Cheltenham, VIC

Discussion in 'Where to Buy' started by AndyC, 4th Sep, 2016.

Join Australia's most dynamic and respected property investment community
Tags:
  1. AndyC

    AndyC Member

    Joined:
    4th Sep, 2016
    Posts:
    7
    Location:
    nsw
    Hi , any advice on the prospect of Cheltenham? i am looking to buy there in an apartment block. Thanks in advance.
     
    Masih likes this.
  2. The Y-man

    The Y-man Moderator Staff Member

    Joined:
    18th Jun, 2015
    Posts:
    2,193
    Location:
    Melbourne
    Avoid.

    Go villa units (with a back yard) if you must, but not apartments.

    The Y-man
     
    Cactus and Connor like this.
  3. Cactus

    Cactus Well-Known Member

    Joined:
    18th Jan, 2016
    Posts:
    1,436
    Location:
    Melbourne
    Cheltenham going bananas both sides of the Hwy.

    I see development blocks in the golden triangle, real estate bs for wrong side of Hwy but close to Southland, goi g for $1.2-1.35M.

    I agree with @The Y-man stay away from apartments. Go for single storey villas if you can't afford houses.

    Good area but prefer beachside close to station and parks if you can get it.

    Also look at Mentone, parkdale and mordialloc.
     
    Connor likes this.
  4. Connor

    Connor Well-Known Member

    Joined:
    31st Aug, 2015
    Posts:
    363
    Location:
    Melbourne
    +2 definitely stay away from apartments in the area. So many have gone/are going up in Chelt, Moorabbin, Highett, Mentone... Mostly sold to investors and with so many, and not much potential to add value, I really don't see an upside.
    Older, solid units that are larger and and give you abit of a yard are better prospects. There's plenty in original condition that one once renovated, kitchen/bathroom etc, can give you a nice upside.
     
    Cactus likes this.
  5. kmrr

    kmrr Active Member

    Joined:
    1st Jul, 2015
    Posts:
    28
    Location:
    Melbourne
    where would one find the statistics to see what is going up and how many have gone up?
     
  6. strongy1986

    strongy1986 Well-Known Member

    Joined:
    24th Jun, 2015
    Posts:
    446
    Location:
    VIC
    I live down the road in beaumaris and i wouldnt think theres a huge demand for aparemt living in cheltenham but melbourne is changing very quickly
    If you said 10 years ago they would be building large scale apartment blocks in sandy people would of thought you were crazy.
    Who knows

    Will have to do your own research on this one
    I guess apartments are very easy to replicate, which woild be my main fear in buying one
     
  7. Jimmyay

    Jimmyay Member

    Joined:
    16th Apr, 2017
    Posts:
    7
    Location:
    Melbourne
    Time will tell wrt apartments. I live locally and the prices currently being paid for 2 bed villa units is 50% more than it was only around 3 years ago. Apartments are still cheaper, and more unusual in this suburb but there is a fair bit up supply coming on. I think the apartment block specification, builder and specific location are much more important with determining apartment prices - there seems to be lot of difference in prices achieved and there are many poorer quality builds about too which won't perform so well. The apartment market generally seems to be getting more discerning and splitting into high end and low end. The rule of paying 15% more on the other side of the Nepean highway also seems to apply for property in Cheltenham - although recently prices for property in the bayside pocket (park road, pennydale etc ) seems to be rapidly catching up with neighbouring Sandringham. 4 years ago there was a larger differential in pricing between the two suburbs but my perception is that this has reduced. Houses / bigger villas with a bit of outside space ( I don't include 2 storey, 3-4 on a block developer- style townhouses in this) are in big demand by OO's as well as investors. I think these are a better investment than apartments or the newer, small townhouses in this location.