Elwood
Statistical Area - sa2

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 is approximately 16,017 as of November 2025. This figure represents an increase of 1,199 people since the 2021 Census, which reported a population of 14,818. The change was inferred from the estimated resident population of 15,961 in June 2024 and an additional 94 validated new addresses since the Census date. This results in a population density ratio of 6,281 persons per square kilometer, placing Elwood within the top 10% of national locations assessed by AreaSearch. The area's 8.1% growth since the census is within 0.8 percentage points of the national average (8.9%), indicating competitive growth fundamentals. Overseas migration contributed approximately 76.8% of overall population gains during recent periods, driving primary growth in Elwood.

AreaSearch adopted 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 utilized the VIC State Government's Regional/LGA projections from 2023, adjusting using a method of weighted aggregation of population growth from LGA to SA2 levels. Growth rates by age group were applied across all areas for years 2032 to 2041. Future projections anticipate an above median population growth, with Elwood expected to expand by 3,356 persons to 2041 based on the latest population numbers, recording a total gain of 20.6% 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 received approximately 35 dwelling approvals annually over the past five financial years, totalling 176 homes. As of FY26, 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 value of new homes is $618,000, indicating a focus on the premium market segment.

In FY26, $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. This constrained new construction typically reinforces demand and pricing for existing homes. Additionally, Elwood's building activity is below the national average, suggesting an established area with potential planning limitations. New building activity comprises 32.0% detached houses and 68.0% medium to high-density housing, offering affordable entry pathways and attracting downsizers, investors, and first-time purchasers. Interestingly, developers are constructing more traditional houses than the current mix suggests (14.0% at Census), implying strong demand for family homes despite density pressures.

With around 702 people per dwelling approval, Elwood demonstrates a highly mature market. Population forecasts indicate Elwood will gain approximately 3,300 residents by 2041. If current development rates persist, housing supply may not keep pace with population growth, potentially increasing buyer competition and supporting stronger price growth.

Elwood has very high levels of nearby infrastructure activity, ranking in the top 10% nationally

Changes to local infrastructure significantly impact an area's performance. AreaSearch identified 10 projects likely influencing the area. Notable ones are Elwood Foreshore Precinct Masterplan, Tiuna Grove Heritage Precinct, St Kilda Marina Project, and Elwood Main Drain Duplication Project. 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 is 3.9%, lower than Greater Melbourne's 4.6%.

Employment growth over the past year was estimated at 6.3%. As of June 2025, 11,362 residents are employed, with an unemployment rate of 0.7% below Greater Melbourne's. Workforce participation in Elwood is 74.7%, higher than Greater Melbourne's 64.1%. Leading employment industries among residents include professional & technical, health care & social assistance, and education & training.

The area shows strong specialization in professional & technical services, with an employment share of 1.6 times the regional level, but lower representation in manufacturing at 4.0% compared to the regional average of 7.2%. Over the 12 months to June 2025, employment increased by 6.3%, while labour force increased by 7.0%, resulting in an unemployment rise of 0.7 percentage points. In comparison, Greater Melbourne recorded employment growth of 3.5% and an unemployment rise of 0.5 percentage points. Jobs and Skills Australia's national employment forecasts from May 2025 suggest that Elwood's employment could grow by approximately 7.2% over five years and 14.5% over ten years, based on a simple weighting extrapolation of industry-specific projections against the local employment mix.

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 released for financial year 2022 shows Elwood's median income among taxpayers is $72,472. The average income in the suburb was $108,247 during this period. 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, current estimates for Elwood would be approximately $81,285 (median) and $121,410 (average) as of September 2025. Census 2021 income data shows individual earnings in Elwood stand out at the 96th percentile nationally with a weekly income of $1,363. Income analysis reveals that the largest segment comprises 32.3% earning between $1,500 and $2,999 weekly, with 5,173 residents falling into this bracket. This mirrors the metropolitan region where 32.8% occupy this income bracket. A substantial proportion of high earners (33.4%) in Elwood have incomes above $3,000 per week, indicating strong economic capacity throughout the suburb. Despite high housing costs consuming 17.1% of income, strong earnings place disposable income at the 70th 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

The latest Census evaluated Elwood's dwelling structure as 14.3% houses and 85.7% other dwellings (semi-detached, apartments, 'other' dwellings), compared to Melbourne metro's 8.7% houses and 91.3% other dwellings. Home ownership in Elwood was 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 $2,170. Median weekly rent in Elwood was $415, slightly above Melbourne metro's $420. Nationally, Elwood's mortgage repayments were significantly higher at $2,300 compared to the Australian average of $1,863, while rents 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 account for 49.2% of all households, including 17.9% that are couples with children, 23.6% that are couples without children, and 6.6% that consist of single parents. Non-family households make up 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 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

Educational attainment in Elwood is significantly higher than broader benchmarks. As of the latest data, 57.3% of residents aged 15 and above hold university qualifications, compared to 30.4% nationally and 33.4% in Victoria. This educational 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 among those aged 15 and above, with advanced diplomas making up 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. As of the 20XX census, Elwood's four schools had a combined enrollment of 1,766 students. The area demonstrates significant socio-educational advantages and academic achievement, with an ICSEA score of 1121. The educational mix includes two primary schools, one secondary school, and one K-12 school.

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 a mix of light rail and buses. These stops are served by 8 different routes, collectively offering 3,529 weekly passenger trips. Transport accessibility is rated excellent, with residents typically located 160 meters from the nearest stop.

Service frequency averages 504 trips per day across all routes, 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 shows excellent health outcomes across all age groups, with very low prevalence of common health conditions. Private health cover is exceptionally high at approximately 75% of the total population (11,964 people), compared to the national average of 55.3%.

Mental health issues and asthma are the most common medical conditions in the area, affecting 9.5% and 7.6% of residents respectively. A total of 74.6% of residents declare themselves completely clear of medical ailments, slightly higher than Greater Melbourne's 73.3%. Elwood has a lower proportion of seniors aged 65 and over at 12.8% (2,046 people), compared to Greater Melbourne's 14.3%. Despite this, health outcomes among seniors in Elwood are particularly strong, broadly aligning with the general population's health profile.

Elwood was found to be more culturally diverse than the vast majority of local markets in Australia, upon assessment of a range of language and cultural background related metrics

Elwood's population showed greater linguistic diversity, with 15.4% speaking a language other than English at home, compared to the local majority. Born overseas, 28.1% of Elwood residents were recorded. Christianity was the dominant religion in Elwood, accounting for 30.5%.

Judaism's representation stood out at 3.9%, exceeding Greater Melbourne's 3.7%. The top three parental ancestry groups were English (26.3%), Australian (18.7%), and Irish (11.2%). Notably, Polish (1.9% vs regional 1.5%), French (1.2% vs 1.1%), and Russian (0.9% vs 0.9%) groups had comparable representation in Elwood.

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 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 the present, the population aged 15 to 24 has increased from 8.2% to 10.4%, while the percentage of those aged 5 to 14 has decreased from 8.5% to 7.0%. The proportion of residents aged 35 to 44 has also dropped, from 18.6% to 17.4%. By 2041, Elwood's age composition is expected to change notably. Notably, the group aged 45 to 54 will grow by 41%, reaching a total of 3,360 people from the current figure of 2,386. Conversely, the population aged 0 to 4 is projected to decrease by 49 residents.