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Ian Celantano

Mortgage Broker and home loans Cheltenham

Cheltenham is a suburb in MelbourneVictoriaAustralia, located 18 km south-south-east of Melbourne's central business district. It is currently undergoing significant gentrification and development.[2] Its local government area is the City of Kingston to the eastern side of the area's metropolitan railway line and Charman Road north, while the City of Bayside presides over the suburb's western region towards extensive golf links, parks and Port Phillip Bay. At the 2016 census, Cheltenham had a population of 22,291.[1]

A significant feature in Cheltenham is Westfield Southland, a major shopping centre which opened in 1968.

The Boon Wurrung people had used natural springs in the area and when European settlers arrived they established market gardens and orchards nearby.[3]

Cheltenham was one of the earliest areas to be settled in the parish of Moorabbin. It initially consisted of 625 acres of land purchased at auction by Josiah Morris Holloway on 11 May 1852. He subdivided this land into 370 allotments that were offered for sale in 1853. Many of the blocks were two acres in size and this gave the community its first name, Two Acre Village.[4]

Lot 13 was purchased by Charles Whorrell for £20 and was located on the corner of Schnapper Point Road (Nepean Highway) and Centre Dandenong Road.[5] On the allotment he built a hotel, the Cheltenham Inn, named after his home town in England, and a publican's license was granted in 1854.[6] It was probably the first public building in the community and is believed to have given its name to the settlement.[7][8] It later became a coffee palace before being demolished in the 1930s. Another pub, the Armagh Hotel (Royal Oak), had been built on Schnapper Point Road by 1856.[9] A third pub, the Exchange Hotel (Tudor Inn) had been built nearby on the highway by 1871. By 1880, a fortnightly sale of livestock and produce took place behind the hotel.

Sufficient population had settled for a Post Office to open on 1 August 1857.[10] The community had a medical practitioner by November 1857, Dr Richard Goldstone (1802-1888).[11] A Mechanics' Institute was opened in January 1865, with a Temperance Hall attached that could accommodate 300 people.[12]

Local government began with the creation of the Moorabbin Roads Board in 1862. This became the Moorabbin Shire Council in 1871. Which in turn became the City of Moorabbin in October 1934. This became the City of Kingston in 1994 following a program of municipal amalgamations initiated by the state government. Cheltenham is the largest suburb in the municipality in terms of size and population and it contains the seat of local government.

Cheltenham Park dates to 1872, and was used for cricket and other recreational activities.[13] In all, Cheltenham contains 13 parks that make up 5.3% of the suburb.

The area experienced a spurt of growth in the 1880s after the Cheltenham railway station opened in 1881. A branch of the English, Scottish and Australian Bank opened in 1885.[14] It was a substantial brick building on the corner of Nepean Highway and Goulburn St. It was still in use as a bank till the 1960s.

Much residential development occurred in the second half of the 1940s after World War II ended and this growth continued into the 1980s. The growing population of the area saw the construction of the Southland shopping centre on Nepean Highway in the mid 1960s. Cheltenham also has a large industrial area on the eastern edge and a smaller area at the far western edge. The western area is noted for Melbourne's only lift test shaft.

In 1993, the landmark 7-storey 1230 Nepean Highway office tower was built. The City of Kingston leased spaced within the building for use as its main office before purchasing it in 2010.

Cheltenham property market

Last month Cheltenham had 117 properties available for rent and 161 properties for sale. Median property prices over the last year range from $1,290,000 for houses to $650,000 for units. If you are looking for an investment property, consider houses in Cheltenham rent out for $570 PW with an annual rental yield of 2.7% and units rent for $415 PW with a rental yield of 3.6%. Based on five years of sales, Cheltenham has seen a compound growth rate of 18.3% for houses and -0.8% for units.


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