Perfect park and walk
NO matter what type of property you’re on the hunt for Elwood can deliver it and deliver it in style.
“The quality of property is just higher here than in a lot of other suburbs,” said Chisolm & Gamon, Elwood, director Torsten Kasper.
“There’s beautiful houses, wonderful Art Deco apartments, good-sized 1950s apartments and fantastic modern townhouses.”
A range of buyers were flocking to the area, which has something to offer everyone.
“Aspirational professional singles are drawn in by the style and the class of the Art Deco apartments,” Mr Kasper said.
“Family buyers love the houses and the fact there are two primary schools and a high school within the suburb.
“Empty-nesters are buying the large, contemporary townhouses that are low maintenance and they can lockup and leave.”
The suburb’s comparative affordability to surrounding areas appealled to buyers on the hunt for the bayside lifestyle.
“Elwood is incredibly undervalued compared to suburbs such as Middle Park and Albert Park,” he said.
Elwood has a median price of $1.55 million for houses and $600,000 for units, while buyers can expect to pay $2,243,750 for a house or $650,000 for a unit in Middle Park, according to CoreLogic RP Data.
“There are really good prospects for potential growth,” Mr Kasper said. “You are getting the same thing you would be getting in Middle Park for $500,000 less.”
A “tangible sense of community” had also drawn buyers to the area.
“The village has a great mix of shops and cafes, there’s everything you want,” he said. “You can eat and shop local.” Those who loathe the necessity for a car will also be drawn to the area, with the beach, shops and transport all just a hop, skip and jump from most homes.
“It is one of those suburbs where you can park and walk,” Mr Kasper said.
“You can park and walk to the shops, you can park and walk to the beach, you can park and walk to the train station or tram stop.”