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Selwyn Avenue Elwood – Financial Review

July 8, 2010

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

Selwyn Avenue is a well respected petite street which runs between Ormond Esplanade and Ormond 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.

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 who 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.

Selwyn Avenue, Elwood

Inset: 11 Selwyn Avenue, Elwood

Rentals for Past Year:

8/2 Selwyn Avenue 1 bedroom $260 per week

12/2 Selwyn Avenue 1 bedroom $260 per week

4/2 Selwyn Avenue 1 bedroom $215 per week

1/3 Selwyn Avenue 2 bedroom $395 per week

2/11 Selwyn Avenue 2 bedroom $340 per week

10/11 Selwyn Avenue 2 bedroom $365 per week

1/18-20 Selwyn Avenue 1 bedroom $360 per week

5/20 Selwyn Avenue 1 bedroom $300 per week

2/22 Selwyn Avenue 2 bedroom $435 per week

5/25 Selwyn Avenue 1 bedroom $335 per week

4/27 Selwyn Avenue 1 bedroom $655 per week

2/28 Selwyn Avenue 1 bedroom $260 per week

12/28 Selwyn Avenue 2 bedroom $310 per week

4/29 Selwyn Avenue 3 bedroom $800 per week

34 Selwyn Avenue 3 bedroom $900 per week

Sales for the Past Year:

10/2 Selwyn Avenue $540000

1/12 Selwyn Avenue $560000

6/12 Selwyn Avenue $560000

15 Selwyn Avenue $1640000

1/20 Selwyn Avenue $360000

6/22 Selwyn Avenue $541000

1/29 Selwyn Avenue $1136000

3/29 Selwyn Avenue $1129000

4/29 Selwyn Avenue $1090000

1/30 Selwyn Avenue $442500

4/30 Selwyn Avenue $472000

6/31 Selwyn Avenue $515000

36 Selwyn Avenue price undisclosed

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 Grey 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.  Click here to see details on the local shopping strips in Elwood.

Construction Nearby Underway: Elwood Green 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:

Barry Feldman p) 9532 8686 or e)

*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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