Elwood vs Malvern East
Property investment comparison - Elwood, VIC 3184 vs Malvern East, VIC 3145
Head-to-head across core investment metrics: Elwood wins 2, Malvern East wins 2. The better choice depends on whether you're optimising for cash flow, growth, affordability, or liquidity, the table below highlights the winner on each metric.
| Metric | Elwood | Malvern East |
|---|---|---|
| Median house price | $2M | $2.1M |
| Median unit price | $660K | $635K |
| Gross rental yield (houses) | 3.00% | - |
| Gross rental yield (units) | - | 4.86% |
| 1-year house growth | -9.2%estimate | -6.7% |
| 3-year house growth | - | -2.9% |
| Vacancy rate | 2.3% | 2.5% |
| Population | 15,153 | 22,296 |
Elwood vs Malvern East: what the numbers say
The median house price is $2M in Elwood and $2.1M in Malvern East, so Elwood is the cheaper entry point, with Malvern East houses about 4% dearer.
For units, Elwood sits at a median of $660K against $635K in Malvern East, which makes Malvern East the more affordable unit market and Elwood the pricier one.
Over the past year house prices moved -9.2% in Elwood (an estimate) and -6.7% in Malvern East, so recent momentum favours Malvern East, while Elwood went backwards.
Rental vacancy is 2.3% in Elwood and 2.5% in Malvern East, so landlords in Elwood face less competition for tenants.
Malvern East is the bigger suburb, with a population of 22,296 against 15,153, larger than Elwood; a larger suburb usually means a deeper pool of buyers and tenants.
In short: Elwood for a lower purchase price, Malvern East for recent price momentum, Elwood for the tighter rental market. Which matters more depends on whether the investor is buying for cash flow, capital growth or affordability.
Keep exploring
- National investment guide - top suburbs across every metric
- Take the suburb finder quiz - 5 questions to match your goals
- How our investment score works
- Property investment glossary - every term defined
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