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 May 2026, is approximately 16,057. This figure represents an increase of 1,239 people since the 2021 Census, which recorded a population of 14,818. The growth is inferred from ABS estimates; Elwood's population was 16,056 in June 2025, with 96 new addresses validated since the Census date. This results in a population density of 6,296 persons per square kilometer, placing Elwood in the top 10% of locations assessed by AreaSearch. Between May 2026 and March 2021, Elwood's population grew by 8.4%, compared to Victoria's growth rate of 9.3%. Overseas migration contributed approximately 80.4% of this growth.

AreaSearch uses ABS/Geoscience Australia projections for each SA2 area, released 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 weighted aggregation methods to SA2 levels. Growth rates by age group are applied across all areas for years 2032 to 2041. By 2041, Elwood is projected to have an above median population growth based on the latest annual ERP numbers. The area is expected to expand by 3,217 persons over this period, reflecting a total gain of 20.0%.

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, totaling 176 homes. In FY26, up to June, 11 approvals have been recorded. The population decline during this period suggests new supply has kept pace with demand, offering diverse housing choices 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 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. With around 702 people per dwelling approval, Elwood reflects a mature market.

Population forecasts estimate Elwood will gain 3,216 residents by 2041. If current development rates continue, housing supply may not meet 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 impact an area's performance. AreaSearch identified ten projects likely affecting the region. Notable ones are Elwood Main Drain Duplication Project, Elwood Foreshore Precinct Masterplan, Coles Carlisle Street Precinct Development, and Tiuna Grove Heritage Precinct. 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 notable representation in the technology sector. Its unemployment rate was 4.1% as of December 2025, which is 0.6% lower than Greater Melbourne's rate of 4.8%. The employment growth over the past year was estimated at 4.1%.

Residents' participation in the workforce is high at 81.5%, compared to Greater Melbourne's 69.9%. According to Census responses, a significant portion (50.5%) of residents work from home, though this may be influenced by Covid-19 lockdown impacts. The leading employment industries among Elwood residents are professional & technical, health care & social assistance, and education & training. Notably, the area has a strong specialization in professional & technical services with an employment share 1.6 times the regional level.

Conversely, manufacturing shows lower representation at 4.0% compared to the regional average of 7.2%. Over the year ending December 2025, employment increased by 4.1%, while labour force grew by 4.6%, leading to a slight rise in unemployment rate by 0.4 percentage points. In comparison, Greater Melbourne recorded employment growth of 2.4% and unemployment rose by 0.3 percentage points during the same period. Jobs and Skills Australia's national employment forecasts from May-25 project an expansion of 6.6% over five years and 13.7% over ten years nationally. Applying these projections to Elwood's employment mix suggests local employment should increase by 7.2% over five years and 14.5% over ten years, though these are simple extrapolations for illustrative purposes and do not account for localized population projections.

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

The latest postcode level ATO data for Elwood SA2, released for the financial year 2023, indicates a median income among taxpayers of $73,958 and an average income of $104,213. Nationally, these figures are exceptionally high. In comparison, Greater Melbourne has a median income of $57,688 and an average income of $75,164. Based on Wage Price Index growth since financial year 2023, current estimates for Elwood SA2 would be approximately $81,073 (median) and $114,238 (average) as of March 2026. According to Census 2021 income data, individual earnings in Elwood SA2 stand out at the 96th percentile nationally, with a weekly earning of $1,363. Income analysis reveals that the largest segment comprises 32.3% of residents earning between $1,500 and $2,999 weekly, which is similar to the metropolitan region where 32.8% fall into this bracket. A substantial proportion of high earners (33.4%) in Elwood SA2 have incomes above $3,000 per week, indicating strong economic capacity throughout the suburb. High housing costs consume 17.1% of income, but strong earnings still place disposable income 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 a higher proportion of rental properties than the broader region

Elwood's dwelling structure, as per the latest Census, consisted of 14.3% houses and 85.7% other dwellings (semi-detached, apartments, 'other' dwellings). This compares to Melbourne metro's figures of 67.9% houses and 32.1% other dwellings. Home ownership in Elwood stood at 21.2%, with mortgaged dwellings at 26.7% and rented ones at 52.1%. The median monthly mortgage repayment was $2,300, higher than Melbourne metro's average of $2,000. The median weekly rent in Elwood was $415, compared to Melbourne metro's $390. Nationally, Elwood's mortgage repayments were significantly higher at $2,300 versus the Australian average of $1,863, and rents were 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 constitute 49.2% of all households, including 17.9% couples with children, 23.6% couples without children, and 6.6% single parent families. Non-family households account for the remaining 50.8%, with lone person households at 44.2% and group households comprising 6.7%. The median household size is 1.9 people, which 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

Elwood's educational attainment exceeds national averages significantly. Among residents aged 15+, 57.3% hold university qualifications, compared to Australia's 30.4% and Victoria's 33.4%. This advantage is reflected in the types of qualifications held: bachelor degrees are most common 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 at 11.4% and certificates at 11.0%.

Educational participation is high, with 26.9% currently enrolled in formal education, including 8.0% in tertiary, 7.0% in primary, and 5.6% in secondary education.

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

Elwood has 43 active public transport stops, offering a mix of light rail and bus services. These stops are served by 8 different routes, collectively providing 3018 weekly passenger trips. Transport accessibility is rated excellent, with residents typically located 160 meters from the nearest stop. Most residents commute outward, with car being the dominant mode at 71%, followed by train at 8% and walking at 6%. Vehicle ownership averages 0.7 per dwelling, below the regional average. According to the 2021 Census, 50.5% of residents work from home, which may reflect COVID-19 conditions.

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

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

Elwood's health outcomes show excellent results based on AreaSearch's assessment of mortality rates and chronic condition prevalence, with very low prevalence across all age groups. The rate of private health cover is exceptionally high at approximately 73% of the total population (11,737 people), compared to 56.7% in Greater Melbourne and 55.7% nationally. Mental health issues and asthma were found to be the most common medical conditions, affecting 9.5 and 7.6% of residents respectively, while 74.6% declared themselves completely clear of medical ailments, compared to 72.6% in Greater Melbourne.

Working-age residents have low chronic condition prevalence. The area has 13.2% of residents aged 65 and over (2,113 people), lower than the 15.0% 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's population showed higher cultural diversity than most local markets, with 15.4% speaking a language other than English at home and 28.1% born overseas. Christianity was the predominant religion in Elwood, accounting for 30.5% of its residents. However, Judaism stood out as overrepresented, comprising 3.9% compared to Greater Melbourne's 1.0%.

Regarding ancestry, the top groups were English (26.3%, above regional average of 20.1%), Australian (18.7%), and Irish (11.2%). Notably, Polish was overrepresented at 1.9% versus 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 median age in Elwood is 38 years, close to Greater Melbourne's average of 37 and equivalent to Australia's median of 38. Compared to Greater Melbourne, Elwood has a higher percentage of residents aged 25-34 (21.5%) but fewer residents aged 5-14 (6.6%). This concentration of 25-34 year-olds is significantly higher than the national average of 14.6%. Between the 2021 Census and present, the population of those aged 15 to 24 has grown from 8.2% to 10.7%, while the 65 to 74 age group increased from 7.0% to 8.1%. Conversely, the percentage of residents aged 5 to 14 has declined from 8.5% to 6.6%, and the 45 to 54 age group has dropped from 15.9% to 14.2%. By 2041, Elwood's age composition is expected to change notably. The 45 to 54 age group is projected to grow by 43%, reaching 3,265 people from the current 2,278. Meanwhile, both the 0 to 4 and 15 to 24 age groups are expected to decrease in number.