25 November, 2014 / Category: Blog
Nestled in Victoria’s bayside, 8 kilometers south of Melbourne CBD, lies the calm and peaceful suburb of Elwood; a lush and leafy region that is both near to the city and close to the bay. Since its reestablishment in the 1990s, the area’s picturesque tree-lined streets have attracted working professionals, families and retirees alike—and understandably so.
If you’re a firm believer that location is key, you can’t do much better than Elwood. Located just one beach south of Melbourne’s bohemian St Kilda, and resting between vibrant Elsternwick and Ripponlea, residents can enjoy a quiet bayside lifestyle just a stone’s throw away from the city’s hustle and bustle.
Whether you’re in the mood to recharge or run wild; Elwood can deliver. Heading down to the iconic Elwood Beach, locals and out-of-towners alike can partake in a little windsurfing, cycling or sandcastle creation. Or, if you’re feeling a little more sophisticated, head down to Ormond Road. Home to the local plaza Elwood Village, as well as a host of cafes and restaurants, the shopping strip is the perfect place to wile away the hours on a lazy afternoon.
Since its beginnings as a working class suburb in the early 20th century, Elwood has experienced waves of transformation, and is today one of Melbourne’s most sought after bayside suburbs. Famous for its assortment of Victorian mansions, Edwardian cottages and interwar apartment buildings, the area features a range of aesthetically pleasing architectural design. The leafy streets may lack parking spaces, but they certainly don’t lack charm.
In the Elwood real estate market, only 18% of homes are fully owned, with the median house price sitting at approximately $1.2 million, and the median unit price sitting at approximately $556, 500. Of the remaining homes, 24.4% are in the process of being purchased by home loan mortgages, with median repayments resting at $2,200 per month. In the state of the current market, renting in Elwood appears the most affordable option, and seems the most desirable to the area’s more youthful demographic. 55.3% of Elwood homes are leased, with median rental costs ranging from $350 per week for a unit, to $670 per week for a house.
Given Elwood’s clean and green atmosphere and the area’s neighbourly spirit, this storybook suburb boasts excellent resale and rental value.
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Since its beginnings, the suburb of Elwood has experienced ongoing gentrification, and has become known for its architectural character. Perhaps due to the eccentricity of its property’s aesthetics, the average age of the Elwood population is 34-years-old, 3 years below the Australian average.
Despite its particular appeal to young professionals, Elwood also attracts the likes of young families with kids and retirees, drawn to the area’s quiet winding streets, bike paths, and village atmosphere. Among its residents, 69.4% are employed full time, and 22.1% work on a part time basis. Given that many locals are working professionals, the median individual income is $1060 per week, with the median household income resting at $1717 per week.
Culturally, some 77.3% of residents speak English as their first language, with 38.4% of locals identifying themselves as non-religious. Although 21.1% are Catholic, 9.5% are Anglican, and 2.9% are Eastern Orthodox.
With its bayside location, charismatic architecture, and village-like atmosphere, Elwood offers the best of the bayside within reach of the city.