The original European owner of the land was Sir William Russell, for many years of local member of parliament and Leader of the Opposition from 1894 to 1901.

Before the 2023 census, Flaxmere had a smaller boundary, covering 5.87 km2 (2.27 sq mi).

It was intended to be an upper-middle class subdivision, but because land was subdivided into smaller lots, it became a low income neighbourhood.

It has a small shopping centre with a petrol station, post office, bakery, video store, butchery, indoor rock climbing centre, and various other businesses offering necessities and/or leisure.

Other amenities include a library, police station, several churches and Flaxmere Waterworld, an indoor swimming complex.