Cheltenham, VIC 3192, is a vibrant suburb located approximately 19 kilometers southeast of Melbourne's central business district. Situated in the City of Kingston, Cheltenham enjoys a prime location close to Port Phillip Bay and boasts a rich history dating back to the mid-19th century.
Originally established as a rural township, Cheltenham underwent significant development during the Victorian era, with the introduction of railway infrastructure connecting it to Melbourne's city center. Over time, the suburb evolved into a thriving residential area, with suburban expansion and infrastructure improvements contributing to its growth and development.
An interesting fact about Cheltenham is its association with horse racing, with the Cheltenham Racecourse being a prominent landmark in the area. While the racecourse closed in the early 20th century, its legacy remains, and the suburb's name continues to evoke images of its equestrian past.
Cheltenham has experienced gentrification and improvement in recent years, with ongoing redevelopment projects and urban renewal initiatives enhancing its livability and attractiveness. While not traditionally considered an old money suburb, Cheltenham's property market has seen steady growth in house prices over the past decades, reflecting its desirability among homebuyers and investors.
Lifestyle
Cheltenham offers residents a diverse range of lifestyle amenities, including parks, reserves, and recreational facilities. The suburb is home to several green spaces, such as Cheltenham Park, Kingston Heath Reserve, and Le Page Park, providing opportunities for outdoor activities, picnics, and leisurely strolls.
Popular activities in Cheltenham include walking, jogging, and cycling along the Bay Trail, which offers scenic views of Port Phillip Bay and connects the suburb to neighboring coastal areas. Additionally, the Kingston Heath Golf Club provides opportunities for golf enthusiasts to enjoy the sport in a picturesque setting.
Coffee and café culture are thriving in Cheltenham, with numerous local cafes and eateries serving specialty coffee, brunch, and light meals. Residents can also explore the suburb's dining scene, which offers diverse cuisines ranging from Italian and Asian to modern Australian fare.
Cheltenham hosts various events and festivals throughout the year, including the Cheltenham Festival and the Cheltenham Farmers' Market, which showcase local produce, arts, and crafts. These community events provide opportunities for residents to socialize, support local businesses, and celebrate the suburb's culture and heritage.
Pets are popular in Cheltenham, with many residents taking advantage of the suburb's pet-friendly parks and walking trails. Local veterinary clinics and pet stores offer essential services and supplies for pet owners, ensuring the well-being and happiness of furry companions.
School Zones
Cheltenham is served by several public primary schools, including Cheltenham Primary School, Cheltenham East Primary School, and Le Page Primary School, which offer quality education for local families. For families seeking Catholic education, nearby primary schools such as Our Lady of the Assumption School in Highett provide religious-based education within close proximity to Cheltenham.
In terms of secondary education, Cheltenham Secondary College is the main public high school serving the suburb, offering comprehensive secondary education options for students in the area. Additionally, nearby private schools such as Mentone Grammar School and St. Bede's College provide exclusive independent education options for families seeking alternative schooling experiences.
For students with special needs, the closest school offering specialized support services is Southern Autistic School, which caters to students with diverse learning needs and abilities.
Demographics
The median weekly household income in Cheltenham has shown steady growth from 2006 to 2021 rising from $1,040 to $1,919 , reflecting the suburb's strong economic conditions and affluent demographic. According to ABS census data, the median weekly household income in Cheltenham is above the national average, indicating a higher standard of living compared to other suburbs.
Families make up a significant proportion of the population in Cheltenham, with many households consisting of couples and young children. The suburb's demographics are diverse, with residents hailing from various cultural and ethnic backgrounds, contributing to its multicultural identity.
Major cultural ethnicities represented in Cheltenham include Anglo-Australian, European, and Asian communities, each bringing their unique traditions, customs, and cuisine to the suburb. This cultural diversity adds richness and diversity to Cheltenham's community, fostering inclusivity and mutual respect among residents.
In terms of employment, Cheltenham has a high proportion of professionals and managerial employees, reflecting its strong job market and economic prosperity. Many residents are employed in industries such as finance, healthcare, and education, with a significant portion working in Melbourne's central business district and nearby employment hubs.
Employment
The main employers in Cheltenham span various industries, including retail, education, and healthcare. Major institutions such as Westfield Southland and Holmesglen TAFE provide employment opportunities for residents in the suburb and surrounding areas.
While Cheltenham itself has a thriving job market, many residents also commute to nearby employment hubs in Melbourne's central business district and the Monash Employment Cluster for work.
Emerging employment trends in Cheltenham include a growing focus on technology and innovation, driven by the rise of digital startups and research institutions in the area.
Transport
Cheltenham is well-connected by public transport, with several bus routes operated by Public Transport Victoria serving the suburb and connecting it to neighboring areas. The Cheltenham railway station, located on the Frankston line, provides convenient access to Melbourne's central business district and other key destinations.
Additionally, private transport is popular in Cheltenham, with major roadways such as the Nepean Highway and Warrigal Road providing easy access to surrounding suburbs and the Melbourne CBD. The suburb also features bicycle paths and pedestrian-friendly infrastructure, promoting active transportation and healthy living among residents.
Shopping Centre's, Restaurants & Facilities
Cheltenham boasts a diverse range of shopping centers, restaurants, and facilities, catering to the needs and preferences of residents. Westfield Southland, one of the largest shopping centers in Melbourne's southeast, offers a wide selection of retail stores, supermarkets, and dining options, providing residents with convenient access to shopping and entertainment.
Local dining options in Cheltenham include cafes, restaurants, and eateries serving a variety of cuisines, from international flavors to traditional Australian fare. Popular dining destinations include Charman Road and the Cheltenham Railway Station precinct, which offer a vibrant dining scene and culinary delights for food enthusiasts.
Cheltenham's local facilities include recreational centers, libraries, and community centers, providing residents with opportunities for leisure, fitness, and social activities. The Waves Leisure Centre offers swimming pools, gym facilities, and fitness classes, while the Cheltenham Library provides resources and programs for learning and cultural enrichment.
Residents of Cheltenham enjoy a wide range of lifestyle activities, including sports, fitness, and outdoor recreation. Local sporting facilities such as golf courses, tennis clubs, and parks provide opportunities for residents to engage in their favorite activities and hobbies, fostering a sense of community and well-being.
Unique to Cheltenham is its proximity to Port Phillip Bay and its coastal lifestyle, offering residents access to beaches, water sports, and marine activities. Whether enjoying a day at the beach or exploring the Bay Trail, residents of Cheltenham can experience the beauty and tranquility of coastal living right on their doorstep.
Development
Cheltenham's development landscape is characterized by a mix of housing types, including detached homes, townhouses, and apartment complexes. While traditional single-family homes are prevalent in the suburb, there has been an increase in medium-density housing developments in recent years, catering to changing demographic trends and lifestyle preferences.
Common developments in Cheltenham include townhouse complexes and apartment buildings, which offer modern amenities and lifestyle conveniences for residents. While knock-down rebuilds and renovations are relatively common in the suburb, large-scale developments are less frequent due to zoning regulations and land constraints.
However, there are opportunities for infill development and urban renewal projects in select areas of Cheltenham, particularly near transport hubs and commercial precincts. These developments contribute to the suburb's growth and revitalization, attracting new residents and investment to the area.
Capital Growth
The average capital growth for houses, townhouses, and units in Cheltenham has shown steady growth over the past decades, reflecting the suburb's desirability among homebuyers and investors. Houses have performed at 9.4%, factors such as its proximity to amenities, transport links, and employment hubs contribute to its attractiveness and long-term investment potential.
Better pockets of the suburb in houses have performed at 12%, such as those close to schools, parks, and shopping centers, have seen higher rates of capital growth. Suburbs such as Cheltenham East and Cheltenham South are highly sought after, commanding premium prices due to their desirable location and lifestyle attributes.
Factors driving capital growth in Cheltenham include ongoing infrastructure investments, such as upgrades to transport networks and improvements to local amenities. Additionally, the suburb's reputation as a family-friendly community with access to quality schools and recreational facilities contributes to its long-term value and growth potential.
Main buyers in the suburb include first-home buyers, families, and investors seeking properties with strong capital growth potential and rental returns. The suburb's diverse housing options and lifestyle amenities appeal to a broad range of buyers, driving demand and competition in the local property market.
Cash Flow
The average cash flow for houses in Cheltenham reflects favorable yields for landlords, with steady growth observed over the past decades at 3.1% yield. Townhouses and units also offer attractive rental returns at 4.3%, appealing to investors seeking stable income streams and capital appreciation potential.
In recent years, rental demand in Cheltenham has remained strong, driven by factors such as population growth, employment opportunities, and lifestyle preferences. Tenants in the suburb include families, professionals, and retirees, drawn to Cheltenham's proximity to amenities, schools, and transport links.
Common tenants of leased properties in Cheltenham include long-term renters seeking quality accommodation in family-friendly surroundings. Additionally, students and young professionals may occupy properties on short-term leases, contributing to the suburb's rental demand and income potential for landlords.
Rental Demand
Rental demand in Cheltenham has remained steady over the past decade at 1.8%, with low vacancy rates for houses, townhouses, and units. This strong demand can be attributed to several factors, including population growth, lifestyle preferences, and limited supply in the local housing market.
The COVID-19 pandemic has further intensified rental demand in Cheltenham to 1.5% vacancy rates, as residents prioritize spacious and well-equipped properties with access to outdoor spaces. The shift towards remote work and flexible lifestyles has also influenced tenant preferences, with an increased emphasis on home office spaces and lifestyle amenities.
Major driving forces behind rental demand in Cheltenham include its proximity to amenities, transport links, and employment hubs. The suburb's reputation as a family-friendly community with access to schools, parks, and shopping centers contributes to its appeal among tenants seeking quality rental accommodation.
Rental stock levels in Cheltenham have decreased in recent years, reflecting ongoing demand and limited supply in the local housing market. This imbalance between supply and demand has contributed to upward pressure on rental prices, making it increasingly competitive for tenants to secure suitable accommodation in the suburb.
Why You Require a Buyers Agent in Cheltenham
The competition for properties in Cheltenham can be fierce, with low stock levels and high demand creating challenges for prospective buyers. In such a competitive market, having a knowledgeable and experienced buyer's agent on your side can make all the difference.
Buyer's agents have access to exclusive listings and market insights, allowing them to identify and secure properties that meet their clients' specific criteria and budget. They can also provide invaluable guidance and negotiation expertise, ensuring buyers get the best possible deal in a competitive market environment.
In addition to helping navigate the complexities of the property market, buyer's agents can offer personalized advice and recommendations based on their clients' individual needs and preferences. Whether you're a first-time buyer, investor, or downsizer, having a trusted advisor by your side can streamline the buying process and give you a competitive edge in securing your dream home in Cheltenham.
Furthermore, a unique reason why Cheltenham is a good place to buy is its proximity to major employment hubs, educational institutions, and lifestyle amenities. With access to schools, parks, shopping centers, and transport links, Cheltenham offers residents a convenient and well-connected lifestyle, making it an ideal destination for families, professionals, and investors alike.
Having a buyers agent in your corner is crucial to your success in Cheltenham. Having the knowledge, strategy, access and negotiation ability will ensure you save thousands on the way in and make potentially millions in the future.
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