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 16,012 as of Aug 2025. This reflects an increase of 1,194 people since the 2021 Census, which reported a population of 14,818. The change is inferred from the estimated resident population of 15,961 in Jun 2024 and an additional 91 validated new addresses since the Census date. This level of population equates to a density ratio of 6,279 persons per square kilometer, ranking Elwood in the top 10% nationally by AreaSearch's assessment. Elwood's growth rate of 8.1% since the census is within 0.5 percentage points of the national average (8.6%), indicating competitive growth fundamentals. Overseas migration contributed approximately 76.8% of overall population gains recently.

AreaSearch uses ABS/Geoscience Australia projections for each SA2 area, released in 2024 with a base year of 2022, and VIC State Government's Regional/LGA projections for areas not covered by this data, adjusted employing weighted aggregation from LGA to SA2 levels. Growth rates by age group are applied across all areas for years 2032 to 2041. Based on the latest population numbers, Elwood is projected to grow by 3,356 persons to 2041, recording 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. The Australian Bureau of Statistics reports that from financial year 2021 to 2025, there were a total of 176 approvals, with 3 so far in the current financial year, 2026. Elwood's population has declined recently, suggesting new supply may be meeting demand, offering buyers good choice. The average construction cost value of new homes is $1,548,000, indicating developers target the premium market segment.

In this financial year, commercial approvals totalled $7.8 million, showing limited commercial development focus. Compared to Greater Melbourne, Elwood has significantly lower building activity, 80.0% below the regional average per person, which may reinforce demand and pricing for existing dwellings. This level is also lower than the national average, suggesting market maturity and possible development constraints. New building activity consists of 32.0% detached houses and 68.0% medium to high-density housing, attracting downsizers, investors, and first-time purchasers. However, developers are building more traditional houses than current market share suggests, indicating strong demand for family homes. With around 702 people per dwelling approval, Elwood reflects a mature market.

By 2041, Elwood is projected to grow by 3,305 residents. At current development rates, housing supply may struggle to keep pace with population growth, potentially increasing buyer competition and supporting price increases.

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

Changes to local infrastructure significantly influence an area's performance. AreaSearch has identified ten projects likely impacting the area. Notable ones include: Elwood Foreshore Precinct Masterplan (2018-ongoing), Elwood Main Drain Duplication Project (started 2015, completion expected 2021), Tiuna Grove Heritage Precinct (planned for 2020-2023), and St Kilda Marina Project (commenced 2017, slated for completion in late 2022). Below is a list detailing those most relevant.

Professional plan users can use the search below to filter and access additional projects.

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

Elwood has a highly educated workforce with the technology sector well-represented. Its unemployment rate is 3.9%, lower than Greater Melbourne's 4.6%.

Over the past year, employment grew by an estimated 6.3%. As of June 2025, 11,362 residents are employed, with a workforce participation rate of 74.7%, higher than Greater Melbourne's 64.1%. Leading industries include professional & technical services (strongly specialized), health care & social assistance, and education & training. Manufacturing representation is lower at 4.0% compared to the regional average of 7.2%.

Employment opportunities locally may be limited. From June 2024 to June 2025, employment increased by 6.3%, labour force by 7.0%, leading to an unemployment rate rise of 0.7 percentage points. In comparison, Greater Melbourne saw employment grow by 3.5% and unemployment rise by 0.5 percentage points. State-level data from Sep-25 shows Victoria's employment grew by 1.08% year-on-year, with a state unemployment rate of 4.7%. National employment forecasts suggest growth of 6.6% over five years and 13.7% over ten years. Applying these projections to Elwood's employment mix indicates potential local growth of approximately 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

AreaSearch's latest postcode level ATO data for financial year 2022 shows Elwood's median income among taxpayers is $72,472. The average income in the suburb is $108,247. This is notably higher than national figures and compares to Greater Melbourne's median of $54,892 and average of $73,761. Based on Wage Price Index growth of 10.11% since financial year 2022, estimated incomes for March 2025 would be approximately $79,799 (median) and $119,191 (average). Census 2021 data reveals individual earnings in Elwood stand out at the 96th percentile nationally, with weekly income of $1,363. Income analysis indicates that the largest segment comprises 32.3% earning between $1,500 and $2,999 weekly (5,171 residents), similar to the metropolitan region where 32.8% fall within this bracket. A substantial proportion of high earners, at 33.4%, indicates strong economic capacity in the suburb. High housing costs consume 17.1% of income, but 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

In Elwood, as assessed at the latest Census, 14.3% of dwellings were houses while 85.7% consisted of other types such as semi-detached homes and apartments. This contrasts with Melbourne metropolitan area's figures of 8.7% houses and 91.3% other dwellings. Home ownership in Elwood stood at 21.2%, similar to Melbourne metro, with mortgaged properties at 26.7% and rented dwellings at 52.1%. The median monthly mortgage repayment in Elwood was $2,300, exceeding the Melbourne metro average of $2,170. The median weekly rent in Elwood was recorded as $415, slightly higher than Melbourne metro's $420. Nationally, Elwood's median monthly mortgage repayments were significantly higher at $2,300 compared to Australia's 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 fairly typical median household size

Family households account for 49.2% of all households, consisting of 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%. The median household size is 1.9 people, which matches 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 data from 2016, 57.3% of residents aged 15 years and over have university qualifications, compared to the national average of 30.4% and the Victorian average of 33.4%. This gives Elwood a substantial educational advantage. Bachelor degrees are the 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 years and over, with advanced diplomas making up 11.4% and certificates 11.0%. Educational participation is high, with 26.9% of residents currently enrolled in formal education as of the same year. This includes 8.0% in tertiary education, 7.0% in primary education, and 5.6% pursuing secondary education. Elwood's four schools have a combined enrollment reaching 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

The public transport analysis indicates that Elwood has 44 active transport stops in operation. These comprise a mix of light rail and bus services, with 8 individual routes serving the area. The collective weekly passenger trips facilitated by these routes total 3,529.

Residents enjoy excellent transport accessibility, with an average distance of 160 meters to the nearest stop. The service frequency across all routes averages 504 trips per day, which equates 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's health outcomes data shows excellent results, with very low prevalence of common health conditions across all age groups. The private health cover rate is exceptionally high at approximately 75% of the total population (11,960 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 significant majority, 74.6%, report being completely clear of medical ailments, slightly higher than Greater Melbourne's 73.3%. Elwood has a lower percentage of seniors aged 65 and over at 12.8% (2,046 people) compared to Greater Melbourne's 14.3%. The health outcomes among seniors in Elwood are particularly strong, 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 cultural diversity was notable, with 15.4% of its residents speaking a language other than English at home and 28.1% born overseas. Christianity was the dominant religion in Elwood, accounting for 30.5% of the population. However, Judaism was slightly overrepresented compared to Greater Melbourne, comprising 3.9% versus 3.7%.

The top three ancestral groups were English (26.3%), Australian (18.7%), and Irish (11.2%). Some ethnic groups showed notable differences: Polish residents made up 1.9% of Elwood's population compared to 1.5% regionally, French residents accounted for 1.2% versus 1.1%, and Russian residents were 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 proportion 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%. According to the 2021 Census, Elwood's population has seen changes in age distribution since then. The proportion of residents aged 15-24 has grown from 8.2% to 10.4%, while the proportions for those aged 5-14 and 35-44 have decreased to 7.0% and 17.4% respectively, down from 8.5% and 18.6%. By the year 2041, Elwood's age composition is expected to shift notably. The 45-54 age group is projected to grow by 41%, adding 974 people to reach a total of 3,360 from the previous count of 2,385. Meanwhile, the 0-4 age group is expected to decrease by 49 residents.