Waterways
With household income at the 97.2nd percentile nationally and a median house price of $1,573,500, Waterways punches at the top end of Melbourne's south-east corridor despite a population of just 2,422 spread across 1.69 sq km. The suburb scores decile 9 on both IRSD and IRSAD, placing it among Australia's least disadvantaged areas. University qualifications reach 53.7%, which is 23.6 points above the national figure, and 44.7% of residents were born overseas, 23.1 points above national, a pattern consistent with affluent, professional migrant families choosing the estate for its waterfront setting.
Population
2,422
Median Age
41.0
Household IncomeiMedian weekly household income (ABS Census)
$3,013/wk
DAs (12 months)iDevelopment Applications lodged in the past year
2
Median House
$1.6M
Apr-Jun 2024
The median house price of $1,573,500, recorded in the Apr-Jun 2024 quarter, sits below the suburb's Apr-Jun 2023 peak of $1,840,000, a 14.5% correction from peak. Since 2013 the price has risen 135.9% from $667,000, delivering a compound annual growth rate of 6.3% over 14 years. The stock is overwhelmingly separate houses at 87.9%, with 12.1% semi-detached and no significant apartment supply. Bedrooms skew large, with 73.9% of dwellings having four or more bedrooms and 24.9% having three, reflecting family-scale homes rather than downsizer product. Monthly mortgage repayments average $2,500, and the mortgage-to-income ratio of 19.2% is below the 30% stress threshold, meaning even at current prices the repayment burden is manageable given local incomes.
For Buyers
The median house price of $1,573,500, recorded in the Apr-Jun 2024 quarter, sits below the suburb's Apr-Jun 2023 peak of $1,840,000, a 14.5% correction from peak. Since 2013 the price has risen 135.9% from $667,000, delivering a compound annual growth rate of 6.3% over 14 years. The stock is overwhelmingly separate houses at 87.9%, with 12.1% semi-detached and no significant apartment supply. Bedrooms skew large, with 73.9% of dwellings having four or more bedrooms and 24.9% having three, reflecting family-scale homes rather than downsizer product. Monthly mortgage repayments average $2,500, and the mortgage-to-income ratio of 19.2% is below the 30% stress threshold, meaning even at current prices the repayment burden is manageable given local incomes.
For Investors
The rental market is thin in Waterways because only 11.1% of households rent, well below the national average, while 58.8% carry a mortgage and 30.1% own outright. Weekly rent averages $623, and the vacancy rate sits at 3.8%, which is elevated compared to a healthy market threshold of around 2-3%, suggesting some oversupply of available rentals relative to tenant demand. Overseas migration is the primary population driver, adding a net 106 residents per year against an internal outflow of 83, so long-term demand is supported but not accelerating. Development activity is minimal at just 2 applications in the past 12 months, both involving works to existing dwellings rather than new supply, confirming this is an established, largely built-out estate with limited new stock coming.
Development Activity
Total DAs
2
Last 12 Months
2
YoY ChangeiYear-over-year change in DA lodgements
—
Avg DA CostiAverage estimated cost per DA in the past year
N/A
Monthly DA Lodgements
DA Categories
Demographics
The median age of 41 is 1.0 year above the national median, and the trajectory is aging: the senior share rose 6.5 points over the decade while the young share fell 5.1 points. Average household size is 3.3, which is 0.8 above the national figure, indicating larger-than-average family units, consistent with the dominant four-plus bedroom housing stock. Overseas-born residents represent 44.7% of the population, 23.1 points above national, with Chinese and Indian ancestries among the most common alongside English and Scottish. The top non-English languages are Mandarin (101 speakers), Khmer (42), Greek (35) and Cantonese (34). University qualifications at 53.7% run 23.6 points above the national rate, placing Waterways among the higher-educated suburbs in Victoria.
Age Distribution
Bedrooms
Dwelling Structure
87.9%
Houses
12.1%
Townhouse
N/A
Apartment
Tenure
Tenure in Waterways splits heavily toward owner-occupiers: 30.1% own outright and 58.8% hold a mortgage, leaving just 11.1% renting, far below state norms. This ownership concentration means the market is driven by wealth accumulation rather than yield-seeking landlords. The stock is 87.9% separate houses and 12.1% semi-detached, with no meaningful apartment share, making it one of the more house-dominant postcodes in metropolitan Melbourne. The price history spans 15 recorded quarters: from a $667,000 trough in 2013, prices peaked at $1,840,000 in Apr-Jun 2023 before settling to $1,573,500 by Apr-Jun 2024, a 14.5% drop from peak. At $1,573,500 vs the prior quarter prints of $1,688,000 and $1,680,000, prices have eased but remain 135.9% above the 2013 base.
Median House Price Trend
Source: State Valuer-General
Mortgage / mo
$2,500
Rent / wk
$623
HH Size
3.3
Personal Income / wk
$960
Vacancy Ratei% of dwellings unoccupied on Census night (ABS 2021)
3.8%
Unoccupied
28
Rent / IncomeiMedian rent as % of household income. Over 30% = housing stress
20.7%
Mortgage / IncomeiMedian mortgage as % of household income. Over 30% = housing stress
19.2%
Community Profile
Languages Spoken at Home
Ancestry
Household Composition
15.1%
Couples, no children
2,278
Total families
Economy & Employment
Healthcare is the largest employment sector at 17.8% of workers (162 people), followed by Professional and Technical services at 11.4% (104), Retail at 9.9% (90), Education at 8.9% (81) and Manufacturing at 8.3% (75). By occupation, Professionals dominate at 362 workers, followed by Managers at 278, Clerical and Administrative staff at 176, and Sales workers at 133. These professional and managerial occupations align with the decile 8 IEO score for education and occupation and the decile 10 IER score for economic resources. Unemployment sits at 4.9%, slightly above the structural average, and the full-time employment rate of 66.0% reflects a workforce where 836 residents work full time and 430 part time. Personal weekly income averages $960.
Unemployment
3.6%
Labour Force
5,425
Unemployed
196
Quarterly Trend
Source: SALM Dec-25
Socio-Economic Indexes (SEIFA)iABS index ranking suburbs from 1 (most disadvantaged) to 10 (most advantaged)
Full-time
66.0%
Part-time
29.1%
Participation
68.3%
Employed
1,266
Occupations
Top Industries
University
53.7%
Postgraduate
14.0%
Born Overseas
44.7%
Dwellings
709
Transport to Work
Waterways is car-dependent: 90.5% of employed residents drive to work, and public transport accounts for just 2.9%. This reflects the suburb's lakeside estate geography, where bus connections exist but the street network and low density favour private vehicle use. The suburb scores decile 9 on IRSAD, placing it in the top 10% nationally for socio-economic advantage, and decile 10 on IER for economic resources. Rent-to-income sits at 20.7% and mortgage-to-income at 19.2%, both below stress thresholds, indicating that most residents carry their housing costs comfortably relative to income. No schools are recorded within the Waterways boundary in this dataset, so families rely on schools in neighbouring suburbs. Crime totals 92 incidents annually at a rate of 38.0 per thousand residents, with property and deception offences accounting for 54 of those and personal crimes for 27.
Drive
90.5%
Public Transport
2.9%
Walk / Cycle
0.7%
Work from Home
N/A
Population Forecast
+0.54%/yr
(+49 people/yr)
EstablishedAnnual population growth runs at 0.54%, adding about 49 residents per year to the broader SA2 area, which had 9,061 residents in 2024. The medium forecast projects growth to around 9,589 by 2031, a modest 5.8% rise from the current count. The suburb sits at the established, slow-growth stage with a gentrification score of 14 and no active gentrification signals, because it is already at the high-advantage end of the SEIFA spectrum. Overseas migration is the sole net positive driver at plus 106 per year, as internal migration records a net outflow of 83. The population dipped 4.3% during COVID and has recovered only 1.6% of that loss, sitting 2.8% below the pre-COVID level of 9,325. Rent growth of 34.2% over the decade outpaced real income growth of 2.7%, a divergence that signals worsening affordability for prospective renters.
Historical + Forecast
Hamilton-Perry + Holt smoothing on ERP 2001-2025
Age Cohort Forecast
Primary Driver
Overseas Migration
Net Overseas / yr
+106
Net Internal / yr
-83
Gentrification Signal
Not gentrifying
Safety & Crime
Total Offences
92
Year ending June 2024
Rate per 1,000 People
38.0
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 Waterways compares to ~15,000 Australian suburbs
Frequently Asked Questions
Is Waterways a good suburb to live in?
Waterways ranks in decile 9 on IRSAD and IRSD, placing it among the top 10% nationally for socio-economic advantage, with household income at the 97.2nd percentile. The housing stock is 87.9% separate houses with 73.9% having four or more bedrooms. The main trade-offs are heavy car dependence at 90.5% and a $1,573,500 median house price.
What is the median house price in Waterways?
The median house price is $1,573,500, recorded in the Apr-Jun 2024 quarter, down 14.5% from the Apr-Jun 2023 peak of $1,840,000. Since 2013 the price has grown 135.9% from $667,000, a compound annual rate of 6.3% over 14 years. Weekly rent averages $623 and monthly mortgage repayments run about $2,500.
What schools are in Waterways?
No schools are recorded within the Waterways boundary in this dataset, so families rely on schools in neighbouring suburbs. Locally, 53.7% of residents hold university qualifications, which is 23.6 percentage points above the national rate, and the suburb scores decile 8 on the IEO index for education and occupation.
Is Waterways safe?
Waterways recorded 92 crimes in the latest period, a rate of 38.0 per thousand residents. Property and deception offences account for 54 of those incidents and crimes against the person for 27. The suburb scores decile 9 on the IRSD index of relative socio-economic disadvantage, placing it in the top 10% nationally, which correlates with lower overall crime incidence.
Is Waterways good for property investment?
The rental market is small, with only 11.1% of households renting, and the 3.8% vacancy rate is slightly elevated above the 2-3% healthy range. Weekly rent of $623 against a $1,573,500 median implies a gross yield below 2.1%. Capital growth averages 6.3% per year since 2013, so the investment case rests on long-term price appreciation rather than rental yield.
How is Waterways's population changing?
The broader SA2 area grew at 0.54% per year, adding about 49 residents annually. Overseas migration adds a net 106 residents per year while internal migration records a net outflow of 83. The area has not fully recovered from a 4.3% COVID population dip, remaining 2.8% below the pre-COVID level of 9,325 as of 2024.
What languages are spoken in Waterways?
Around 44.7% of residents were born overseas, which is 23.1 percentage points above the national figure. The most common non-English languages are Mandarin with 101 speakers, Khmer with 42, Greek with 35 and Cantonese with 34, reflecting the suburb's substantial Chinese, Cambodian and Southern European migrant communities.
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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