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 was around 16,035 as of February 2026. This reflected an increase of 1,217 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 98 validated new addresses since the Census date. This resulted in a population density ratio of 6,288 persons per square kilometer, placing Elwood in the top 10% of national locations assessed by AreaSearch. Elwood's growth rate of 8.2% since the census was within 1.7 percentage points of the national average (9.9%), indicating competitive growth fundamentals. Overseas migration contributed approximately 76.8% of overall population gains during recent periods.

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 used the VIC State Government's Regional/LGA projections released in 2023, adjusted using weighted aggregation from LGA to SA2 levels. Growth rates by age group were applied across all areas for years 2032 to 2041. Future population dynamics projected an above median growth for Elwood, with the area expected to expand by 3,356 persons to 2041 based on the latest annual ERP population numbers, reflecting a total gain of 20.5% 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, eight approvals have been recorded. The population has decreased during this period, suggesting that new supply has kept pace with demand, providing good options for buyers. The average expected construction cost value of new homes is $618,000, indicating developers are targeting 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 consists of 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 building 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 highly mature market.

According to AreaSearch's latest quarterly estimate, Elwood is projected to gain 3,282 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

Ten projects identified by AreaSearch are expected to impact the local area significantly, influencing its performance more than any other factor. These projects include the Elwood Foreshore Precinct Masterplan, St Kilda Marina Project, Elwood Main Drain Duplication Project, and Coles Carlisle Street Precinct Development. The following list details those considered 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 a notable representation in the technology sector. Its unemployment rate was 3.9% as of September 2025, below Greater Melbourne's rate of 4.7%. Employment growth over the past year was estimated at 4.6%.

As of September 2025, 11,140 residents were employed with an unemployment rate of 0.7% below Greater Melbourne's rate. Workforce participation in Elwood was 81.1%, higher than Greater Melbourne's 71.0%. According to Census responses, 50.5% of residents worked from home. Leading employment industries among residents included professional & technical, health care & social assistance, and education & training.

The area showed strong specialization in professional & technical services with an employment share 1.6 times the regional level, but lower representation in manufacturing at 4.0% compared to the regional average of 7.2%. Employment opportunities locally appeared limited based on the count of Census working population versus resident population. Over the 12 months to September 2025, employment increased by 4.6%, labour force by 4.9%, resulting in a rise in unemployment by 0.3 percentage points. Greater Melbourne recorded employment growth of 3.0% and unemployment rising by 0.3 percentage points during the same period. Jobs and Skills Australia's national employment forecasts from May-25 projected national employment to expand by 6.6% over five years and 14.7% over ten years. Applying these projections to Elwood's employment mix suggested local employment should increase by 7.2% over five years and 14.5% over ten years, based on a simple weighting extrapolation for illustrative purposes.

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 2023 shows Elwood SA2 had a median income among taxpayers of $73,958 and an average of $104,213. Nationally, these figures are exceptionally high compared to Greater Melbourne's median of $57,688 and average of $75,164. Based on Wage Price Index growth of 8.25% since financial year 2023, estimated incomes as of September 2025 would be approximately $80,060 (median) and $112,811 (average). Census 2021 income data indicates individual earnings in Elwood stand out at the 96th percentile nationally with weekly earnings of $1,363. Income analysis reveals that 32.3% of residents earn between $1,500 and $2,999 weekly (5,179 residents), mirroring the metropolitan region where 32.8% fall into this bracket. A substantial proportion, 33.4%, earn above $3,000 per week, indicating strong economic capacity in the suburb. High housing costs consume 17.1% of income, but strong earnings 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 structures, as per the latest Census, consisted of 14.3% houses and 85.7% other dwellings (semi-detached, apartments, 'other' dwellings). This contrasts with 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, above Melbourne metro's average of $2,000. Median weekly rent in Elwood was $415, higher than Melbourne metro's $390. Nationally, Elwood's mortgage repayments were significantly higher at $2,300 compared to 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 account for 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 constitute the remaining 50.8%, with lone person households at 44.2% and group households making up 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 has a notable educational advantage with 57.3% of residents aged 15+ holding university qualifications, surpassing Australia's 30.4% and Victoria's 33.4%. 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%, with advanced diplomas at 11.4% and certificates at 11.0%. Educational participation is 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

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 facilitating 3018 weekly passenger trips. Transport accessibility is rated excellent, with residents typically located 160 meters from the nearest stop. The area is primarily residential, with most commuters traveling outward. Cars remain the dominant mode of transport 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 be influenced by COVID-19 conditions. Service frequency across all routes averages 431 trips per day, 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

Elwood's health outcomes show excellent results based on AreaSearch's assessment of mortality rates and chronic condition prevalence. The area has a very low prevalence of common health conditions across all age groups. Approximately 73% of Elwood's total population (11,721 people) have private health cover, compared to Greater Melbourne's 56.7%.

Nationally, the average is 55.7%. Mental health issues and asthma are the most common medical conditions in Elwood, affecting 9.5% and 7.6% of residents respectively. A total of 74.6% of residents declare themselves completely clear of medical ailments, compared to Greater Melbourne's 72.6%. Working-age residents show low chronic condition prevalence. Elwood has 13.6% of residents aged 65 and over (2,179 people), lower than Greater Melbourne's 15.1%. 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 cultural diversity was notable, with 15.4% speaking a language other than English at home and 28.1% born overseas. Christianity dominated as the main religion, comprising 30.5%. However, Judaism was overrepresented, making up 3.9%, compared to Greater Melbourne's 1.0%.

The top three ancestry groups were English (26.3%), Australian (18.7%), and Irish (11.2%). Polish, French, and Russian groups showed notable divergences: Polish at 1.9% vs regional 0.8%, French at 1.2% vs regional 0.5%, and Russian at 0.9% vs regional 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 (20.5%) but fewer residents aged 5-14 (6.7%). This concentration of 25-34 year-olds is above the national average of 14.4%. Between the 2021 Census and present, the population aged 15 to 24 has grown from 8.2% to 10.7%, while those aged 65 to 74 increased from 7.0% to 8.5%. Conversely, the percentage of residents aged 5 to 14 has declined from 8.5% to 6.7%, and the 35-44 age group has decreased from 18.6% to 17.1%. By 2041, Elwood's age composition is expected to shift notably. The 45-54 age group is projected to grow by 43%, reaching 3,360 people from the current 2,347. Meanwhile, both the 0-4 and 15-24 age groups are expected to decrease in number.