Elwood at a glance
Median house
$2,305,000
Median unit
$620,000
Population
15.2k
Median age 38
The brief
What to know about Elwood.
The postcode for Elwood is 3184 (VIC), part of Greater Melbourne.
The median house price in Elwood is $2,305,000.
Elwood (3184) sits in the Port Phillip region of Victoria. The median house here is $2,305,000, well above the Victoria median of around $850K.
Elwood has roughly 15,153 residents, with a typical family-age mix. Households are a roughly even mix of owners and renters.
Side by side
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Day to day
What it’s like to live here.
Summer days here average around 26°C (mild), winter mornings around 7°C (cool). Annual rainfall lands at about 639mm. Data comes from the Bureau of Meteorology's Melbourne (Olympic Park) station, 64.9km away.
Schooling within or near the suburb covers 5 government primary, 1 government secondary, 5 Catholic, 9 independent.
Who lives here
Demographics.
The 2021 Census put Elwood's population at 15,153, with a median age of 38. That sits as a typical family-age mix. Households are a roughly even mix of owners and renters (47% own, 51% rent), which shapes everything from school catchment stability to how often properties turn over. Lone-person households are notable here (44%), often a marker of unit-heavy stock and walkable infrastructure.
Population
15,153
Median age
38
Family households
49%
Lone person
44%
Demographics data as of May 2026· ABS 2021 Census
Houses change hands at $2,305,000 on a typical sale, well above the Victoria median. Units come in around $620,000, roughly 73% below the house median.
For buyers
A 20% deposit on the median house works out to roughly $461,000. Prices sit well above the Victoria median, so plan for a stretched deposit and shop carefully on borrowing capacity.
Market
The price of a home here.
Median house price
$2,305,000
+0.0% over the past year. Median unit price $620,000.
Sales data as of May 2026· sales-vic
Rental and ownership
Weekly rent (house)
$595/wk
Weekly rent (unit)
$415/wk
Owner occupied
47%
Renter occupied
51%
At a deeper level
$2,305,000
$620,000
15,153
Median age: 38
Rental data as of September 2025· rental-vic
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For investors
Investment overview.
Gross rental yield on houses sits at 1.34% (median rent $595/wk against a $2,305,000 price tag). Units yield 3.48% gross, often the better cash-flow play for first-time investors. With 51% of households renting, the leasing market is established and vacancy risk tends to be lower than in owner-dominated suburbs.
Gross Yield (House)
Source: Land Victoria / DTP · May 20261.34%
Based on $2,305,000 median
Gross Yield (Unit)
Source: Land Victoria / DTP · May 20263.48%
Based on $620,000 median
Annual Growth (House)
Source: Land Victoria / DTP · May 2026–
Year-on-year capital growth
Annual Growth (Unit)
Source: Land Victoria / DTP · May 2026–
Year-on-year capital growth
Owner Occupancy
Source: ABS Census 2021 · May 202647%
Higher = more owner-occupier demand
Days on Market
Source: Land Victoria / DTP · May 2026–
Lower = higher buyer demand
Gross rental yield is annual rent divided by purchase price, before expenses. It does not account for vacancy rates, management fees, maintenance, or financing costs. Use this as a starting point for further research.
Safety
Crime and safety.
883
total offences in 2025
Top offence categories
Crime statistics are reported at LGA level and may cover a broader area than this suburb.
Source: State Police Open Data
Crime data as of December 2025· State Police Open Data
Place
Location.
Amenities
Transport
Education
Schools in Elwood.
Local schools for Elwood
View the catchment for each school to find out more.
Government School Catchment
Elwood Primary School
Elwood College
St Kilda Primary School
© ACARA, licensed under CC BY 4.0.
Climate
Weather year-round.
Annual Rainfall
639 mm
Hottest Month (avg max)
26.0°C
Coldest Month (avg min)
6.5°C
Monthly Rainfall (mm)
Weather data from BOM station Melbourne (Olympic Park) (65 km away)
Climate data as of May 2026· Bureau of Meteorology
Frequently asked
About Elwood.
- What is the median house price in Elwood?
- The median house price in Elwood, VIC 3184 is $2,305,000. The median unit price is $620,000.
- What is the Elwood postcode?
- Elwood is in the 3184 postcode, in VIC, in the City of Port Phillip region.
- Where is Elwood?
- Elwood is a suburb of Melbourne, in VIC 3184. It is part of the Greater Melbourne area, in the City of Port Phillip region.
- What is the average rent in Elwood?
- The median weekly rent for houses is $595, for units it's $415.
- What schools are in Elwood?
- There are 20 schools serving Elwood on this page, including Elwood Primary School, Elwood College, St Columba's School.
- What suburbs are near Elwood?
- Elwood is close to Brighton Road, Ripponlea, Balaclava, St Kilda South, St Kilda.
- What is the population of Elwood?
- The population of Elwood is approximately 15,153 (2021 Census). The median age is 38.
For Sale
Elwood
Buying
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Surrounding Suburbs
Side by side
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Sources cited
Median, growth and rental data from state revenue offices and ABS. Census from ABS 2021. Climate from BoM. Hazard from Geoscience Australia. School data from ACARA. Crime from state police open data. Full methodology →
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