Over the years Waterfall Gully has been extensively logged, and early agricultural interests saw the cultivation of a variety of introduced species as crops, along with the development of local market gardens and nurseries. Attempts to mine the area were largely unsuccessful, but the region housed one of the state's earliest water-powered mills, and a weir erected in the early 1880s provided for part of the City of Burnside's water supply. Today the suburb consists primarily of private residences and parks.