The Cheltenham property market sits 18 kilometres from the CBD. Bayside access, city proximity, and a lifestyle on the rise are putting this Melbourne suburb firmly on buyers’ radars.
Just 18 kilometres from the Melbourne CBD, Cheltenham has spent years as one of bayside Melbourne’s quieter addresses. That’s starting to change. As a result, we’ve been actively purchasing property in the Cheltenham property market on behalf of our clients.
Cheltenham Property Market: The Price Gap Tells the Story
A house in Cheltenham currently carries a median price of around $1.29 million. Compare that to its bayside neighbours:
- Cheltenham: $1.29m
- Beaumaris: $2.10m
- Sandringham: $2.15m
- Black Rock: $2.30m
That’s a gap approaching $1 million. What’s more, it’s a gap between suburbs that sit in the same corridor and offer many of the same lifestyle benefits. Therefore, we see this as one of the clearest signs of an undervalued market.
Cheltenham Property Market: A Suburb People Buy Into and Stay
Cheltenham’s owner-occupier rate sits at 74%, one of the strongest in the area, according to Domain’s suburb profile. This is a strong indicator of long-term community stability rather than a suburb dominated by investor turnover. Because of that, it tends to appeal to buyers looking for a place to settle, not just a place to invest.
Cheltenham Transport Links Set to Improve
Cheltenham already has two train stations on the Frankston line. Looking ahead, the suburb is set to benefit further from the Suburban Rail Loop, expected by 2035. This will connect Cheltenham Station to Box Hill Station in around 22 minutes. As a result, it opens up faster cross-city travel without needing to go via the CBD.
Bayside Living in the Cheltenham Property Market, Without the Bayside Premium
The beaches of Beaumaris and Black Rock are within a 20-minute cycle of Cheltenham. Therefore, residents get easy access to the coast without paying the price premium attached to living directly on it.
The Lifestyle Is Catching Up
Cafes, brewpubs and a farmer’s market have been steadily building out Cheltenham’s local scene. This kind of everyday amenity often follows, and then accelerates, a suburb’s growth.
Our Take on the Cheltenham Property Market
We’ve been buying here for our clients. With every purchase, it’s becoming clearer: Cheltenham isn’t flying under the radar for much longer.
For buyers weighing up bayside options, we think Cheltenham currently offers a rare combination. It has CBD proximity, beach access, transport upgrades on the horizon, and a price point still well below its neighbours.
Browse current listings on realestate.com.au for the broadest range of properties on the market, or check Domain’s Cheltenham page for a closer look at the suburb profile alongside the listings.
See how Cheltenham compares to nearby Sandringham, Beaumaris and Seaford in our other bayside suburb profiles.
Frequently Asked Questions
Is Cheltenham a good suburb to buy in?
With a median house price of $1.29 million and a 74% owner-occupier rate, the Cheltenham property market offers bayside access at well below the price of its neighbours. As a result, it’s worth a look for buyers priced out of Sandringham or Beaumaris.
What is the median house price in the Cheltenham property market?
The median house price in Cheltenham is around $1.29 million. However, prices vary depending on proximity to the beach and property type.
How far is Cheltenham from the Melbourne CBD?
Cheltenham sits 18 kilometres from the CBD, with two train stations on the Frankston line.
Will the Suburban Rail Loop improve transport in Cheltenham?
Yes. The Suburban Rail Loop, expected by 2035, will connect Cheltenham Station to Box Hill Station in around 22 minutes.
