The median house price in Elwood in 2026 is $1,850,000, with units at $680,000 (REIV Q2 2025). Elwood is one of Melbourne’s most sought-after bayside suburbs, sitting between St Kilda and Brighton on Port Phillip Bay, 7km south of the CBD. The suburb’s Elwood Beach, Elwood Canal, Art Deco apartment buildings and village retail strip on Ormond Road create a rare combination of bayside lifestyle, architectural character and strong long-term capital growth.
Elwood Property Prices at a Glance
| Property Type | Median Price | Gross Yield | 5-Year Growth |
|---|---|---|---|
| House | $1,850,000 | 2.2% | 43% |
| Unit / Apartment | $680,000 | 3.4% | 35% |
Why Are Elwood Property Prices So High?
Elwood is geographically constrained between the bay to the south, Elsternwick to the east and St Kilda to the north. The suburb’s Art Deco apartment buildings (many heritage-listed) cannot be replicated, and beachfront streets carry premiums of 25-40% above the suburb median. Elwood Primary School and proximity to St Kilda and Brighton’s amenity corridor further support prices. Turnover is extremely low with many properties held for 10-20 years.
Elwood Suburb Data (ABS Census 2021)
- Population: 12,100
- Median age: 36
- Median household income: $2,680/week
- Owner-occupier rate: 52%
- Renter rate: 44%
- Median weekly rent: $550
Is Elwood a Good Investment Suburb?
GeeVee rates Elwood 8.2/10 for investment. The suburb scores highest on capital growth (43% over 5 years is one of Melbourne’s strongest bayside performances), supply constraint, household income and lifestyle premium. Yields are lower at 2.2-3.4% but total return has been exceptional. Elwood is a strong hold for long-term capital growth investors.
Elwood vs Neighbouring Suburbs
| Suburb | Median House | Unit Yield | GeeVee Score |
|---|---|---|---|
| Elwood | $1,850,000 | 3.4% | 8.2/10 |
| St Kilda | $1,480,000 | 4.8% | 7.5/10 |
| Brighton East | $1,680,000 | 2.8% | 7.9/10 |
| Elsternwick | $1,620,000 | 3.1% | 7.9/10 |
Frequently Asked Questions
What is the median house price in Elwood in 2026?
The median house price in Elwood is $1,850,000 as at Q2 2025 (REIV).
Is Elwood a good suburb to invest in?
Yes. GeeVee rates Elwood 8.2/10. It is one of Melbourne’s strongest long-term capital growth suburbs, with 43% growth over 5 years and extremely tight supply.
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