For many people, the dream urban location is one that seems a world away, but is actually quite close. Somewhere that provides a quiet village feel, while still being within easy reach of everything the city has to offer. With its tree-lined streets, quaint shopping strips, and prime positioning, the secluded enclave of Elwood fits this brief perfectly.
Part of the City of Port Phillip, Elwood sits a mere 8km southeast of Melbourne’s CBD. Located between two of the city’s best known suburbs – St Kilda and Brighton – it is often overshadowed by its famous neighbours. However, those that are familiar with the area know that Elwood more than holds its own.
As the site of Victoria’s first quarantine station, Elwood’s history – at least since European settlement – is fairly humble. Originally swampland, it was not considered suitable for development until the Elwood Canal – now a key local landmark – was built in 1888. Since then, multiple waves of gentrification have helped transform the area into one of Melbourne’s most sought-after beachside areas.
Elwood is now best known for its picturesque green spaces, with the foreshore area a hub for residents and visitors alike. Over the last few decades, Elwood Beach has become one of the city’s most popular locations for swimming, windsurfing, and stand-up paddleboarding. The foreshore and canal area also feature well maintained walking and cycling trails, further adding to the suburb’s outdoorsy appeal.
Although most locals enjoy a fairly active lifestyle, it is actually Elwood’s unique village vibe that they love most. While there are no major supermarkets in the suburb, residents are well served by several small shopping strips. The largest of these is Elwood Village, which features an array of cafes, restaurants, and boutique specialty stores.
Despite the location, public transport options are fairly limited in Elwood, with the suburb lacking its own train station. However, there is a tram line running along its boundary and several bus routes service the area. Residents can also access multiple train stations, shopping centres, and highly regarded schools just beyond the suburb’s borders.
Luke and Julian each have over 20 years of property investment experience.
Elwood may have plenty to offer residents, but for investors, the story is a little more complicated. Like with most other inner city suburbs, quality properties generally attract a lot of interest from buyers. As a result, sales campaigns are usually quite competitive, and you need to be strategic in your buying approach.
This is where the support of a market expert, like a buyers agent, can really help. In addition to negotiating the sale on your behalf, they can help keep you focused on the numbers. They can also assist you to narrow down your search criteria and find a property that suits your investment strategy.
This is particularly important in locations like Elwood, where the property stock is varied, but generally skews high end. For example, many local streets are lined with impressive Victorian mansions and large Edwardian and Art Deco homes. These substantial properties often sell at a significant premium and have helped push the suburb’s median house price to well over $2m.
While these properties can achieve significant growth, particularly when updated and extended, their rental yields are usually fairly modest. As such, if you are committed to investing in Elwood property, we generally recommend focusing on units, preferably with private parking. These are significantly more affordable to buy and should be able to achieve a rental yield of 3% or more.
Search Party Property understands the challenges of navigating a market as complex and competitive as Elwood. As professional buyers advocates, we also know how to spot a good investment opportunity and secure a great deal. So, whether you need guidance on finding your first property or assistance growing your portfolio, we can help.
We start by reviewing your current situation and future plans, and coming up with a tailored investment strategy. This will set out the best way to achieve your goals and should help guide you on your investment journey. It will also define the type of properties you should be targeting and the criteria for assessing suitable opportunities.
Based on this, our team of researchers will start working on a shortlist of suitable properties for you. This will be informed by an analysis of historical growth and rental trends, and recent market performance. We will also look at future developments planned for the area and consider how they may impact long-term property performance.
All this insight will be provided to you, along with the shortlist, to help you pick your preferred property. Once you have, we will help you coordinate the required checks and, if everything still looks good, submit your offer. We will also walk you through what to do once the sale is settled and how to get the most from your new investment.
For those that want to build serious wealth, we also have our Property Portfolio Accelerator Model. This unique strategy is designed to jumpstart your investment journey, helping you acquire multiple properties in your first few years. For more information on this approach or any other Search Party Property service, give us a call.