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Elwood, VIC 3184
Suburb profile: median house and unit prices, rental yield, capital growth, vacancy and demographics
Data updated
Median House
$2,000,000
market range $1.9M-$2.1M
Median Unit
$660,000
market range $600K-$825K
Gross Yield (houses)
3.0%
1yr Growth (houses)
-9.2%
market range -15.0% to +7.5%
Investment snapshot for Elwood
Elwood has enough public data for first-pass screening across yield, vacancy, price and supply signals.
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Elwood market and investor summary
Elwood (VIC 3184) runs a median house price of $2M, with houses yielding a gross 3.0%. House prices have moved -9.2% over the past year. At 2.3% vacancy, it is a broadly balanced rental market.
For an investor, this reads as a capital-growth market more than a cashflow one. A gross house yield around 3.0% will not cover holding costs in the early years, so the case leans on price appreciation.
Living in Elwood: people, income and schools
Elwood is home to around 15,153 people, a number that has held fairly steady over five years. The median age is 38, broadly working-age, with renters making up 57% of households. That renter share gives landlords a deep tenant pool to draw on through the year.
Households here earn a median of about $109,000 a year, or roughly $2,100 a week. On socio-economic measures it ranks among the most advantaged in the country (10 out of 10 on the ABS advantage index). At current prices a median house runs to a steep 18.3 times local household income, so affordability is a genuine constraint on local buyers. Incomes have risen about 16% over five years, which tends to underpin what local buyers can pay.
There are 83 schools within about 5km, and they test well above the national school average on ICSEA, a draw for education-focused families. It is roughly 8.0 km from the CBD. Most day-to-day errands are doable on foot; the suburb scores 84 for walkability and 83 for transit out of 100. Fixed broadband is delivered over the NBN's Hybrid Fibre Coaxial (HFC).
- Population
- 15,153
- +1% over 5yr
- Median age
- 38 years
- Median household income
- $109,000/yr
- Households renting
- 57%
- Family households
- 30%
- Socio-economic rank
- 10/10
- ABS advantage index
- Schools within 5km
- 83
- avg ICSEA 1115
- Unemployment
- 4.2%
- Distance to CBD
- 8.0 km
- Walk score
- 84/100
Demographic, school and socio-economic figures are sourced from the ABS Census, SEIFA and ACARA. Property metrics reflect PropRadar's latest data.
Properties in Elwood
View all →Frequently asked questions about Elwood
What should I check before investing in Elwood?
Elwood has enough public data for first-pass screening across yield, vacancy, price and supply signals. Walkability score of 84 broadens the tenant pool beyond car-dependent renters. Compare those signals with nearby suburbs and individual listings before relying on the suburb-level view.
What are typical property prices in Elwood?
The median property price in Elwood, VIC 3184 is $2M for houses and $660K for units.
What rental yield does Elwood show?
The gross rental yield in Elwood is 3.0% for houses. Gross yield is calculated as annual rent divided by property price, and it doesn't account for expenses or tax.
What does recent house price growth show for Elwood?
House prices in Elwood are down 9.2% over the past year. Capital growth is a key driver of total investment return, so pair it with rental yield to get a full picture.
How tight is the rental market in Elwood?
The current vacancy rate in Elwood is 2.3%. A rate under 2% generally signals a tight rental market. This suburb's rental market is balanced, favouring neither landlords nor tenants strongly.
How many people live in Elwood?
Elwood has a population of approximately 15,153 residents, with a median age of 38.
What schools are near Elwood?
There are 83 schools within roughly 5km of Elwood. Their average ICSEA sits well above the national mean of 1000, which points to a more advantaged school catchment. ICSEA is the ABS measure of a school community's socio-educational advantage.
Is Elwood affordable to buy in?
A median house in Elwood costs about 18.3 times the median local household income (a high multiple that makes the suburb a stretch for median local earners). The ratio compares the median house price with annual household income; it is a rough affordability gauge, not a substitute for your own borrowing assessment.
Is Elwood's population growing?
The population of Elwood has held roughly flat over five years. Population growth feeds underlying housing demand, so it is worth weighing alongside price and yield.
How far is Elwood from the CBD?
Elwood is about 8.0 km from the CBD.
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