Can you afford to live in Cheltenham?

To rent in Cheltenham without housing stress, a household income of about $95,000/year keeps the rent of $550/week at or below 30% of gross income — the standard affordability benchmark. That rent is the official median for a 2-bedroom unit — the most common new lease here (627 bonds lodged). Check your income →

To buy the median home ($1,310,000) with a 20% deposit of $262k, repayments at 6.2% over 30 years come to about $6,419/month — comfortable on roughly $257,000/year under the same 30% rule. Saving that deposit at $1,500/month takes about 14.6 years, before stamp duty of $72k. Run your own loan →

That price is the real median of 183 house sales in Cheltenham, published by the state land authority — not an estimate.

Compared to the rest of Victoria, Cheltenham is more expensive to buy than 96% of the state's suburbs (state median $330k) and pricier to rent than 87% (state median $445/week). It sits roughly 19 km from the Melbourne CBD as the crow flies.

For investors, the median rent against the median price gives a gross rental yield of about 2.4% before costs. Net yield calculator →

Modelled medians, not valuations — every formula above is documented on our methodology page.