Spence vs Charnwood
Charnwood (median $715,000) is roughly 24% cheaper to buy into than Spence ($941,000).
Buying in Spence or Charnwood?
Selling in Spence? The free selling guide
Spence and Charnwood side by side
| Measure | Spence | Charnwood |
|---|---|---|
| Price and market | ||
| Median house | $941,000 | $715,000 |
| Median unit | $316,800 | $316,800 |
| Renting | ||
| House rent | $420/wk | $420/wk |
| Unit rent | $375/wk | $380/wk |
| Owner occupied | 78.0% | 67.0% |
| Renter occupied | 20.0% | 31.0% |
| Schools | ||
| Schools nearby | 20 | 20 |
| Average ICSEA | 1057 | 1053 |
| Lifestyle and people | ||
| Walk score | 12 | 44 |
| Transit score | 100 | 70 |
| Bike score | 100 | 100 |
| Population | 2,587 | 3,055 |
| Median age | 38 | 35 |
| Climate | ||
| Annual rainfall | 668 mm | 668 mm |
| Mean max, January | 29.4°C | 29.4°C |
Green dot: better on that measure (lower price, higher growth, higher walkability, lower risk). Each suburb’s profile gives the source and period of its figures.
Which suits whom
Charnwood scores higher on walkability (12/100 vs 44/100 ), useful if you're optimising for a car-light household. On school quality, the average ICSEA across schools serving Spence (1057) sits above Charnwood (1053). Spence skews owner-occupied (78%), Charnwood runs more rental-dense (67% owner).
- For buyers
- Charnwood is the lower entry point at $715,000 median, 24% below the other suburb. For first home buyers, that translates to a smaller deposit and lower stamp duty bill.
- For investors
- Charnwood offers the higher gross rental yield (3.05% vs 2.32%), favouring cash-flow investors.
- For families
- Spence edges out on average school ICSEA (1057 vs 1053).
Spence vs Charnwood: common questions
Is Spence or Charnwood cheaper to buy in?
Charnwood has the lower median house price at $715,000, roughly 24% below Spence ($941,000). The gap on units is usually similar but worth checking on the full suburb profiles.
Does Spence or Charnwood have better schools?
On average school ICSEA (the ACARA index that benchmarks educational advantage), Spence scores 1057 vs 1053 in Charnwood. ICSEA is a school-community indicator, not a quality rating, so always check NAPLAN results and catchment boundaries for the specific address you're considering.
Which is more walkable, Spence or Charnwood?
Charnwood scores 44/100 on walkability vs 12/100. Above 70 is considered very walkable (most errands on foot), 50-69 is walkable for some errands, below 50 typically requires a car for daily life.
Which suburb has higher rental yield, Spence or Charnwood?
Gross rental yield on houses is 3.05% in Charnwood vs 2.32% in Spence. Gross yield equals annual rent divided by purchase price. Net yield (after strata, rates, insurance, agent fees and maintenance) typically runs 1.5-2 percentage points lower.
Keep comparing
The two suburbs
Choosing between Spence and Charnwood?
The free buying guide: budget, schemes, inspections and how not to overpay.