The Smart Money's On The Bay

The Age

Saturday May 19, 2007

Susannah Petty

Elwood renters love the executive elegance and arty vibe, writes Susannah Petty.

IT COULD be the all-encompassing cafe buzz. Or, maybe it's the mix of art deco and cutting edge architecture, or perhaps the proximity of beach, city and parks. Whatever the lure, Elwood is one of those places that, from the inside, can feel like the centre of the universe.

It's not surprising then that the bayside suburb is an enduring rental hot spot.

"People tend to not move out once they move in," says Rhonda Reid, senior property manager with Chisholm and Gamon. "We have very stable tenancy rates. Especially on the higher end."

Elwood's property range is not as wide as in many bayside suburbs. Houses are limited and much of the apartment stock dates back several decades, ranging from 1920s blonde brick complexes to striking art deco statements, red brick boxes and some new developments.

But, says Ms Reid, what the older style apartments may sometimes lack in sophistication they make up for in size.

"Also, some of the blocks have been refurbished and rendered and kept looking good with new carpet and painting," she says. "That type of block will rent out really well."

Elwood's prices support Ms Reid's comments.

She says the cheapest studios rent from about $230 a week, while two-bedroom apartments with off-street parking go for between $350 and $450 a week. At the more executive end, townhouses and houses are priced between $650 and $800 a week.

Alana Finegan of Century 21 Wilson Pride estimates that prices have risen by about $40 a week on average over the past six months. Recently, however, she says demand has begun to even out, giving a slight lift to listings.

"It's finally just slowed," Ms Finegan says. "At the end of April we had nothing on our rent list. Now we're back to at least four or five properties."

Because of the creeping expense Ms Finegan says the renter mix has shifted towards more executive types. Although, she says the lifestyle remains laid back.

Weekends are devoted to jogging, coffee appreciation, beachside meanderings and dog walking. Despite Elwood's small living spaces - many without even a decent balcony - the canine culture thrives.

Ms Reid says it adds up to a "lovely feel" of village life, topped off with an interesting population.

"It's got a good mix," she says. "You find a lot of arty types in Elwood - actors and musicians, people who are into philosophy and smart corporates who are on very good money."

© 2007 The Age

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