It is located in an interesting belt whereby land value start decreasing from Aspendale to Frankston before increasing in Mt Eliza and Mt Martha.
Chelsea shares its postcode (3196) with Edithvale, which is located in the more expensive northern part of the suburb.
According to the REIV, Chelsea’s median house price for the year ended December 31, 2007, is $411,000, up 10 per cent since last year.
Values in Edithvale over the same period increased 17.9 per cent to $460,000 while in Chelsea Heights, which is inland, median values increased 16.3 per cent to $360,000.
By comparison, median values increased 12.6 per cent for homes in metropolitan Melbourne, to $425,000.
The REIV annualised median figures are considered more statistically reliable than the quarterly figures released throughout the year, because they include a much greater sample of sold properties.