The size of Wakool is approximately 301.1 square kilometres. It has 1 park covering nearly 0.1% of total area. The population of Wakool in 2011 was 471 people. By 2016 the population was 285 showing a population decline of 39.5% in the area during that time. The predominant age group in Wakool is 60-69 years. Households in Wakool are primarily childless couples and are likely to be repaying $450 - $599 per month on mortgage repayments. In general, people in Wakool work in a managers occupation. In 2011, 73.9% of the homes in Wakool were owner-occupied compared with 83.3% in 2016. Currently the median sales price of houses in the area is $95,000.