Elwood suburb profile
Elwood is a picturesque bayside suburb located just 8km south of Melbourne's CBD, known for its relaxed beachside lifestyle and charming village atmosphere. With its tree-lined streets, Art Deco architecture, and proximity to Elwood Beach, the suburb attracts a diverse mix of residents, including families, professionals, and retirees. Elwood offers a vibrant café culture, boutique shopping, and a strong sense of community, making it a sought-after destination for those seeking a blend of urban convenience and coastal tranquility. Its excellent public transport links and recreational facilities further enhance its appeal as a desirable place to live.
Elwood property market performance
Current median dwelling price$1,339,000Past 3 months
Property growth-2.6%Past 12 months
Elwood’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 $1.96 million, while units are priced at $648,000. This stability reflects a balanced demand for both property types in the area.
Sales activity has been moderate, with 26 houses and 67 units sold in the past 12 months. Houses are taking longer to sell, with a median of 77 days on the market, compared to 61 days for units, indicating a slightly quicker turnover in the unit market.
The rental market in Elwood has seen some movement, with house rents increasing by 8.8% over the last 12 months, while unit rents have risen by 1.9%. This suggests a stronger demand for rental houses compared to units in the suburb.
| Houses | Units | |
|---|---|---|
Median price Past 3 months | $1.94M | $738K |
Change in value Past 12 months | -0.2% | -5.0% |
Sold Past 3 months | 11 | 32 |
Median days on market Past 12 months | 68 | 62 |
Average rent Past 12 months | $950 | $550 |
Change in rent Past 12 months | 6.1% | 1.9% |
5 year median price trend for houses and units
Elwood demographics
Elwood, a picturesque bayside suburb of Melbourne, is renowned for its charming tree-lined streets, vibrant café culture, and proximity to the beach. With a population of 15,153 and a median age of 38, Elwood attracts a diverse mix of residents, including families, professionals, and retirees who appreciate its relaxed yet cosmopolitan lifestyle. The suburb's median total household income of $2,096 per week reflects its appeal to those seeking a comfortable and affluent living environment.
Family life is a significant aspect of Elwood's community, with 36.1% of households being couple families with children and 48.4% being couple families without children. This balance of family types contributes to a welcoming and inclusive atmosphere. Additionally, 13.5% of households are one-parent families, highlighting the suburb's support for diverse family structures. The presence of 2% other families further underscores Elwood's diverse demographic.
In terms of housing, Elwood offers a mix of ownership and rental options. 21.2% of properties are owned outright, while 26.6% are owned with a mortgage, indicating a stable property market with opportunities for both established homeowners and new buyers. The rental market is also robust, with 52.2% of properties being rented, appealing to those who prefer flexibility or are new to the area. Elwood's blend of natural beauty, community spirit, and urban convenience makes it a highly sought-after suburb for a wide range of residents.
Elwood infrastructure, key developments and investment opportunities
Elwood continues to benefit from its proximity to central Melbourne and its popular coastal amenities, with local parks, Elwood Beach, and bicycle paths enhancing the suburb’s walkability and appeal to homebuyers. While no major transport or infrastructure projects have been announced recently, the suburb remains well-connected through multiple bus routes, access to nearby tram lines, and close proximity to train stations at Elsternwick and Ripponlea, supporting convenient commuting for residents[1].
Schools in Elwood are well-established, and recent local planning focuses on maintaining the suburb’s leafy character and vibrant mix of period and contemporary homes rather than large-scale redevelopment. With lively cafes, recreational spaces, and family-friendly amenities, Elwood’s desirability and property demand remain strong, supported by ongoing quality-of-life improvements rather than headline new infrastructure projects at this time[9][1].
Elwood rental market trends
The rental market in Elwood has experienced moderate growth, with house rents increasing by 8.8% over the past year to $950 per week, while unit rents have seen a modest rise of 1.9% to $550 per week. Elwood continues to attract renters and investors alike, thanks to its charming coastal lifestyle and proximity to Melbourne's vibrant city center.
Suburbs near Elwood
Some popular suburbs near Elwood include:
How does Elwood compare to nearby suburbs?
- Median house prices: Elwood’s median house price is 21.3% higher than Prahran’s.
- Median unit prices: Elwood’s median unit price is 42.5% higher than St Kilda’s.
- House price growth: Over the past 12 months, house prices in Elwood have grown 12.8% higher than in Balaclava.
- Unit price growth: Over the past 12 months, unit prices in Elwood have grown 2.7% higher than in Elsternwick.
- Selling speed for houses: Properties in Elwood are selling 11.7% faster than in St Kilda.
- Selling speed for units: Properties in Elwood are selling 13.9% faster than in St Kilda.
- Investment considerations: In Elwood, the rental yield for house is 53.7% higher than the Melbourne average, while the rental yield for units is 2.0% lower.
- House price growth: Over the past 12 months, house prices in Elwood have grown 107.6% higher than the average rate of growth across Melbourne.
- Unit price growth:Over the past 12 months, unit prices in Elwood have grown 12.0% higher than the average rate of growth for units across Melbourne.

