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End of Financial Year Review – Alfriston Street, Elwood

July 5, 2010

Rosario Pugliese presents an annual rundown on all the activity essential for all Alfriston Street owners to know. This will be updated for you and emailed out in a link every quarter.

Alfriston Street is a well respected petite street which runs between Tennyson Street and Brighton Road. It consist of a range of grand Art Deco flats, 50’s and 70’s flats, as well as private residences.

History of the Elwood Area

Elwood is known for its mix of Victorian mansions, Edwardian cottages, Interwar apartment buildings. Infill development in recent decades has changed the character of the suburb, however some examples still remain.

Inset: Rotherfield as it stands today

Sherwood Hall formerly named “Rotherfield” is a large Victorian (45 room) mansion at 14 Hennessy Avenue. It was built between 1890-1891 by David C. Askew of Twentyman & Askew (architects) for Joseph Cowen Syme. Twentyman & Askew were also responsible for The Block Arcade in Melbourne’s CBD. Syme was a co-owner of “The Age” newspaper, Melbourne for some 12 years. Upon the death of Laura Syme (J.C. Symes’ widow) in the 1920s; the mansion was turned into flats. Sherwood Hall is listed in the Port Phillip Heritage Review, 1998.

Many of the streets in Elwood are named after things related to the beach. These streets include Beach Avenue, Spray Street, Wave Street, Tide Street and Foam Street. Other streets in the area are named after famous writers, essayists and poets, such as Shakespeare Grove, Dickens Street, Milton Street, Wordsworth Street, Byron Street, Keats Street, Tennyson Street, Ruskin Street and Shelley Street.

Alfriston Street, Elwood

Rentals for Past Year:

Inset: 5 Alfriston Street

6/3 Alfriston Street 2 bedroom $370 per week

3/2 Alfriston Street 2 bedrooms $310 per week

4/5 Alfriston Street 2 bedrooms $330 per week

7/5 Alfriston Street 2 bedrooms $320 per week

5/2 Alfriston Street 1 bedroom $270 per week

3/5 Alfriston Street 2 bedroom $310 per week

5/5 Alfriston Street 2 bedrooms $320 per week

1/5 Alfriston Street 1 bedroom $320 per week

Sales for the Past Year:

1/2 Alfriston Street $498,500

This is not an exhaustive list, and we will be updating sales as they are reported from our databases.

Demographics:  There is a range of both long-term residents and speculative investors along Alfriston Street. Elwood has a strong Jewish community, but generally the neighbourhood is very diverse.

Public Transport and Amenities: Elwood is well serviced by trams, trains and buses. It is only a short trip to equally funky and fun St Kilda, which has many amenities and a vibrant nightlife.  Click here to see details on the local shopping strips in Elwood.

Construction Nearby Underway: Elwood Green is an environmentally sustainable project. There is also a contentious ongoing debate about the re-development of the nearby St Kilda Triangle. Find out more about this topic by clicking here .

Forecast for the 2010-2011 Financial Year: We envisage that continuing owner occupier interest and buying power will keep the market buoyant in Elwood for the second half of 2010. Dependant on bank interest rates, we could experience a flattening of the market in 2010 in the plus $500,000 sector. Elwood offers a unique buying opportunity in an upwardly mobile area which should cushion it from too many market fluctuations.

For further information on this, or any other property needs you may have, please contact:

Rosario Pugliese p) 9532 8686 or e) rpugliese@stockdaleleggo.com.au

*Stockdale and Leggo Elsternwick has gathered this information to provide an interesting document for readers and subscribers. Information contained herein is gathered from a range of sources including but not limited to; local Victorian press both virtual and hardcopy, Valuer General Information & Agents own investigations. All efforts are made to verify the information provided. The information is not to be relied upon or used in dealings with third parties and people should make their own investigations regarding their own property or personal circumstances. Opinions and observations offered should not be treated as fact.

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