All About Elwood, Port Phillip, VIC, 3184

Elwood, located within the City of Port Phillip, Victoria, is known for its vibrant housing market that showcases a mix of architectural styles, including charming Edwardian and Victorian homes, contemporary apartments, and Art Deco buildings. The suburb's coastal proximity and picturesque streets lined with palm trees and cafes contribute to its high desirability, resulting in competitive property prices. In recent years, Elwood has experienced a steady demand from both families and young professionals drawn to its beachside lifestyle combined with the conveniences of urban living. The area's real estate market tends to exhibit resilience, largely due to its appealing location and quality of life offered, with a diverse range of housing options catering to different budgets and preferences.

Living in Elwood is often characterized by a laid-back, yet vibrant lifestyle, where residents enjoy easy access to a variety of amenities and recreational activities. The suburb boasts a strong sense of community, with local events and a thriving cafe culture encouraging social interaction among its diverse population. Elwood Beach is a central attraction, offering residents opportunities for swimming, cycling, and walking along the scenic foreshore. The suburb's connectivity is also a bonus, with convenient public transport links and proximity to Melbourne's CBD, making it an attractive option for commuters. Schools, parks, and shops are easily accessible, making it not only a sought-after location for families but also for those seeking a balance between urban excitement and relaxed coastal living.

Elwood Real Estate Market Outlook

Thinking about buying in Elwood? Now could not be a better time, with 12149 residential properties there's certainly plenty to choose from. The average property price in this area is in the region of $1,598,000 with prices in this suburb ranging from $274,000 to $18,890,000. Elwood is located very near to the coast so expect stunning views of the ocean and access to beaches. Demand is likely to be very strong in this location which will support higher prices

Prices are above market average and increase steadily under persistent demand. A more sustainable rate of price growth is anticipated in the short to medium term. High average incomes in Elwood ensure a focus on quality with a commensurate high entry price under constant demand. Competition for available quality housing is intense with multiple offers likely to be made in excess of asking prices. The high percentage of professional people in Elwood classifies the area as "gentrified". This implies high demand for quality housing, generally of larger than average size. Price growth is ensured even where the state affordability index is negatively impacting other areas. High density population in Elwood requires consistent turnover in housing ensuring constant demand. Housing styles may be a mix of low, medium, and high density, providing choice for well-financed buyers and value growth over time. High industry presence in the wider area is a double-edged sword. While local employment options are high, the presence of industrial buildings may negatively impact lifestyle perception. Demand from first home buyers and investors however ensures good price growth.

Instant Property Valuation

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Public Transport

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General Points of Interest

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Nearby Suburbs

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