44 Devon Street, Cheltenham VIC 3192
44 Devon Street, Cheltenham VIC 3192
4-bed family house on 648m² | established Devon Street pocket | school catchment appeal | solid family-buyer demand
This is a well-configured family house that sits comfortably within Cheltenham’s established residential character. The four-bedroom, two-bathroom layout on a 648m² block is the kind of offering that consistently attracts families looking for room to grow without moving too far from schools, transport, and daily amenities. Its proximity to Cheltenham East Primary and Mentone Girls Secondary College strengthens its appeal for buyers with school-aged children, and the street itself reflects a mix of original homes and thoughtfully updated properties, which gives it a settled, neighbourly feel. The house is best suited to a family buyer seeking a solid, liveable home in a convenient location, with the option to add value over time through cosmetic or structural improvements.
The property’s value may be influenced by its presentation relative to other homes in the immediate area, particularly those that have been renovated or extended. The land size is consistent with nearby detached housing, which supports its position in the market, but the absence of a confirmed build year or detailed interior finish means condition will likely play a significant role in how buyers perceive its worth. The presence of redevelopment activity on similar blocks in the street might also shape expectations, though this house appears more suited to occupation than knockdown. Buyers should weigh the balance between move-in readiness and the potential to personalise, as either approach could justify a different price point.
|| Comparable Sales: 111 Devon Street sold $1.765M in 2022; 32 Devon Street guided $1.05M–$1.15M | Property Price Band: $1.2M–$1.3M | Value Drivers: land size, school proximity, condition and presentation
Detailed Independent Property Report prepared by PropCred Analyst team for 44 Devon Street, Cheltenham VIC 3192
Checks found:
Value Risk
1
Liquidity Risk
1
Planning Risk
2
Income Risk
2
Execution Risk
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Market Insight
Cheltenham sits as a bayside market where the median house price is roughly $1.3 million, with annual growth ranging from 0.9% to 7.5% across sources — a wide spread pointing to cooling momentum after a strong run. Units trade between $635,000 and $697,500, with growth between -2.3% and 4.6%, reflecting mixed conditions. Demand is driven by proximity to beaches, shopping and public transport, plus a robust auction clearance rate of 87.6%, indicating solid buyer competition. Volumes vary widely, from 102 to 344 house sales, so activity levels are uneven. Rental demand supports the market: house rents average around $730–$750 weekly and have grown 4.2% annually, while unit rents rose 3.8%. Gross yields for houses sit at 3.15%–4.2% and units at 4.4%–4.52%, suggesting steady investor interest. Future growth drivers include the suburb’s established lifestyle appeal and consistent rental absorption. The key constraints are affordability at $1.3 million for entry buyers, inconsistent sales volumes, and potential rate sensitivity given investor participation.
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PropCred Estimated Value
Comparable Sales: 111 Devon Street sold $1.765M in 2022; 32 Devon Street guided $1.05M–$1.15M | Property Price Band: $1.2M–$1.3M | Value Drivers: land size, school proximity, condition and presentation
Bedrooms
4
Bathroom
2
Parking
2
Land
648m²
Research & Review
Prepared by Steve Dalton, Senior Analyst
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Reviewed by Matt Proctor, Principal Analyst
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