Cheltenham is seeing an exponential growth rate in the long term for owner occupiers and investors.
The suburb of Cheltenham is located 18 km south-east of Melbourne's CBD and is currently undergoing significant redevelopments and improvements. Known for its parklands and accessibility to beaches, transportation and amenities alike, Cheltenham is seeing an exponential growth rate in the long term for owner occupiers and investors, indicating a significant return for purchasers as the suburb enhances its surroundings and plans for the future.
The population of Cheltenham in 2011 was 20,291 and by 2016 the population had reached 22,311, indicating a population growth of 10%. Its predominant age group of 40-49 years old provides key insights into the level of demand for age-based services and facilities such as child care within the area. It is an indicator of its residential role and function and how likely it is to change in the future. From 2011 to 2016, Cheltenham's increase in population represents an average annual population change of 1.64% per year, an increase which indicates a demand for parents and homebuilders, primary schoolers, older workers and pre-retirees as well as the young workforce.
In 2011, 73.6% of homes in Cheltenham were owner-occupied compared with 71% in 2016. The potential for returns with an investment in Cheltenham is on the rise with real estate investors earning an average potential of $540 per week based on current home median prices, which is up from $450 per week. The median price for houses in Cheltenham is currently at $950,000 and the median price for apartments is $513,500. Both house and apartments prices in Cheltenham have grown by 34.23% and 11.46% in the past 3 years.
Cheltenham is also delivering a stronger performance in contrast to other Australian suburbs at this point in time in terms of appreciation of property value. Values of homes within the Cheltenham area have increased significantly over time and will continue to rise based on the real estate market, as well as the demands for improvements that current councils and governments are administering into the area.
Cheltenham's commuting statistics reveal the main modes of transport by which residents get to work and why there’s such an importance on the availability of affordable and effective public transport options. There has been a significant increase in the amount of individuals taking public transport to work with the accessibility of train stations and bus stops all being within close proximity. The value of building approvals in the City of Kingston area was approved at $464m in the 2018-19 financial year, indicating the plans for both residential and non-residential buildings, as well as transportation and sector improvements.
Cheltenham's housing tenure data also provides key insights into its socio-economic status as well as the role it plays in the housing market. It is useful for analyzing housing markets, housing affordability and identifying public housing areas. Analysis of the housing tenure of Cheltenham compared to the City of Kingston shows that there was a decrease from 2011 to 2016 in purchasers owning their dwelling and an increase in the demand for renting a dwelling.
With a myriad of options in terms of schools, transportation as well as amenities including cafes and restaurants and shopping facilities, Cheltenham also sees prestigious schools such as Mentone Girls Grammar, Kilbreda College and Sandringham College all close at hand, as well as the accessibility to Westfield Southland Shopping Centre, numerous parks and recreational facilities such as Victoria Golf Club. Cheltenham really does have it all!
Aultun’s flagship development set amongst the lively suburb of Cheltenham and designed by Bruce Henderson Architects, offers a life beyond luxury with premier apartments comprising of 1, 2 & 3 bedrooms situated over 9 levels. Residents can enjoy bayside views or the stunning Dandenong Ranges, whilst being conveniently connected to transport, major highways and more. Cheltenham Place offers residents access to gym facilities, a theatre room, lobby and boardrooms for private meetings.
For more information head to our website https://cheltenhamplace.com.au/ where you can find out more about living in a suburb of convenience, connectivity and improved lifestyle.