Elwood, VIC 3184
City of Port PhillipAll suburbs in postcode 3184
Updated
Median house price
$2,305,000
Median · Land Victoria · the latest published quarter (updated May 2026)
Selling in Elwood?
Get the free selling guide, personalised to Elwood, or ask for a free appraisal from a local agent.
Elwood at a glance
- Median unit
- $620,000
- Weekly rent
- $1,095
- Houses · units $608
- Population
- 15.2k
- Median age 38
Prices: Median · Land Victoria · the latest published quarter (updated May 2026) · Rent: Victorian rental report, September 2025 · Population: 2021 Census
House prices in Elwood
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.
Rental data as of September 2025· Victorian rental report
Free appraisal in Elwood
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What to know about Elwood
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.
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 617 mm. Figures are our 1991 to 2020 averages of SILO data for this location (Queensland Government, built from Bureau of Meteorology observations).
Schooling within or near the suburb covers 5 government primary, 1 government secondary, 5 Catholic, 9 independent.
Schools in Elwood
Location
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.
- Family households
- 49%
- Lone person
- 44%
- Owner occupied
- 47%
- Renter occupied
- 51%
Demographics data as of May 2026· ABS 2021 Census
Investment overview
Gross rental yield on houses sits at 2.47% (median rent $1095/wk against a $2,305,000 price tag). Units yield 5.10% 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, housesSource: Land Victoria / DTP · May 2026
- 2.47%
- On the $2,305,000 median
- Gross yield, unitsSource: Land Victoria / DTP · May 2026
- 5.10%
- On the $620,000 median
Gross rental yield is a year’s rent divided by the purchase price, before expenses. It leaves out vacancy, management fees, maintenance and financing costs, so treat it as a starting point.
Crime and safety
869 offences recorded in 2026
Top offence categories
Source: State Police Open Data
Crime data as of December 2026
Weather year-round
- Annual rainfall
- 617 mm
- Hottest month, avg max
- 26.4°C
- Coldest month, avg min
- 6.8°C
Rainfall by month
Our 1991 to 2020 averages of SILO data (Queensland Government, built from Bureau of Meteorology observations, CC BY 4.0) for this location.
Climate data as of October 2026· SILO (Queensland Government), from Bureau of Meteorology observations
Questions about Elwood
- What is the median house price in Elwood?
- The median house price in Elwood, VIC 3184 is $2,305,000 (Land Victoria's quarterly suburb median, the latest published quarter (updated May 2026)). The median unit price is $620,000.
- How much is my house worth in Elwood?
- A useful starting point is the Elwood median house price of $2,305,000 (units $620,000). Your home will sit above or below that depending on land size, condition, position and what comparable homes nearby have sold for recently. For a figure specific to your property, request a free property appraisal from a local agent using the form on this page.
- Is Elwood a good investment?
- On the published figures, the gross rental yield on houses in Elwood is 2.5%: the median weekly house rent is $1,095 (Victorian rental report, September 2025) against the median house price of $2,305,000 (Land Victoria, the latest published quarter, updated May 2026). No 12-month price change is published for Elwood: the Land Victoria figures we hold do not measure one. Whether Elwood is a good investment for you depends on the price you pay, your loan and holding costs, vacancy and your tax position. These are published market figures, not financial advice.
- 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 in the City of Port Phillip area, VIC 3184.
- What is the average rent in Elwood?
- The median weekly rent for houses is $1095, for units it's $608.
- 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.
Selling in Elwood? Get the free selling guide
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Sources. House and unit medians from the NSW Valuer General, Land Victoria, the SA Government and the ABS; rents from the state rental bond authorities. Census from the ABS (2021), climate from the Bureau of Meteorology, hazard from Geoscience Australia, schools from ACARA and crime from state police open data. Each figure carries its source and date. How we source data
How we’re paid. The guides and this page are free. When a seller asks, we introduce one local agent, and the agent pays us a flat fee for the introduction, never a share of their commission; it costs the seller nothing. If a figure looks wrong, tell us and we’ll fix it.