Eastwood Emerges as the Affordable Suburb Outperforming All Its Neighbours

Eastwood, nestled on the eastern slopes of Templestowe, has jumped ahead of the pack to become the region’s best performing affordable suburb, buoyed by steady demand and a run of new developments along Andersons Creek Road.

The timing could not be more relevant. As families search for value amid recent property surges and stretched budgets, an affordable pocket that’s still posting strong capital growth is rare. Analysts tracking the local market have been watching closely, particularly as several Templestowe neighbourhoods plateaued earlier this year.

Local Momentum Along Andersons Creek and Parker Street

Local detail makes the story in Eastwood. The new Eastwood Green apartments on Parker Street, recently completed by the Swan Group, were fully reserved within eight weeks of release, underscoring demand for accessible housing in one of Templestowe’s leafiest corners. At the same time, Greenwood Primary School has seen an uptick in enrolment applications from families relocating into the area, drawn by both community reputation and nearby parklands.

Key retail strips also play a role; the Eastwood Village shops, spanning from Parker Street through to George Street, have added half a dozen new businesses since January. Locals cite easy connections to the Templestowe Hub Recreation Centre and extensive green space at Ruffey Creek Linear Reserve as decisive factors in their choice of suburb.

Numbers Prove the Outperformance

Latest figures from Property Monitor show Eastwood’s median house price rose from $722,000 in June 2025 to $784,000 by June 2026. That’s an increase of 8.6% year-on-year, more than double the average price growth recorded in neighbouring Templestowe Central and Rosebank, both of which posted less than 4% growth in the same period. Entry-level homes on Sophia Avenue are still trading well below the million-dollar mark, a rarity for Templestowe’s inner suburbs.

The apartment market is particularly buoyant. According to listings data provided by Hometrack, two-bedroom units in Eastwood now average 16 days on market, compared to the city average of 28 days. Developers and buyers alike are zeroing in on Parker Street’s apartment stock, which continues to sell above listing price at regular auctions.

For those considering a move, local agents recommend acting swiftly. A steady pipeline of new apartment releases is expected around the Andersons Creek Road precinct over the next six months, but buyer interest is not expected to wane soon. First-home buyers, investors, and families looking for community amenities without the inflated price tags of neighbouring suburbs may find the window narrowing in Eastwood, Templestowe’s latest story of affordable outperformance.

This article is general information only and is not personal financial or investment advice. Consider your own circumstances and seek licensed professional advice before making financial decisions.