1/233 Warrigal Road, Cheltenham VIC 3192
1/233 Warrigal Road, Cheltenham VIC 3192
2-bed unit | 3-car edge | 151 m² | above-median guide | Cheltenham corridor
This unit holds a genuine competitive edge in Cheltenham’s two-bedroom market. The three-car allocation is rare for this property type, and the 151 m² footprint is generous compared to typical unit stock. It sits above the local median for similar units, which suggests the configuration, parking, or overall space is driving a premium. The location on Warrigal Road places it within walking distance of Cheltenham East Primary School and a short drive to Cheltenham Secondary College, making it practical for young families or downsizers who want school access without house maintenance. The buyer it serves best is someone prioritising space and parking over modern finishes, likely an owner-occupier rather than an investor.
The price guide may reflect the property’s size and parking rather than its condition or presentation. Given the unit is on a main road, traffic noise could be a factor that tempers buyer enthusiasm, though the three-car space and internal area may offset that concern. The 84% clearance rate for two-bedroom units in the area points to active demand, which might support the asking range. Buyers should weigh whether the extra parking and square footage justify the premium over other units in the corridor, and consider how the property’s age and finishes compare to what they would need to spend on updates.
|| Comparable Sales: 3/233 Warrigal Road sold $674,000 one year ago; 11/310 Warrigal Road sold $630,000 in Aug 2025 | Property Price Band: $720,000–$760,000 | Value Drivers: three-car parking, 151 m² floor area, school proximity
Detailed Independent Property Report prepared by PropCred Analyst team for 1/233 Warrigal Road, Cheltenham VIC 3192
Checks found:
Value Risk
1
Liquidity Risk
2
Planning Risk
1
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: 3/233 Warrigal Road sold $674,000 one year ago; 11/310 Warrigal Road sold $630,000 in Aug 2025 | Property Price Band: $720,000–$760,000 | Value Drivers: three-car parking, 151 m² floor area, school proximity
Bedrooms
2
Bathroom
1
Parking
3
Land
151m²
Research & Review
Prepared by Steve Dalton, Senior Analyst
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Reviewed by Matt Proctor, Principal Analyst
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