2/1 Tennyson Street, Elwood VIC 3184

Ground-floor Art Deco apartment | boutique eight-unit complex | walk to beach, tram, village | strong yield potential for investor or first buyer. This property occupies a rare position in Elwood’s market: a ground-floor apartment in a low-density boutique block with genuine Art Deco character retained through steel-framed windows, high ceilings, and Tasmanian oak flooring. The 67-square-metre floor plan is efficient for two bedrooms with built-in robes, and the private courtyard extends usable living space without body corporate friction over shared gardens. For a first buyer seeking a lock-and-leave foothold in a blue-chip bayside suburb, or an investor targeting a 5.4 per cent rental yield with low vacancy risk, this unit competes directly against newer stock that lacks period charm or outdoor space. The heritage zone adds desirability and scarcity, not cost, because the complex is already built and the interior has been updated with stone benchtops and a quality bathroom. The key risk is the Expressions of Interest process, which can push a buyer into paying above market if competing offers are not disciplined. No parking is confirmed, which may reduce appeal for car-dependent households and cap future resale to a narrower buyer pool. The 2008 purchase price of $435,500 shows modest capital growth over 18 years, suggesting this property has tracked suburb averages rather than outperformed. However, the current mid-estimate of $580,000 remains below the Elwood apartment median, offering entry at a discount to comparable two-bedroom units. Buyers should bid firmly at or below the $580,000 mark, treat the EOI deadline as a negotiation boundary, and plan to hold for at least five years to capture the compounding effect of location scarcity and heritage premium.