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Waterloo, located in the heart of Victoria, is a small and tranquil suburb with a population of just 122 residents. This close-knit community is characterized by its mature demographic, with a median age of 50, indicating a predominance of long-term residents and retirees who appreciate the peaceful rural lifestyle. The suburb's charm lies in its simplicity and the strong sense of community among its residents.

The housing landscape in Waterloo is notably stable, with a significant 72.3% of properties owned outright, reflecting the long-term commitment of its residents to the area. There are no rental properties, which underscores the suburb's appeal to those seeking permanent residence rather than transient living arrangements. This stability is further highlighted by the fact that 27.7% of homes are owned with a mortgage, indicating a modest influx of new homeowners.

Family structures in Waterloo are predominantly couple families without children, making up 62.5% of the family demographic. This is complemented by 25% of families being couples with children and a smaller proportion of 12.5% being one-parent families. The absence of other family types and rental properties suggests a traditional and settled community atmosphere. Overall, Waterloo offers a serene and stable environment, ideal for those looking to enjoy a quiet life away from the hustle and bustle of larger urban centers.