Cheltenham vs Spring Hill
Property investment comparison - Cheltenham, VIC 3192 vs Spring Hill, VIC 3444
Head-to-head across core investment metrics: Cheltenham wins 3, Spring Hill wins 1. The better choice depends on whether you're optimising for cash flow, growth, affordability, or liquidity, the table below highlights the winner on each metric.
| Metric | Cheltenham | Spring Hill |
|---|---|---|
| Median house price | $1.3M | $1.3M |
| Median unit price | $700K | $700K |
| Gross rental yield (houses) | 3.09% | 2.88% |
| Gross rental yield (units) | 4.50% | 3.31% |
| 1-year house growth | +7.6% | - |
| 3-year house growth | -2.9% | - |
| Vacancy rate | 1.0% | 2.7% |
| Population | 23,992 | 200 |
Cheltenham vs Spring Hill: what the numbers say
The median house price is $1.3M in Cheltenham and $1.3M in Spring Hill, so Spring Hill is the cheaper entry point, with Cheltenham houses about 1% dearer.
On cash flow, Cheltenham leads: houses there return a gross rental yield of 3.09%, compared with 2.88% in Spring Hill, a gap of 0.21 percentage points.
Rental vacancy is 1.0% in Cheltenham and 2.7% in Spring Hill, so landlords in Cheltenham face less competition for tenants. Anything under 2% is generally read as a tight market where tenants compete for homes.
Cheltenham is the bigger suburb, with a population of 23,992 against 200, roughly 120 times the size of Spring Hill; a larger suburb usually means a deeper pool of buyers and tenants.
In short: Cheltenham for rental income, Spring Hill for a lower purchase price, Cheltenham for the tighter rental market. Which matters more depends on whether the investor is buying for cash flow, capital growth or affordability.
Keep exploring
- National investment guide - top suburbs across every metric
- Take the suburb finder quiz - 5 questions to match your goals
- How our investment score works
- Property investment glossary - every term defined
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