10/83-85 Bernard Street, Cheltenham VIC 3192
10/83-85 Bernard Street, Cheltenham VIC 3192
2 bed 1 bath 2 car | 1993 build | owner-occupier stable | low-maintenance unit | mixed street
This unit sits in a practical middle tier of Cheltenham’s housing market. The two-car configuration is genuinely uncommon for older apartment stock, giving it a functional edge over most comparable units in the area that offer only a single space. The 1993 build means it avoids the quirks of much older stock while still offering the established, low-maintenance appeal that downsizers and investors tend to favour. With an average owner-occupier tenure of ten years in the building, the complex has a settled, stable character rather than a transient investor profile. That stability, combined with the practical layout, makes this best suited to buyers wanting a solid, easy-to-manage home without paying for land they don’t need.
The property’s value may be shaped by how its interior condition compares to other units in the street, as original finishes could limit its premium while renovated presentation could lift it. Its position within a mixed residential pocket, where redevelopment activity is occurring nearby, might support price growth over time, though the unit itself carries less land upside than houses in the same street. Parking configuration and building tenure are likely to be the quiet differentiators when buyers compare options, as many will weigh the convenience of two spaces against the age of the internal fit-out.
|| Comparable Sales: 2/89 Bernard Street sold around $575,000 | Property Price Band: $550,000–$650,000 | Value Drivers: two-car parking, building stability, interior condition
Detailed Independent Property Report prepared by PropCred Analyst team for 10/83-85 Bernard Street, Cheltenham VIC 3192
Checks found:
Value Risk
Liquidity Risk
Planning Risk
2
Income Risk
Execution Risk
1
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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: 2/89 Bernard Street sold around $575,000 | Property Price Band: $550,000–$650,000 | Value Drivers: two-car parking, building stability, interior condition
Bedrooms
2
Bathroom
1
Parking
2
Land
2340m²
Research & Review
Prepared by Steve Dalton, Senior Analyst
·
Reviewed by Matt Proctor, Principal Analyst
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