The size of Wool Bay is approximately 55.9 square kilometres. The population of Wool Bay in 2011 was 609 people. By 2016 the population was 146 showing a population decline of 76.0% in the area during that time. The predominant age group in Wool Bay is 60-69 years. Households in Wool Bay are primarily childless couples and are likely to be repaying $600 - $799 per month on mortgage repayments. In general, people in Wool Bay work in a managers occupation. In 2011, 81.2% of the homes in Wool Bay were owner-occupied compared with 85.9% in 2016. Currently the median sales price of houses in the area is $275,000.