Selling points: Elwood is situated on the beach, while remaining in close proximity (8kms) to the CBD. It has a community feel and village atmosphere, with many lifestyle cafés and restaurants. It also contains parks and well-regarded schools. Investors buy because of strong capital growth prospects (average 16% over last 21 years) and strong rental demand.
Most sought after properties: One-two bedroom art deco period style apartments are always popular with home buyers and investors. Young families love the period style three-four bedroom houses in wide tree-lined streets.
Most common properties: From art deco apartments, through to 1960s and ‘70s apartments, through to modern units and houses; ranging from period style Victorians, Edwardians and onto modern townhouses and homes.
Top amenities: Elwood Primary and Secondary College are well regarded public schools and St Columbas Catholic Primary School is also popular. Local Elwood Village shops include two IGA Supermarkets, local Bendigo Bank, Post Office and over 50 cafes/restaurants. There are many upmarket boutique shops. Sports facilities include Elsternwick Park, with a man-made lake and skate park, which is popular, as well as the adjacent Gold Course. Elwood Beach includes plentiful parklands and is close to St Kilda and Brighton Marinas.
Local industry and business: Many residents commute to nearby St Kilda Rd business district or Melbourne’s CBD. Local traders include shop owners and staff, ranging from cafes to boutique shops including many hospitality employees. There are a number of local schools that have many employees.
Recent changes: Elwood Shopping Village shops have changed to now include boutique upmarket shops. There are at least five low density apartment blocks that have been built in The Village alone over the last 10 years. The local City of Port Phillip Council has improved existing infrastructure with new walking and running tracks down the beach; and they have approved many low density apartments and townhouse developments in the area. Elwood is now a trendy and vibrant community that has been substantially transformed over the past 10 years and now hosts trendy gourmet fish ‘n’ chip and pizza shops.
Best streets: The best areas to buy are in the ‘Elwood Golden Mile’, which are all the streets that run between Ormond Esplanade (Beach Rd) and Ormond Rd (Elwood Village). These are the most sought after locations because of the close proximity to the beach, with the Elwood Village shops at the end of your street. The land value is currently around $3,000 per square metre in this blue chip location, whereas the streets closer to the busy Nepean Hwy (Brighton Rd) sell at around $2,500 per square metre. Hot streets include Kingsley, Foam, Pine, Docker, Beach, Selwyn, Tiuna, Normandy and Byrne. All are popular because they are a short walk to the coffee, cake, water and park attractions.
Public transport: There are a number of buses along Ormond Rd, Glenhuntly Rd, Broadway and Barkly Streets. Depending on which part of Elwood you live in, it’s about a 10-15 minute walk to St Kilda Rd or Acland St trams; or Ripponlea, Balaclava and Elsternwick train stations. Public transport is more than adequate and an 8km ride into the CBD, or even closer to the businesses on St Kilda Rd.
Main arteries: The main roads include Ormond Esplanade (Beach Rd), which gives it immediate access to the beach and a scenic drive to Melbourne’s CBD. The other main road is Brighton Rd (Nepean Hwy), which joins into St Kilda Rd and gives immediate access to Melbourne’s CBD.