Suburb Profile Report for Elwood VIC (3184)

Elwood House: Median price $1,920,000, Annual capital growth 4.80%, Number of sales 96, Weekly median advertised rent $863

Elwood Unit: Median price $677,000, Annual capital growth 4.09%, Number of sales 248, Weekly median advertised rent $450

  • House
  • Unit
Source: CoreLogic RP Data
  • Median price
  • Number of sales

Source: Monthly data update for May 2020 as supplied by CoreLogic. Data is reported to the period ending Feb 2020. Please note that property sales data is routinely updated, so may change retrospectively.

  • Expert Report
  • House Report
  • Unit Report

With a capital gain of 6.37% for the last 12 months, Elwood, 3184 has performed for property investments than its average annual 4.80% property growth over the last 5 years.

A 40.66% growth in median value for property investors in Elwood,3184 puts this suburb at number 190th in terms of best performing suburbs in VIC

Property investors looking for a bargain in Elwood should be aiming for at least -6.68% off the asking price, which is the average vendor discount being achieved at the moment.

Using the current median advertised rental of $862.5 and the average annual increase in value of a median property of 4.80%, investors should hope to achieve an overall return of 2.34%

At number 284th in the list of Australian suburbs ordered by increase in median house value over the last year, Elwood, 3184 is in the top 20% with a property value increase of 9.19% recorded in median house prices.

Across a shorter period, Elwood, 3184 has seen a median price increase of 2.89% over the last quarter.

Property buyers and investors in Elwood 3184 should be seeing an average reduction in asking price of around -6.06% . This means that Elwood is holding prices well when compared to other suburbs in VIC.

With the median price for a house in Elwood being $677000 and the advertised rent reaching $450 the gross rental yield for property investors calculates out to be 3.46%

Frank Valentic Information supplied by:

Frank Valentic
Advantage Property

M 9531 0155
O 0419 105 942


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.

Metrics i HOUSE UNIT
$1,920,000 $677,000
3.11% 2.89%
6.37% 9.19%
4.80% 4.09%
$863 $450
96 248
2.34% 3.46%
54.2682926829268 69.1052631578948

Source: Monthly data update for May 2020 as supplied by CoreLogic. Data is reported to the period ending Feb 2020. Please note that property sales data is routinely updated, so may change retrospectively.

DSR Score for property investment : Balanced (H), Above average (U)
Find a mortgage broker in Elwood VIC
Total population 14637
Median household income ($/weekly) 1714
Median age of persons 34
Median housing loan repayment ($/monthly) 2200
Average household size 1.9
  • Census Count Percent(%)
    5-14 years 1037 7.1
    25-34 years 4240 29.0
    35-44 years 3209 21.9
    45-54 years 1868 12.8
    55-64 years 1200 8.2
    Others 3084 21.1
    Age Group
    Census Count Percent(%)
    Not Married 5502 49.9
    Registered Married 3211 29.1
    Defacto Relationship 2309 20.9
    Social Marital Status
  • Census Count Percent(%)
    Australia 9484 71.2
    Italy 186 1.4
    Papua New Guinea 434 3.3
    United Kingdom 920 6.9
    Other 782 5.9
    Others 1518 11.4
    Country of Birth
    Census Count Percent(%)
    Buddhism 290 2.3
    Christianity 5842 46.2
    Hinduism 142 1.1
    Judaism 557 4.4
    No Religion 5623 44.5
    Others 180 1.4
    Religious Affiliation
  • Census Count Percent(%)
    $1,000-$1,249 544 8.8
    $1,250-$1,499 517 8.4
    $1,500-$1,999 840 13.6
    $2,000-$2,499 569 9.2
    $2,500-$2,999 919 14.9
    Others 2795 45.2
    Gross Household Income (Weekly)
    Census Count Percent(%)
    Employed, worked full-time 6676 57.5
    Employed, worked part-time 2128 18.3
    Not in the labour force 2001 17.2
    Employed, away from work 450 3.9
    Unemployed, looking for work 365 3.1
    Person Characteristics
  • Census Count Percent(%)
    Managers 1672 18.1
    Professionals 3653 39.5
    Technicians & trades workers 765 8.3
    Community & personal service workers 776 8.4
    Clerical & administrative workers 1109 12.0
    Others 1280 13.8
    Census Count Percent(%)
    Pre-school 251 9.5
    Infants/Primary 701 26.5
    Secondary 421 15.9
    Technical or Further Educational Institution 282 10.6
    University or other Tertiary Institutions 863 32.6
    Others 131 4.9
    Type of Educational Institution Attending
  • Census Count Percent(%)
    Flat, unit or apartment 7610 58.6
    Separate house 3614 27.8
    Semi-detached, row or terrace house, townhouse 1709 13.2
    House or flat attached to a shop, office 52 0.4
    Improvised home, tent, sleepers out 5 0.0
    Others 0 0.0
    Dwelling Structure
    Census Count Percent(%)
    Rented 3746 56.4
    Being purchased 1652 24.9
    Fully owned 1219 18.4
    Other tenure type 26 0.4
    Tenure Type
Census 2011, ABS
Chart Table