 people (8.2%) since the 2021 Census, which reported a population of 14,818 people. The change is inferred from the estimated resident population of 15,961 from the ABS as of June 2024 and an additional 98 validated new addresses since the Census date. This population level equates to a density ratio of 6,288 persons per square kilometer, which lies in the top 10% of national locations assessed by AreaSearch, making land in the area a highly sought resource. Elwood's 8.2% growth since the census positions it within 1.7 percentage points of the national average (9.9%), demonstrating competitive growth fundamentals. Population growth for the area was primarily driven by overseas migration, which contributed approximately 76.8% 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 utilizing 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. Anticipating future population dynamics, above-median population growth relative to national areas is projected, with the area expected to expand by 3,356 persons by 2041 based on the latest annual ERP population numbers, reflecting a gain of 20.5% in total over the 17 years.

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 experienced around 35 dwellings receiving development approval each year, totalling 176 homes over the past 5 financial years. So far in FY-26, 8 approvals have been recorded. Given population has fallen over the past period, new supply has likely been keeping up with demand, offering good choice to buyers, while new homes are being built at an average value of $618,000, revealing that developers are targeting the premium market segment with higher-end properties. Additionally, $7.8 million in commercial approvals have been registered this financial year, demonstrating the area's primarily residential nature.

Relative to Greater Melbourne, Elwood records markedly lower building activity (80.0% below regional average per person). This constrained new construction usually reinforces demand and pricing for existing homes. This activity is similarly under the national average, indicating the area's established nature and suggesting potential planning limitations. New building activity shows 32.0% detached houses and 68.0% medium and high-density housing. This skew toward compact living offers affordable entry pathways and attracts downsizers, investors, and first-time purchasers. Interestingly, developers are building more traditional houses than the current mix suggests (14.0% at Census), indicating continued strong demand for family homes despite density pressures. With around 702 people per dwelling approval, Elwood reflects a highly mature market.

Population forecasts indicate Elwood will gain 3,282 residents through to 2041 (from the latest AreaSearch quarterly estimate). 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

Nothing can influence an area's performance as much as changes to local infrastructure, major projects, and planning initiatives. In total 10 projects have been identified by AreaSearch that are likely to have an impact on the area. Key projects include the Elwood Foreshore Precinct Masterplan, St Kilda Marina Project, Elwood Main Drain Duplication Project, and Coles Carlisle Street Precinct Development, with the list below detailing those likely to be of most relevance.

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 features a highly educated workforce, with the technology sector a particular standout in terms of representation, an unemployment rate of 4.1%, and 4.1% in estimated employment growth over the past year. As of December 2025, 11,224 residents are in work while the unemployment rate is 0.6% below Greater Melbourne's rate of 4.8%, and workforce participation is well beyond standard (81.9% compared to Greater Melbourne's 71.3%). Based on Census responses, a high 50.5% of residents were found to work from home, though Covid-19 lockdown impacts should be considered.

Leading employment industries among residents comprise professional & technical, health care & social assistance, and education & training. The area shows particularly strong specialization in professional & technical, with an employment share of 1.6 times the regional level. Conversely, manufacturing shows lower representation at 4.0% versus the regional average of 7.2%. The predominantly residential area appears to offer limited employment opportunities locally, as indicated by the count of Census working population vs resident population.

Based on AreaSearch analysis of SALM and ABS data, over the 12 months to December 2025, employment increased by 4.1% while labour force increased by 4.6%, resulting in unemployment rising by 0.4 percentage points. By comparison, Greater Melbourne recorded employment growth of 2.4%, labour force growth of 2.8%, with unemployment rising 0.3 percentage points. Jobs and Skills Australia's national employment forecasts from May-25 can offer further insight into potential future demand within Elwood. These projections, covering five and ten-year periods, have been mapped against the local employment profile to estimate growth patterns. While national employment is forecast to expand by 6.6% over five years and 13.7% over ten years, growth rates differ significantly between industry sectors. Applying these industry-specific projections to Elwood's employment mix suggests local employment should increase by 7.2% over five years and 14.5% over ten years (please note this is a simple weighting extrapolation for illustrative purposes and does not take into account localised population projections).

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 FY-23, the Elwood SA2's median income among taxpayers is $73,958, with an average of $104,213. This is exceptionally high nationally, and compares to Greater Melbourne's median of $57,688 and average of $75,164. Based on Wage Price Index growth of 8.25% since FY-23, current estimates would be approximately $80,060 (median) and $112,811 (average) as of September 2025. Census 2021 income data shows individual earnings stand out at the 96th percentile nationally ($1,363 weekly). Income analysis reveals the largest segment comprises 32.3% earning $1,500 - 2,999 weekly (5,179 residents), mirroring the metropolitan region where 32.8% occupy this bracket. The substantial proportion of high earners (33.4% above $3,000/week) indicates strong economic capacity throughout this suburb. High housing costs consume 17.1% of income, though strong earnings still place disposable income at the 69th percentile and the area's SEIFA income ranking places it in the 9th decile.

Elwood features a more urban dwelling mix with significant apartment living, with a higher proportion of rental properties than the broader region

Dwelling structure within Elwood, as evaluated at the latest Census, comprised 14.3% houses and 85.7% other dwellings (semi-detached, apartments, 'other' dwellings), in comparison to Melbourne metro's 67.9% houses and 32.1% other dwellings. Meanwhile, the level of home ownership within Elwood was lagging that of Melbourne metro, at 21.2%, with the remainder of dwellings either mortgaged (26.7%) or rented (52.1%). The median monthly mortgage repayment in the area was well above the Melbourne metro average at $2,300, while the median weekly rent figure was recorded at $415, compared to Melbourne metro's $2,000 and $390. Nationally, Elwood's mortgage repayments are significantly higher than the Australian average of $1,863, while rents are substantially above the national figure of $375.

Elwood features high concentrations of lone person households and group households, with a lower-than-average median household size

Family households dominate at 49.2% of all households, comprising 17.9% couples with children, 23.6% couples without children, and 6.6% single parent families. Non-family households make up the remaining 50.8%, with lone person households at 44.2% and group households comprising 6.7% of the total. The median household size of 1.9 people is smaller than the Greater Melbourne average of 2.6.

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

Educational attainment in Elwood significantly surpasses broader benchmarks, with 57.3% of residents aged 15+ holding university qualifications compared to 30.4% in Australia and 33.4% in VIC. This substantial educational advantage positions the area strongly for knowledge-based opportunities. Bachelor degrees lead at 37.1%, followed by postgraduate qualifications (15.1%) and graduate diplomas (5.1%). Vocational pathways account for 22.4% of qualifications among those aged 15+ – advanced diplomas (11.4%) and certificates (11.0%).

Educational participation is notably high, 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

Public transport analysis reveals 43 active transport stops operating within Elwood, comprising a mix of light rail and buses. These stops are serviced by 8 individual routes, collectively providing 3,018 weekly passenger trips. Transport accessibility is rated as excellent, with residents typically located 160 meters from the nearest transport stop. As a primarily residential area, most residents commute outward; the car remains the dominant mode at 71%, with 8% by train and 6% walking. Vehicle ownership averages 0.7 per dwelling, which is below the regional average. A high 50.5% of residents work from home (2021 Census; may reflect COVID-19 conditions).

Service frequency averages 431 trips per day across all routes, equating to approximately 70 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

Health outcomes data demonstrates outstanding results across Elwood, based on AreaSearch's assessment of mortality rates and chronic condition prevalence. There is a very low prevalence of common health conditions across all age groups, and the rate of private health cover is exceptionally high at approximately 73% of the total population (11,721 people). This compares to 56.7% across Greater Melbourne and a national average of 55.7%.

The most common medical conditions in the area are mental health issues and asthma, impacting 9.5 and 7.6% of residents, respectively, while 74.6% declared themselves as completely clear of medical ailments compared to 72.6% across Greater Melbourne. Working-age residents are notably healthy with low chronic condition prevalence. The area has 13.6% of residents aged 65 and over (2,179 people), which is lower than the 15.1% in Greater Melbourne. Health outcomes among seniors are particularly strong, with national rankings broadly in line with 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 is more culturally diverse than the vast majority of local markets, with 15.4% of its population speaking a language other than English at home and 28.1% born overseas. The main religion in Elwood is Christianity, which makes up 30.5% of the population. However, the most apparent overrepresentation is in Judaism, which comprises 3.9% of the population, compared to 1.0% across Greater Melbourne.

In terms of ancestry (country of birth of parents), the top three represented groups in Elwood are English, comprising 26.3% of the population, which is substantially higher than the regional average of 20.1%, Australian, comprising 18.7% of the population, and Irish, comprising 11.2% of the population. Additionally, there are notable divergences in the representation of certain other ethnic groups: Polish is notably overrepresented at 1.9% of Elwood (vs 0.8% regionally), French at 1.2% (vs 0.5%), and Russian at 0.9% (vs 0.4%).

Elwood's population is slightly younger than the national pattern

The 38-year median age in Elwood is close to Greater Melbourne's average of 37 and equivalent to the Australian median of 38. Relative to Greater Melbourne, Elwood has a higher concentration of 25 - 34 residents (20.5%) but fewer 5 - 14 year-olds (6.7%). This 25 - 34 concentration is well above the national 14.4%. Since the 2021 Census, the 15 to 24 age group has grown from 8.2% to 10.7% of the population, while the 65 to 74 cohort increased from 7.0% to 8.5%. Conversely, the 5 to 14 cohort has declined from 8.5% to 6.7% and the 35 to 44 group dropped from 18.6% to 17.1%. By 2041, Elwood is expected to see notable shifts in its age composition. Leading the demographic shift, the 45 to 54 group will grow by 43% (1,012 people), reaching 3,360 from 2,347. Meanwhile, both 0 to 4 and 15 to 24 age groups will see reduced numbers.