2/39 Mitford Street, Elwood VIC 3184

Art Deco character on a tree-lined street | generous 738sqm land share in boutique block | flexible floorplan with high ceilings and polished floors | strong rental yield potential in competitive Elwood pocket This two-bedroom flat at 2/39 Mitford Street offers a rare combination of period character and practical living within a small security block, a configuration that typically holds value better than larger complexes. The 738sqm land share, while not exclusive, implies a lower site density and fewer neighbours, which buyers in this market often prioritise over unit count. Polished timber floors and decorative high ceilings are genuine differentiators in this price range, and the flexible floorplan allows for a home office setup or separate dining, appealing to couples or downsizers who want St Kilda Gardens proximity without sacrificing space. The heritage overlay is the primary constraint here it limits external alterations and may affect future renovation plans, but for most buyers seeking an intact Art Deco flat, this is a neutral factor rather than a risk. The property sits in a competitive segment of Elwood where two-bedroom apartments regularly trade between $600k and $750k, and with recent comparable sales around $750k for a similar unit in the same street, the upper end of the listed range appears justified. Rental demand remains strong given the location and park adjacency, though the carport is a single space and may not suit households with two vehicles.