Cowes
A 51.7% dwelling vacancy rate is the first thing that explains Cowes, because most of its housing sits empty for much of the year as holiday homes on Phillip Island. The median age of 55 runs 15.0 years above the national figure, the widest age gap of almost any Victorian suburb, reflecting a base of retirees and weekenders rather than working families. Household income sits in just the 13.8th percentile nationally, yet the median house price reached $920,000 in mid-2024, a disconnect driven by out-of-town buyers rather than local wages. The stock is 83.7% separate houses across a 20.86 km2 footprint, and tourism anchors the economy with Healthcare at 17.3% and Hospitality at 11.6% of jobs.
Population
6,593
Median Age
55.0
Household IncomeiMedian weekly household income (ABS Census)
$1,026/wk
DAs (12 months)iDevelopment Applications lodged in the past year
15
Median House
$920K
Apr-Jun 2024
The $920,000 median (Apr-Jun 2024) sits 2.1% below the $940,000 peak of late 2023, so buyers are entering after a small pullback rather than at the top. Stock strongly favours houses: 83.7% are separate dwellings and only 4.1% are apartments, so apartment hunters have almost no supply. Three-bedroom homes dominate at 44.4% and 4-plus bedroom homes reach 34.8%, suiting families and downsizers more than first-home buyers. Average monthly mortgage repayments of $1,550 look modest, but against the 13.8th-percentile local incomes the mortgage-to-income ratio hits 34.9%, above the 30% stress threshold. That gap means most purchasing power comes from mainland buyers and equity-rich downsizers rather than wage-earners living locally.
For Buyers
The $920,000 median (Apr-Jun 2024) sits 2.1% below the $940,000 peak of late 2023, so buyers are entering after a small pullback rather than at the top. Stock strongly favours houses: 83.7% are separate dwellings and only 4.1% are apartments, so apartment hunters have almost no supply. Three-bedroom homes dominate at 44.4% and 4-plus bedroom homes reach 34.8%, suiting families and downsizers more than first-home buyers. Average monthly mortgage repayments of $1,550 look modest, but against the 13.8th-percentile local incomes the mortgage-to-income ratio hits 34.9%, above the 30% stress threshold. That gap means most purchasing power comes from mainland buyers and equity-rich downsizers rather than wage-earners living locally.
For Investors
Cowes is a landlord's puzzle. Renters make up 27.9% of households and weekly rent averages $331, the lowest tier of returns, while the 51.7% vacancy rate signals that more than half of dwellings are holiday homes left empty, not a deep permanent-tenant pool. Against the $920,000 median, that rent implies a gross yield near 1.9%, below most regional Victorian markets. Development is thin at 9 applications in 12 months, mostly small subdivisions of one or two lots rather than new dwelling supply, so stock will stay tight. With participation at 39.0% and 2,738 residents not in the labour force, the rental case leans on short-stay tourism demand over long-term lease yield, which carries seasonality risk that a standard buy-to-rent model understates.
Development Activity
Total DAs
46
Last 12 Months
15
YoY ChangeiYear-over-year change in DA lodgements
+25.0%
Avg DA CostiAverage estimated cost per DA in the past year
N/A
Monthly DA Lodgements
DA Categories
Schools in Cowes iICSEA: school advantage index. 1000 = national avg, higher = more advantaged
Cowes Primary School
Prep-6 · 523 students
Our Lady Star of the Sea Catholic Primary School
Prep-6 · 110 students
Demographics
The median age of 55 is 15.0 years above national, the defining demographic fact, with 2,738 residents not in the labour force against a participation rate of just 39.0%. University qualifications reach 21.7%, which is 8.4 points below the national figure, consistent with a trades and service workforce rather than a professional one. Overseas-born residents sit at 21.4%, almost exactly the national level at 0.2 points below. Ancestry is heavily Anglo-leaning, led by English (2,868), Scottish (794) and Irish (781), and the largest non-English languages are tiny: Punjabi and Italian at 31 speakers each. Couples without children form 43.0% of the 4,554 families, far above the share with children at 1,485, the classic empty-nester and retiree profile that the age data predicts.
Age Distribution
Bedrooms
Dwelling Structure
83.7%
Houses
11.8%
Townhouse
4.1%
Apartment
Tenure
Tenure tilts toward outright ownership: 48.8% own their home outright, well above the 23.3% still paying a mortgage, while 27.9% rent. That outright-owner majority points to retirees and long-held holiday homes rather than recent leveraged buyers. The stock is overwhelmingly detached at 83.7% separate houses, with apartments at only 4.1%, and three-bedroom homes lead at 44.4%. The median climbed from $387,500 in 2013 to $920,000 by mid-2024, a 137.4% rise at a 6.4% compound annual rate over 14 years, though the latest figure is 2.1% below the $940,000 peak. Mortgage-to-income at 34.9% and rent-to-income at 32.3% both clear the 30% stress line, because prices track mainland demand while local household income sits in the 13.8th percentile.
Median House Price Trend
Source: State Valuer-General
Mortgage / mo
$1,550
Rent / wk
$331
HH Size
2.1
Personal Income / wk
$586
Vacancy Ratei% of dwellings unoccupied on Census night (ABS 2021)
51.7%
Unoccupied
2,939
Rent / IncomeiMedian rent as % of household income. Over 30% = housing stress
32.3% stressed
Mortgage / IncomeiMedian mortgage as % of household income. Over 30% = housing stress
34.9% stressed
Community Profile
Languages Spoken at Home
Ancestry
Household Composition
43.0%
Couples, no children
4,554
Total families
Economy & Employment
The job base is built on tourism and care, not knowledge work. Healthcare leads at 17.3% of workers (274), followed by Hospitality at 11.6% (184) and Construction at 11.4% (181), with Education at 9.1% and Retail at 7.8%, a mix that mirrors a holiday-island service economy. By occupation, Professionals (387) narrowly lead Community and Personal Service workers (315) and Managers (313), with Labourers close behind at 300. Unemployment is low at 4.9%, but the full-time employment rate of 52.0% and a 39.0% participation rate are both depressed by the aging base of 2,738 residents not working. SEIFA scores are unavailable for this suburb, so disadvantage cannot be ranked here, but the 13.8th-percentile household income points to a lower-resource working population than the house prices suggest.
Socio-Economic Indexes (SEIFA)iABS index ranking suburbs from 1 (most disadvantaged) to 10 (most advantaged)
Full-time
52.0%
Part-time
43.1%
Participation
39.0%
Employed
2,095
Occupations
Top Industries
University
21.7%
Postgraduate
4.3%
Born Overseas
21.4%
Dwellings
2,735
Transport to Work
Daily life here runs on cars: 83.4% drive to work while public transport carries just 0.3%, the practical reality of an island with no rail link, and 9.4% walk or cycle. The crime rate is 87.8 offences per 1,000 residents, with property and deception offences (252) and crimes against the person (147) the largest categories, elevated partly because a transient holiday population inflates the per-resident rate. No schools are recorded inside the 20.86 km2 boundary in this dataset, so families rely on facilities elsewhere on Phillip Island, a trade-off for the low-density coastal setting at 316 residents per km2. Volunteering runs at 19.0% and 9.0% of residents (555 people) need daily assistance, consistent with the median age of 55, fifteen years above national.
Drive
83.4%
Public Transport
0.3%
Walk / Cycle
9.4%
Work from Home
N/A
Safety & Crime
Total Offences
579
Year ending June 2024
Rate per 1,000 People
87.8
Offence Categories
Source: Crime Statistics Agency Victoria / SA Police
National Ranking iPercentile rank among ~15,000 AU suburbs. 90% = higher than 90% of suburbs
How Cowes compares to ~15,000 Australian suburbs
Frequently Asked Questions
Is Cowes a good suburb to live in?
Cowes suits retirees and downsizers more than working families: the median age is 55, which is 15.0 years above national, and 48.8% of residents own their home outright. Daily life depends on cars, with 83.4% driving and only 0.3% using public transport, and household income sits in the 13.8th percentile nationally.
What is the median house price in Cowes?
The median house price is $920,000 as of the Apr-Jun 2024 quarter, sitting 2.1% below the $940,000 peak of late 2023. Prices rose 137.4% from $387,500 in 2013, a 6.4% compound annual rate over 14 years. Weekly rent averages $331 and monthly mortgage repayments run about $1,550.
What schools are in Cowes?
No schools are recorded inside the 20.86 km2 Cowes boundary in this dataset, so families rely on facilities elsewhere on Phillip Island. The local profile skews older, with a median age of 55, which is 15.0 years above the national figure, and university qualifications at 21.7%.
Is Cowes safe?
Cowes records a crime rate of 87.8 offences per 1,000 residents, with property and deception offences (252) the largest category ahead of crimes against the person (147). The per-resident rate is inflated by a transient holiday population, since more than half of dwellings sit vacant at a 51.7% vacancy rate.
Is Cowes good for property investment?
Rent of $331 a week against the $920,000 median gives a gross yield near 1.9%, below most regional Victorian markets. The 51.7% vacancy rate reflects holiday homes rather than a deep tenant pool, and only 9 development applications were lodged in 12 months, so returns lean on short-stay tourism demand.
How is Cowes's population changing?
Cowes has an aging base, with a median age of 55 that is 15.0 years above national and 2,738 residents not in the labour force against a 39.0% participation rate. Resident turnover is moderate at 26.2%, leaving 73.8% in place, so growth depends on retiree and mainland demand rather than local household formation.
How to read these comparisons
Phrases like "above the national average" reference the unweighted median across Australian suburbs with more than 1,000 residents, not population-weighted national figures. Suburb-level medians are more useful for ranking suburbs against each other; ABS census headlines are population-weighted (so dominated by Sydney and Melbourne) and can read very differently.
Current baseline (refreshed 2026-05-10): median age 40, university-educated 30.1%, born overseas 21.6%, average household size 2.5 people.
Data sources: ABS 2021 Census (demographics, income, tenure), state Valuer-General (house prices), Department of Jobs SALM (unemployment), ACARA (school ICSEA), state Crime Statistics agencies (offences), council DA portals (development applications). Population forecasts use a Hamilton-Perry cohort model calibrated to ABS ERP.
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