Cheltenham suburb profile
Cheltenham is a well-established suburb located 19km southeast of Melbourne's CBD, known for its blend of residential charm and commercial vibrancy. The suburb offers a mix of housing options, from classic family homes to modern apartments, catering to a diverse community. Cheltenham is home to the popular Westfield Southland shopping centre, providing a wide range of retail and dining options. The area is well-served by public transport, including a train station on the Frankston line, making it convenient for commuters. With its parks, golf courses, and proximity to the beach, Cheltenham offers a balanced lifestyle for families and professionals alike.
Cheltenham property market performance
Cheltenham's property market has shown stability and growth over the past 12 months. The median house price has remained steady at $1.08 million, while unit values have seen an increase of 8.5%, bringing the median unit price to $757,500. This indicates a rising demand for units in the area.
Sales activity has been robust, with 65 houses and 46 units sold over the last 12 months. Both houses and units are selling quickly, with median days on market at 27 and 28 days, respectively, suggesting strong buyer interest across both property types.
Cheltenham's rental market has experienced moderate growth, with average rents for houses increasing by 4.5% and units by 4.8% over the last 12 months. This reflects a healthy demand for rental properties in the suburb.
Median price - houses$1.08MPast 3 months
Median price - units$758KPast 3 months
Change in value - houses-0.8%12 months
Change in value - units8.5%12 months
Houses sold65Past 3 months
Units sold46Past 3 months
Median DOM - houses27Past 12 months
Median DOM - units28.5Past 12 months
Average rent - houses$700Past 12 months
Average rent - units$550Past 12 months
Change in rent - houses4.5%Past 12 months
Change in rent - units4.8%Past 12 months
Cheltenham demographics
Cheltenham, located in Melbourne's southeastern suburbs, is a well-established area known for its family-friendly environment and convenient amenities. With a population of 23,992 and a median age of 40, Cheltenham attracts a mix of families, professionals, and retirees who appreciate its balance of suburban tranquility and urban accessibility. The suburb's proximity to the beach, shopping centers, and public transport options makes it a desirable location for those seeking a comfortable lifestyle.
Housing in Cheltenham is characterized by a strong sense of ownership, with 33.8% of properties owned outright and 38.3% owned with a mortgage. This reflects a stable community with a significant number of long-term residents. The rental market, comprising 27.9% of properties, provides options for those seeking flexibility, including young professionals and families transitioning into homeownership.
Family life is a prominent feature of Cheltenham, with 47.5% of households being couple families with children and 35.1% being couple families without children. The presence of quality schools, parks, and recreational facilities supports a vibrant community atmosphere. Additionally, the suburb's median household income of $1,919 per week indicates a comfortable standard of living, appealing to those looking for a balanced and fulfilling lifestyle in Melbourne's suburbs.
Cheltenham infrastructure, key developments and investment opportunities
Cheltenham is undergoing significant development and gentrification, with several major projects impacting the local property market. The $1 billion redevelopment of Westfield Southland shopping centre is expanding retail and entertainment options. New high-rise residential developments are also transforming the suburb's skyline, particularly near the train stations and commercial areas.
Infrastructure improvements include upgrades to Cheltenham and Mentone train stations as part of level crossing removal projects. The Kingston Centre aged care facility recently completed a $46 million redevelopment. With its proximity to beaches, golf courses, and strong transport links to the CBD, these developments are likely to boost Cheltenham's appeal and property values for both investors and owner-occupiers.
Cheltenham rental market trends
The rental market in Cheltenham has experienced moderate growth, with house rents increasing by 4.5% over the past year to $700 per week, while unit rents have risen by 4.8% to $550 per week. This steady growth reflects the suburb's appeal, offering a balanced lifestyle with access to amenities and transport, making it an attractive option for both renters and investors.
Suburbs near Cheltenham
Some popular suburbs near Cheltenham include: