EquitySight.app
Free full calculator →
EquitySight.app
Free full calculator →
ABS 2021 Census · Updated 21 May 2026
Elphinstone is a regional centre in Victoria, Australia, with a population of approximately 633, making it a boutique locality. Located approximately 98 km from the Melbourne CBD, Elphinstone is a regional area in Victoria. The median household income is $75,244 per year.
Household incomes in Elphinstone sit in a comfortable mid-range for the Victoria market. Regional positioning means lower entry costs but potentially longer hold periods for capital gains.
Official Australia Post postcode for Elphinstone. A postcode may cover multiple suburbs.
Australia Post Postcode Finder →Usual resident population at the most recent census.
Weekly median rent for occupied homes. Live rental data integration coming soon.
Annual median household income (before tax) across all households.
Straight-line distance from the suburb centroid to the nearest capital city CBD. Actual driving distance will be longer.
Estimated 1 school within or near this suburb.
Find schools near Elphinstone on My School →Estimated 1 park and green spaces near this suburb.
Monthly median mortgage repayment for households currently paying off a mortgage.
Proportion of separate houses versus units, townhouses, and other home types. Useful for investors assessing rental demand mix.
Elphinstone is a smaller community of 633 — about 9% of the Victoria suburb median (7,416) — so investors should factor in the narrower buyer pool and longer average time-on-market. Elphinstone's median household income of $75,244/year is 21% below the Victoria suburb median ($95,160) — this is an affordability play where returns lean on yield and patient capital growth rather than demographic premium. Median rent of $203/week (~$880/month) covers only 55% of the median mortgage of $1,594/month — the remaining $714/month must be funded from other income, so this suburb tilts toward capital growth rather than yield. Elphinstone is 98 km from Melbourne, so the local market tracks regional employment and lifestyle drivers more than CBD-driven commuter demand.
How Elphinstone stacks up against the median of all Victoria suburbs in our dataset. Positive values mean Elphinstone sits above the state median; negative means below.
| Metric | Elphinstone | VIC median | Δ vs state |
|---|---|---|---|
| Population | 633 | 7,416 | -91% |
| Median household income | $75,244/yr | $95,160/yr | -21% |
| Median rent (weekly) | $203 | $380 | -47% |
| Median mortgage (monthly) | $1,594 | $1,950 | -18% |
| Distance to CBD | 98 km | 32 km | +206% |
| Separate houses | 86% | 78% | +8pp |
Pre-inspection briefing for Elphinstone — every item is derived from public datasets, with full citations in our data sources page.
Limited buy-and-hold upside: a small population of 633 means liquidity is thin and capital growth tends to lag the wider Victoria market over full cycles.
Weak cash flow: $203/week rent covers only 55% of the $1,594/month median mortgage — a $714/month gap that must be funded from other income. This suburb is a capital-growth play, not a yield play.
With 86% houses in a 633-person market, renovation margins depend on individual street and aspect rather than any suburb-wide story — do comparable-sales analysis before committing capital.
Run the numbers on a Elphinstone property
Scenario comparison, cash flow analysis, tax modelling, and PDF export — all in one place.
Create free account →Capital-growth expectations for Elphinstone are modest for 2026 — incomes 21% below the VIC median of $95,160 and a population of 633 suggest gains will lag headline metro markets. Rental coverage runs at ~55% of the typical mortgage ($880/month rent vs $1,594/month repayment), meaning investors will rely on capital growth rather than yield. The EquitySight investment score of 31/100 places Elphinstone in the lower tier of Australian suburbs we profile, and overall investor sentiment is cautious heading into the second half of 2026.
Lived in Elphinstone? Help other investors with an honest 100-word review. Sign-in required; all reviews are manually moderated before they appear.
Elphinstone scores 31/100 on our EquitySight investment framework — a weak rating. That score is driven by a population of 633, median household income of $75,244/year and median weekly rent of $203. Whether it fits your portfolio depends on whether you are targeting cash flow, capital growth, or a value-add renovation — all three are scored with suburb-specific numbers elsewhere on this page.
The main demand drivers in Elphinstone are a median household income of $75,244/year, a dwelling mix that is 86% separate houses, roughly 1 schools and 1 parks within the catchment. Together these shape both owner-occupier and tenant demand and are the factors we weight most heavily in the suburb's investment score.
Elphinstone has a usual resident population of approximately 633, compared with a Victoria suburb median of 7,416 — placing it in the lower half of the state's suburbs by size. Population is the clearest proxy for market depth: more residents mean more transactions and typically a shorter average days-on-market on resale.
Elphinstone sits 98 km straight-line from the Melbourne CBD. This is a regional market where CBD distance is only indicative — local industry diversity and commute alternatives matter more.
The most recent census recorded a median weekly rent of $203 in Elphinstone, equating to approximately $10,556/year in gross rental income (state median $380/week). Market rents have typically drifted above the recorded figure — verify against current listings on realestate.com.au and Domain before making an offer.
The median monthly mortgage repayment in Elphinstone is $1,594, or approximately $19,128/year (vs $1,950/month state median). Stress-test your own borrowing at rates 1–2 percentage points above today's to make sure you can still service the loan through an RBA tightening cycle.
A median weekly rent of $203 works out to $880/month, covering 55% of the median mortgage repayment of $1,594/month. That leaves a $714/month shortfall (around $8,568/year before tax benefits), so a typical owner-occupier-priced property here is negatively geared. Actual cash flow depends on your deposit, loan terms, ownership costs and marginal tax rate — run the full numbers in our rental yield calculator.
The main risks are a thin buyer pool (633 residents), interest-rate sensitivity on the $1,594 median mortgage, below-median household incomes ($75,244 vs $95,160 state median), the broader Victoria market cycle. Each of these is covered in the Risk Factors section above with suburb-specific numbers rather than generic warnings.
Every number on this page comes from the ABS 2021 Census of Population and Housing, Australia Post postcode reference data, and OpenStreetMap amenity tiles. The investment score, strategy verdicts, and comparison table are computed deterministically from those inputs — no opinion, no estimation. See our full methodology and the data sources and licences for the formulas we use.