Elwood Property Market Overview (2026)
Elwood sits in the established middle-ring market. Property here commands a premium because the amenity density justifies it — 68 dining venues, 5 schools, and 16 parks within the suburb boundaries.
Population: 14,500 (ABS Census 2021)
Price Estimates
| Property Type | Estimated Median | Monthly Mortgage (est.)* |
|---|---|---|
| House | $1.0M–$1.6M | $4,000–$6,400 |
| Unit/Apartment | $500K–$750K | $2,000–$3,000 |
Estimates based on Elwood’s market positioning. Mortgage estimates assume 20% deposit, 6.5% variable rate, 30-year term. For current sales data, check REIV or Domain.
What Drives Property Value in Elwood
Property prices in any suburb reflect three things: what is already there, what is coming, and how easy it is to get to the CBD. Here is how Elwood stacks up:
| Amenity Factor | Elwood | Impact on Value |
|---|---|---|
| Schools | 5 | Moderate |
| Parks | 16 | High — green space is a premium driver |
| Dining & Cafes | 68 | High — walkable lifestyle premium |
| Medical | 2 | Gap |
| Supermarkets | 3 | Convenient |
| Gyms & Fitness | 2 | Some options |
Total amenity score: 122. Solid infrastructure that supports steady demand.
Schools (Key Value Driver)
Elwood has 5 schools — school zone boundaries are one of the strongest price drivers in Melbourne property:
| School | Address |
|---|---|
| St Kilda Primary School | 2B Brighton Road |
| Elwood College | 101 Glen Huntly Road |
| Elwood Primary School | 49 Scott Street |
| St Columba’s Primary School | 18-26 Glen Huntly Road |
| Yesodei HaTorah College | 37-39 Dickens Street |
Check zone boundaries at findmyschool.vic.gov.au.
Rental Market
| Unit Type | Weekly Rent (est.) |
|---|---|
| 1 Bedroom | $350–$460 |
| 2 Bedroom | $480–$620 |
| 3 Bedroom | $620–$850 |
Rental yield estimate: 3.5–4.0% (higher yields in more affordable suburbs).
See our detailed Cost of Living Guide for full cost breakdown.
Before You Buy in Elwood
- Check school zones — findmyschool.vic.gov.au determines your designated school
- Review planning overlays — heritage, flood, bushfire at your local council
- Check flood risk — planning.vic.gov.au
- Attend auctions — quoted ranges in Elwood are guides, not guarantees
- Get a building inspection — non-negotiable for any house purchase
- Talk to locals — knock on a neighbour’s door. They will tell you what agents won’t
Key Links for Elwood Property Research
- Domain — current listings and recent sales
- realestate.com.au — price history and suburb profiles
- REIV — quarterly median prices (the official data)
- ABS Census — population and demographic data
Related Guides
- Best Restaurants in Elwood
- Best Cafes in Elwood
- Best Bars in Elwood
- Cost of Living in Elwood
- Elwood Neighbourhood Guide
- Family Guide to Elwood
- Is Elwood Safe?
- Elwood Transport Guide
Last updated: March 2026. This guide is refreshed when OpenStreetMap data changes — new openings, closures and corrections are reflected automatically. Found something wrong? Let us know.
Sources
- OpenStreetMap Contributors — openstreetmap.org — accessed March 2026
- ABS Census 2021 — abs.gov.au/census
- REIV Quarterly Median Prices — reiv.com.au
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