Get a property report and suburb profile for any property in Chelsea

Chelsea is a bayside suburb centred on a sandy foreshore and the Chelsea pier, with a compact shopping strip and a train station on the Frankston line that give the area a village feel. It appeals to families, retirees and commuters who favour an active beachside lifestyle, with walking and cycling paths, fishing off the pier and boating access nearby on the Patterson River. Housing ranges from older timber cottages and post-war homes to renovated residences and contemporary beach houses. The community numbers 8,347 people, the median age is 41 and the median household income is $1,683 a week. Families form the bulk of households, with couple families with children the largest group at 41.1%, and about two thirds of homes are owner-occupied while roughly one in three dwellings are rented.

Recent level crossing removal works reshaped the station precinct: a new station and pedestrian bridge improved east–west links, with upgraded road connections, expanded shared bike and walking paths and a station car park. Landscaping for the precinct included 360 trees and more than 38,700 plants and shrubs. The City of Kingston is preparing a Structure Plan for the Chelsea Activity Centre and that planning work is in progress and has been updated to reflect the changed station and pedestrian arrangements. Whether Chelsea suits you will depend on how much you value its beachside setting, local connections and family-oriented community mix.

On these figures, a typical local household in Chelsea 3196 earned about $1,683 a week at the last Census. Renting a house at $675 a week would take roughly 40.1% of that weekly income, while renting a unit at $530 a week would take about 31.5%. Looking at buying, the median house price of $1,062,500 is about 12.1 times a typical local annual household income at the last Census, and the median unit price of $745,000 is about 8.5 times. Both renting and buying take a sizeable to large share of local incomes on these figures, with house-buying particularly stretched against what people locally earned at the last Census.

Everyone's financial situation is different, so it's important to consider your own circumstances when deciding which suburb is right for you.

The clearest movement in Chelsea over the past 12 months was in house values, which rose 10.9%, a strong increase in what houses are worth. Unit values rose 2.3%, a modest gain. On the rental side, house rents fell 1.2%, a slight decline, while unit rents edged up 1.9%, a marginal rise.

Put simply, house owners in Chelsea saw stronger capital growth over the year, whereas units showed only modest value gains and slight rental income growth. Whether that balance fits your goals and circumstances is for you to decide.

This information has been prepared without taking your objectives, needs and overall financial situation into account. It is not meant to be a substitute for professional financial advice. For this reason, you should consider the appropriateness of the information and, if necessary, seek appropriate professional advice.