Loan pre-approvals by banks can be confusing. They aren't a rubber stamp to buy whatever you want, but some buyers are being a little too cautious.
How to buy in Elwood
Located on the water yet close to the city, Elwood’s popularity with young professionals and investors alike comes as no surprise.
Combining Elwood’s bayside location and café culture with the village-like feel of the suburb leaves you with a quiet, relaxing atmosphere great for breaking with the sounds of the city. Perfectly suited to those craving an equal work life balance. The main shopping precinct, Elwood Village, provides further comfort with its assortment of cafes, restaurants and stores aiming to please a wide variety of shoppers.
There are also a range of clubs and activities to suit resident’s needs: yoga, tennis, a local sailing club and the nearby Elsternwick Golf Course. Thrill-seeking sky divers also land at Elwood after seeing Melbourne from the sky.
There are three schools located within Elwood. Two primary – Saint Columbo’s and Elwood Primary; and one secondary – Elwood College. There are also several early learning centres available for those with younger children.
Elwood has a range of bus routes servicing the area, the tram line on St Kilda Road and it is in close proximity to Ripponlea train station.
Originally a large part of Elwood was home to swampland, restricting the area available to develop. However, draining of the swamp and the installation of the Elwood Canal allowed for the development of residential properties between Dickens Street and Glenhuntly Road and up to Mitford Street. With the swamp cleared, Elwood was able to prosper and grow in popularity.
With many art deco and 1970s styled apartments in Elwood, the area commands the disproportionate attention of young professional singles and couples when compared to the other house skewed bayside suburbs. Looking to buy one of these apartments can cost upwards of $450,000 for a one bedder and $550,000 for a two bedder. Those searching for a home can purchase good investment quality single front Edwardian style house from $1.2million.
But as with all suburbs, tread with caution. The main danger in investing and buying property in Elwood comes primarily from the property’s proximity to the canal. Properties in these areas are susceptible to movement due to the amount of silt in the area. The effects of which are clearly visible as cracks on apartments and houses. These cracks can be very difficult and costly to repair and can lead to further troubles down the track when it comes time to sell. When investing in Elwood stick to streets that are not near the canal.
Ultimately it is the lifestyle and properties in the area that continue to draw our attention and the attention of our clients. And after years of buying properties in the area, not to mention our on-the-street observations and analysis of thousands of sales over 21 years, Wakelin Property Advisory has an Elwood suburb expertise unmatched by any buyer’s advocate or buyer’s agent.