Property Management Elwood
Our Landlords who own one or more properties in Elwood are reporting growth in the sale prices of properties in the suburb. Elwood is a suburb in which half of all the property is rental property compared to the average in Melbourne overall of 24%.
Residents are mainly professionals who work in the city. In all 60% of homes in Elwood are apartments, houses make up the balance of homes with semi detached or maisonettes’ and free standing homes in equal numbers.
With the strong economy turn around of early 2010 prices for both land and dwellings have increased significantly in the first 3 months of the year. The average price for a house is now well over a million dollars and apartments average around half a million dollars across the board.
Our Property Managers report Elwood is in demand from both tenants and owner occupiers alike; the rental property that we manage in Elwood is hardly ever vacant due to this demand.
Preparing your property properly for tenants is important as the quality of the tenants attracted to the suburb demand homes that are in clean and serviceable condition.
The median rental of a house in Elwood is $750 per week and for an apartment or unit around $430 per week. There are extremes of course where levels above $2,000 per week are achieved for houses and $1,000 for apartments.
We find Elwood a great suburb in which to invest as it offers great capital growth, good rental returns and a good tenant spread.