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Elwood

POSTAL CODE: VIC, 3184
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A survey of average capital gains or median home price increase in suburbs across the country shows that the VIC suburb obtained a 3.2% growth over a ten-year period. It ranks 3459th on our list of suburbs that property investors should look into.

ELWOOD, 3184 has a capital gain of -3.67% for the past year, which is lower than average compared to its 1.05% growth within a five-year period.

With the median home price in ELWOOD sitting at $2,100,000, and the average rent at $1070, property owners could potentially earn a 2.65% increase in gross rental yield.

Figures from the previous quarter show that capital gains for real estate buyers in ELWOOD are low, as opposed to average gains per annum over the past five years.

ELWOOD, 3184 in VIC belongs to the local government area of Port Phillip.

Surburb overview

Elwood is an inner bayside suburb of Melbourne located within the City of Port Phillip. The suburb is situated approximately 8 kilometres south of the Melbourne central business district and fronts Port Phillip Bay between St Kilda and Brighton.

Elwood recorded a population of around 15,000 residents at the 2021 census, reflecting its compact size and established inner-bayside character. The demographic profile includes a mix of young professionals, families and older residents, with a median age close to the metropolitan average.

Household composition includes a high proportion of couple households and single-person households, alongside families with children. Housing in Elwood is dominated by apartments and medium-density residential buildings, with some detached and semi-detached period homes remaining on quieter streets. Residential density is highest near the foreshore, canal corridors and major roads, while interior streets retain a leafy suburban form.

Public transport access is primarily tram- and bus-based, with multiple tram routes operating along nearby St Kilda Road, Brighton Road and surrounding arterials. There is no railway station within Elwood itself, with nearby stations at Ripponlea and Balaclava providing access to the metropolitan rail network. Road access is supported by Brighton Road, Marine Parade and nearby links to Nepean Highway, though congestion can occur during peak periods and summer months.

Local shopping and service amenities are centred along Ormond Road, which includes supermarkets, cafés, restaurants, medical clinics and specialty retail.
Smaller neighbourhood strips provide additional everyday services throughout the suburb.

Recreational amenities are a defining feature of Elwood, with direct access to Elwood Beach supporting swimming, walking, cycling and organised sport. The Elwood foreshore includes shared walking and cycling paths that connect to St Kilda, Brighton and central Melbourne. Elsternwick Park provides extensive open space, sporting fields, playgrounds and wetlands used by local residents and sporting clubs. The Elwood Canal and surrounding linear parks support walking, jogging and passive recreation.

Educational facilities include primary schools within and near the suburb, with secondary schools and tertiary institutions accessed in surrounding inner areas. Employment among residents spans professional services, health care, education, retail and hospitality, with many commuting to inner-city employment centres.

Elwood’s character is shaped by its bayside setting, medium-density housing and strong emphasis on outdoor recreation and local neighbourhood amenities within Melbourne’s inner south.

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