Cheltenham
The median rent for a 2-bedroom unit in Cheltenham is $550 a week for leases that started in the year to September 2025, up 4.8% on a year earlier. That is in line with the typical 2-bedroom unit rent across Melbourne. The median sale price in the Mar 2026 quarter was $1,378,000 for a house and $665,000 for a unit. A year of rent for that home is about 4.3% of its median sale price (gross rental yield).
Median rent in Cheltenham
| Home | Rent a week | Change over a year | New leases |
|---|---|---|---|
| 1-bedroom unit | $450 | +7.1% | 111 |
| 2-bedroom unit | $550 | +4.8% | 627 |
| 3-bedroom unit | $693 | +1.9% | 106 |
| 2-bedroom house | $585 | +0.9% | 71 |
| 3-bedroom house | $720 | +3.6% | 354 |
| 4-bedroom house | $950 | +9.2% | 199 |
* Based on fewer than 20 new leases in the year, so it can swing a lot.
Median sale price
| Type | Median price | Period |
|---|---|---|
| House | $1,378,000 | Mar 2026 quarter |
| Unit | $665,000 | Mar 2026 quarter |
† Fewer than 10 sales. ‡ No sales that quarter, so an earlier figure is shown.
Suburbs with similar rent
- Ascot Vale $550 a week
- Blackburn $550 a week
- Coburg $550 a week
- Mentone $550 a week
- Moonee Ponds $550 a week
- Mordialloc $550 a week