Get a property report and suburb profile for any property in Elsternwick

Join the 2 million Australians* who use our services every year.

Geo Page

Elsternwick suburb profile

Elsternwick is a charming suburb located approximately 9km southeast of Melbourne's CBD, known for its blend of historic charm and modern conveniences. With its tree-lined streets and a mix of Victorian and Edwardian architecture, Elsternwick offers a picturesque setting for families and professionals. The suburb boasts a vibrant shopping precinct along Glen Huntly Road, featuring boutique stores, cafes, and the iconic Classic Cinema. Elsternwick is well-served by public transport, including trains and trams, providing easy access to the city and surrounding areas. Its community-focused atmosphere and diverse amenities make it a sought-after location for residents seeking a balanced urban lifestyle.

Elsternwick property market performance

Current median dwelling price$1,167,500Past 3 months

Property growth-8.0%Past 12 months

Elsternwick's property market has remained stable over the past 12 months, with no change in median house and unit values. The median house price stands at $1.68 million, while the median unit price is $660,000, indicating consistent demand in the area.

Sales activity has been moderate, with 11 houses and 21 units sold in the past three months. Houses are selling faster than units, with a median of 46 days on the market compared to 58 days for units, suggesting a slightly stronger demand for houses.

The rental market in Elsternwick has seen a notable change for units, with a 7.3% increase in average rent over the last 12 months, while house rents have remained unchanged. This indicates a growing interest in unit rentals in the suburb.

HousesUnits
Median price
Past 3 months
N/AN/A
Change in value
Past 12 months
-8.4%-7.7%
Sold
Past 3 months
26
Median days on market
Past 12 months
4559
Average rent
Past 12 months
$838$585
Change in rent
Past 12 months
-6.9%6.4%

5 year median price trend for houses and units

Access homes before they're listed for sale

Build a buying brief and get first access to properties that aren't yet on the market.

OpenAdvantage

Elsternwick demographics

Elsternwick, located in Melbourne's inner south-east, is a charming suburb known for its blend of historical architecture and modern amenities. With a population of 10,887, it offers a vibrant community atmosphere that appeals to a diverse range of residents. The median age of 38 suggests a mature community, with many families and professionals choosing to call Elsternwick home due to its proximity to the city and excellent local amenities.

The suburb's family-friendly nature is evident, with 43.8% of households being couple families with children, and 42.6% being couple families without children. This balance highlights Elsternwick's appeal to both growing families and those enjoying a quieter lifestyle. Additionally, 12.2% of households are one-parent families, indicating a supportive environment for various family structures.

In terms of housing, Elsternwick offers a mix of ownership and rental opportunities. A significant 31.4% of properties are owned outright, reflecting a stable and established community. Meanwhile, 29.0% of homes are owned with a mortgage, and 39.6% are rented, providing flexibility for those looking to enter the property market or seeking temporary accommodation. The suburb's median total household income of $2,209 per week suggests a relatively affluent community, attracted by Elsternwick's blend of lifestyle, convenience, and community spirit.

Elsternwick infrastructure, key developments and investment opportunities

Elsternwick is witnessing a number of new residential and mixed-use apartment developments along Glen Huntly Road, contributing to increased housing availability and modern amenities that appeal to both buyers and investors. The presence of several established private and public schools in and around the area enhances its attractiveness for families, while walkability to shopping, dining, and entertainment in Elsternwick Village continues to support local demand.

There are no significant recent changes to transport infrastructure, but proximity to the Elsternwick train station and multiple tram routes ensures excellent connectivity to central Melbourne. Access to green spaces, including Elsternwick Park and nearby recreation areas, underpins the suburb's livability. At present, there are no major council-led infrastructure projects or rezoning proposals significantly impacting the immediate property market in Elsternwick.

Elsternwick rental market trends

The rental market in Elsternwick has shown stability, with house rents remaining unchanged over the past year at $848 per week, while unit rents have increased by 7.3% to $590 per week. This suburb continues to attract renters with its vibrant community and convenient access to Melbourne's amenities, making it a desirable location for both residents and investors.

Suburbs near Elsternwick

Some popular suburbs near Elsternwick include:

How does Elsternwick compare to nearby suburbs?

  • Median house prices: Elsternwick’s median house price is 14.5% lower than Elwood’s.
  • Median unit prices: Elsternwick’s median unit price is 1.9% higher than Elwood’s.
  • House price growth: Over the past 12 months, house prices in Elsternwick have grown 4.7% higher than in Balaclava.
  • Unit price growth: Over the past 12 months, unit prices in Elsternwick have grown 3.5% higher than in Brighton East.
  • Selling speed for houses: Properties in Elsternwick are selling 33.8% faster than in Elwood.
  • Selling speed for units: Properties in Elsternwick are selling 4.8% faster than in Elwood.
  • Investment considerations: In Elsternwick, the rental yield for house is 35.6% higher than the Melbourne average, while the rental yield for units is 4.3% higher.
  • House price growth: Over the past 12 months, house prices in Elsternwick have grown 79.6% higher than the average rate of growth across Melbourne.
  • Unit price growth:Over the past 12 months, unit prices in Elsternwick have grown 8.5% higher than the average rate of growth for units across Melbourne.

Common questions about Elsternwick

  • Is Elsternwick a nice place to live?

    Elsternwick is a delightful suburb that offers a harmonious blend of historical charm and modern living, making it a wonderful place to call home. Its picturesque streets are lined with beautiful Victorian and Edwardian architecture, creating a visually appealing environment that is both welcoming and serene. The suburb is known for its vibrant community atmosphere, where families and professionals alike enjoy a balanced lifestyle with easy access to the city and a variety of local amenities.

    Families will find Elsternwick particularly appealing due to its excellent selection of schools and family-friendly parks, providing a supportive environment for children to grow and thrive. The suburb's proximity to the iconic Classic Cinema and a range of boutique stores and cafes along Glen Huntly Road ensures that there is always something to do, whether it's catching a movie, enjoying a leisurely brunch, or indulging in some retail therapy. Safety is generally not a major concern, contributing to the suburb's overall livability.

    While Elsternwick offers many advantages, there are some trade-offs to consider. The suburb's popularity and proximity to Melbourne's CBD mean that property prices can be on the higher side, which might be a consideration for those looking to enter the property market. Additionally, while the suburb is well-connected by public transport, the increased demand for housing has led to new developments, which may impact the area's traditional charm over time.

    Overall, Elsternwick is a charming and vibrant suburb that offers a high quality of life for its residents. Its combination of historical beauty, modern conveniences, and strong community spirit make it an attractive choice for families and individuals seeking a well-rounded urban lifestyle.

    Down Pointer
  • Is it expensive to live in Elsternwick?

    Living in Elsternwick can be quite expensive, especially when compared to the average income levels in Melbourne. The median house price in Elsternwick is currently $1,675,000, which is significantly higher than many other suburbs in the area. For those considering renting, the average rent for houses over the last year has been $848 per week, while units have averaged $590 per week. These figures suggest that housing in Elsternwick requires a substantial financial commitment.

    When you look at the income side of things, the median total household income in Elsternwick is $2,209 per week, which is relatively high. However, when you compare this to the average Melbourne wage of $80,000 per year, it's clear that a significant portion of income would need to be allocated to housing costs. This makes Elsternwick less affordable for individuals or families earning around the average wage in Melbourne.

    Overall, while Elsternwick offers the charm of an inner suburb with its proximity to the city and a vibrant community, the cost of living, particularly in terms of housing, is on the higher side. If you are thinking of living in Elsternwick, it's important to consider whether your financial situation can comfortably support the expenses associated with this desirable suburb.

    Disclaimer: To assess whether a suburb is considered expensive, we’ve looked at mortgage and rental costs as a proportion of the average local salary. That said, everyone’s financial situation is different, so it's important to consider your own circumstances when deciding which suburb is right for you.
    Down Pointer
  • Is Elsternwick a good place to invest?

    Elsternwick presents an intriguing opportunity for property investors, especially those looking at the rental market. While the median house and unit values have remained stable over the past year, the suburb's rental market tells a different story. With a notable 7.3% increase in rent for units, Elsternwick is clearly experiencing a surge in demand from renters, which can be a promising sign for investors seeking rental income.

    The suburb's charm lies in its vibrant community atmosphere and proximity to Melbourne's CBD, making it a desirable location for both young professionals and families. The stability in property values suggests a resilient market, which can be appealing for those looking to invest in a suburb with a steady track record. While capital growth has been flat, the strong rental demand, particularly for units, indicates potential for good rental returns.

    Overall, Elsternwick offers a balanced investment opportunity. It may not be the place for rapid capital gains right now, but its consistent rental growth and desirable location make it a solid choice for investors focusing on rental yield and long-term stability. The suburb's appeal and accessibility ensure it remains a sought-after area, providing a reliable foundation for property investment.

    Down Pointer

Choose the right real estate agents in Elsternwick

Choosing the right real estate agent in Elsternwick can have a big impact on your sale. While there are 103 real estate agents working in the suburb, but just 5 of them were responsible for 29.5% of all property sales over the past year, showing a strong footprint and track record in the area.

Commission rates typically range from 1.55% to 2.61%, depending on the agent and what’s included. Comparing both performance and fee structures can help you find someone who's well-suited to your needs, and set them up for a successful result.

Not quite ready to sell?

icon

Property report

Suburb and property report

Completed by independent professional experts not a computer.
icon

OpenEstimates

Digital estimate for your property

Compare your property to three recent sales to get a digital estimate.
icon

Navigate the market like a pro

Navigate the market

Get an understanding of the market signals you should keep an eye on.