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

Elwood is a bayside suburb on Port Phillip centred on a wide foreshore reserve and sandy beach, popular with walkers, cyclists and families enjoying picnics and playgrounds. The streets are largely tree-lined and residential, with a mix of Edwardian and interwar cottages, Californian bungalows, low-rise art deco flats and sympathetic modern infill. A compact village of cafes, grocers and services gives the suburb a neighbourly feel, while nearby St Kilda and Brighton provide larger dining and entertainment options.

With 15,153 residents and a median age of 38, Elwood attracts a mix of families, professionals and retirees, and homes are more often rented than owner-occupied. Several council and Melbourne Water projects are under way, including a foreshore masterplan budgeted at about $50 million and a main drain duplication affecting parts of Elwood Park, the beach and the Bay Trail, alongside local upgrades to the children’s centre, changerooms and water-quality works. For many people the beach, parkland and village shops shape day-to-day life; whether that suits you depends on what you want from a suburb.

In Elwood, the median house price of $1,960,500 is about 18.0 times a typical local annual household income at the last Census (weekly household income $2,096). The median unit price of $615,000 works out to roughly 5.6 times a typical local annual household income at the last Census, so buying a unit sits closer to what people locally earned than buying a house.

Weekly rents tell a similar story. A house rent of $1,050 a week would be about 50.2% of a typical local household's weekly income at the last Census, a large share, while a unit rent of $590 a week is about 28.2% of weekly income, a moderate share; renting a unit therefore looks more manageable against the local incomes recorded at the last Census.

Everyone's financial situation is different, so it's important to consider your own circumstances when deciding which suburb is right for you.

Over the past 12 months house values in Elwood fell 9.3%, while unit values slipped slightly, down 0.1%. At the same time rents moved the other way: house rents rose 5.5% and unit rents rose 7.3%.

Put simply, the value figures show capital decline for houses this year and a slight fall for units, while rental income increased for both property types, with unit rents rising faster than house rents. Which of those outcomes matters to you will depend on whether you prioritise capital growth or rental income and on your individual circumstances.

This information has been prepared without taking your objectives, needs and overall financial situation into account. It is not meant to be a substitute for professional financial advice. For this reason, you should consider the appropriateness of the information and, if necessary, seek appropriate professional advice.