elwood

3184, Victoria

Real Estate & Property Information

Median
Price Rank
28

elwood Suburb Profile & Review

Elwood is a beachside suburb in Melbourne's inner-south, within walking distance of St Kilda. Quiet, fashionable and pretty, the area is popular with young couples, professionals and some of Melbourne's wealthier denizens.

Elwood's art deco architecture hints at its wild, quirky past as a cabaret nightspot during the 1970s. Today, the more gentrified suburb is one of Melbourne's most sought-after locations. Elwood's rampant cafe culture is evident at Elwood Village, the main shopping district. Ormond Road also boasts a variety of bars, though the more adventurous can easily walk to St Kilda for other alternatives. Elwood Beach, Elwood Canal, and Point Ormond Reserve are all popular and scenic venues for walks, swimming and water sports. Elwood Sailing Club has its base on the Elwood foreshore.

Elwood is home to a great many schools, including Elwood Primary School and Elwood College. The nearest train stations can be found in Ripponlea and Elsternwick outside the northern boundary of the suburb. Tram number 67 to Carnegie runs along Brighton Road and the Nepean Highway to the city. Buses are the primary method of public transport and there are numerous routes available.

elwood Demographic Data

$ 1,126,250 Median House Price

20 Minutes Average Commute

34 Median Age

14,638 Population

51.95 % Female

48.05 % Male

3361 NO OF FAMILIES

1.6 AVG CHILDREN PER FAMILY

0.9 AVG MOTOR VEHICLE PER DWELLING

What this means

The following data, without any explanation, is just that, raw data. So in order to help you research the property market, we have outlined what this demographic and real estate information means and how it can be interpreted to help you make a smarter decision when buying or selling your next house or unit in elwood, Victoria.

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elwood Demographic Data

The demographic data below has been supplied by the Australian Bureau of Statistics (ABS), which is a government body. It is based on Census data collected every 5 years on the Australian population. Although it is dated 2011, this is the latest data available and should give property investors, property buyers and sellers a very good idea when researching or reviewing their suburb.

It’s important to note when looking at this data that you don’t just use it on its own. Consider this demographic and real estate data as a whole and seek advice from a professional when thinking of buying or selling your next property.

elwood Median House Prices

  • 2008 $ 1,012,500
  • 2009 $ 1,036,500
  • 2010 $ 1,100,000
  • 2011 $ 1,350,000
  • 2012 $ 1,126,250

What this means

Median values are the most accepted measure of property values in the real estate industry in Australia. The median is the midpoint (the middle) figure when all the sold property prices over a particular period of time are ordered from their lowest to their highest value.

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elwood 5 Year Median House Prices

Here we have outlined the median value for all sales for each year over a period of 5 years. This is a more realistic timeframe when gauging how houses and units in elwood have performed, and it usually indicates how they will perform in the future.

Median values less than 3 months old are often not always accurate (due to incomplete data) and therefore cannot be relied upon for long-term elwood property price predictions.

elwood Market Property Types

  • 19 % Seperate House
  • 11 % Semi Detached
  • 69 % Flat or Unit
  • 0 % Other Dwelling

What this means

The property type in your suburb will help you identify the density of the area. The greater the number of flats, units and apartments, the more likely it is the suburb has a higher density of living and occupants are more reliant on public transport, cafes, restaurants, convenience stores and amenities, infrastructure and less reliant on their own vehicle for transport.

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elwood Market Property Types

Typically, inner city suburbs within 10km of the CBD are comprised of apartments and semi-detached homes, while middle ring suburbs have semi-detached and detached properties. Rural properties would most likely fall under the “other” category.

This ABS Property Type data combined with Population Density and Family Composition figures gives a good indication of the type of people living in an area and therefore what type of property (1-2 bed apartment or house) would be an ideal investment or property to live in.

elwood Income & Mortgage Stats

  • $ 1,714 Median Weekly Household Income
  • $ 2,200 Median Monthly Mortgage

What this means

This is one of the most compelling statistics in this section because it has a profound impact on real estate prices. It should always be considered when buying or selling property in elwood

Experts believe mortgage stress occurs in real estate when property owners are spending over 30% of their gross income on their mortgage repayments. These figures show weekly income and monthly mortgages.

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elwood Income & Mortgage Stats

To calculate the percentage of income paid towards a mortgage for the suburb of Melbourne, multiply the mortgage payment (e.g. $2450) by 12 then divide this figure by the weekly income (e.g. $1200) multiplied by 52 (weeks) to look like this ($2450 x12/$1200 x 52) x 100 = 47%

Any figure above 30% usually indicates that the suburb you intend to buy in may have property owners with a high incidence of mortgage stress. In terms of maintaining or growing property values in the future and trying to secure a strong property price when selling, this could have an impact, especially in an economic or local industry downturn.

elwood Sold Property Prices

elwood Real Estate Experts

In each suburb we have identified real estate agents who are active local experts. Our goal is to have a network of real estate agents that have been reviewed by previous clients for future buyers and sellers to rely on when making their next property move or even when they just wanting real estate advice.

elwood Related Local Blog Posts

Immigrants Are Pushing House Prices Higher

Much of Australia’s history and success has been built on the back immigration but are the current intake levels too high and how are they impacting prices?

Hangover Stock Brings About Buying Opportunities

This week Melbourne’s auction market has been tested with over 1200 properties reportedly going under the hammer over the weekend. Although both Domain and the REIV show clearance rates at nearly 70%, this on the surface seems good but in actual fact is 10% down for the same time last year. Speaking to a number of agents around town confirms….

Where is The Property Market Heading?

There has been a lot of “white noise” surrounding the Sydney and Melbourne property market over the last few months and it has taken me a while to determine which way things were actually going to go. Is the Australian property market heading down the gurgler or is this just a glitch?

Property Market Trends in Melbourne Which Could Affect Prices

In this final edition we look at what how the Melbourne property market has fared and what whether we are likely to see any changes in property prices, demand for property and economic drivers.

New Research Shows Consumers Who Don’t Own A Home Could Be Worse Off in Retirement

New Research released last week by Roy Morgan shows that people who don’t own a home have become worse off in terms of their net wealth and are jeopardising their retirement.

Is Australian Housing Heading for a Hard Landing or a Financial Cliff?

From my experience and talking with real estate agents the Melbourne market has softened no doubt, but are we heading towards a financial cliff?

elwood Restaurants

  • Zanini Pizzeria106 Ormond Rd elwood VIC 318403 9531 9733
  • Tiffanys On Tennyson156 Tennyson St elwood VIC 318403 9531 7364
  • The Dining Haul86-88 Ormond Rd elwood VIC 318403 9531 9771

elwood Cafes

  • Foxes Den107 Ormond Roadelwood VIC 318403 9531 3335
  • Leafy Bean24 Ormond Roadelwood VIC 318404 1205 2962
  • Cafe de Cuba69 Glenhuntly Roadelwood VIC 318403 9531 0033

elwood Schools

  • St. Columbas Primary School24 Glen Huntly Roadelwood VIC 3184(03) 9531 6560Catholic Primary School
  • Moriah College39 Dickens Stelwood VIC 3184(03) 9531 1547Private School
  • Elwood Primary SchoolScott Streetelwood VIC 3184(03)9531 2762State Primary School

elwood Childcare

  • ABC Learning Centre35 Tennyson Stelwood VIC 3184
  • Elwood Childrens Centre46 Tennyson Stelwood VIC 3184
  • Yesodei Hatorah College39 Dickens Streetelwood VIC 3184

elwood Kindergarten and Preschools

  • Elwood Primary School Kinder & CCCPoets Gvelwood VIC 3184

elwood Sporting Centres and Clubs

  • Elwood Sailing Clubelwood VIC 3184Boating Club
  • Elwoodelwood VIC 3184Croquet Club
  • Elwood Angling Clubelwood VIC 3184

Find out How Much your House is Worth in elwood

Request a free market Basic Report for elwood to get a general idea of property prices in your area, or a more specific CMA Report for the property you own.

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