Home News House prices surge in Melbourne’s Heidelberg Heights

House prices surge in Melbourne’s Heidelberg Heights

Font size :

House prices in Heidelberg Heights have grown 12.5 per cent in the past year to a median of $692,000--well above the 7.4 per cent growth rate of greater Melbourne.

The suburb has long been overshadowed by its surrounding areas, which include Ivanhoe, Eaglemont, and Heidelberg proper to the southeast. When both Eaglemont and Ivanhoe became million dollar postcodes in 2008, buyers began finding their million dollars did not go far along the Yarra. Hence, this justified the idea of splashing $1 million in Heidelberg Heights, especially when buyers compared what they could get with that money.

For instance, a $1.5 million luxury five-bedroom home on Heidelberg Heights could cost $2 million to $2.5 million in Eaglemont or Ivanhoe.

“A whole lot of people like to live in a house like that but simply can’t afford it,” said agent James Davis of Miles Real Estate.

According to listing agent Brett Schembri of Ray White MacLeod, Heidelberg Heights is no doubt shedding off its bad reputation. The same sentiment was expressed by Banyule Mayor Craig Langdon.

“I have always been of the opinion this area would boom one day,” Langdon said, who also said that house values indicate a changing perception of the area. It also helps that Heidelberg Heights has efficient public transport and attractive city views.

However, Langdon said that he is also concerned about affordability for long-term residents, given the sharp rate increases in the suburb.

With interest rates at their lowest for more than 50 years, there are some great rates available. The best thing to do is to compare rates from all the lenders. Let us help take the leg work out of doing this - Compare Home Loans now

Mortgage News and Articles

New social housing aims to transform Ivanhoe Estate New social housing aims to transform Ivanhoe Estate

The sprawling redevelopment aims to boost the supply of affordable housing in Sydney Read more

A new suburb will be built in west Melbourne A new suburb will be built in west Melbourne Mount Atkinson will become home to more than 22,000 people over the next 15 years ... Read more

Surging house prices threaten liveability in Melbourne Surging house prices threaten liveability in Melbourne Analysts warn the city could become just as unaffordable as Sydney, if property trends continue ... Read more

More Aussies would benefit from regional hubs linked to cities More Aussies would benefit from regional hubs linked to cities Shorter commutes could spur higher home sales in regional towns, analysts say ... Read more

More mortgage news and articles

Sponsored Links

Sunday, Aug 20, 2017
Top Featured Rates
Top Bank Rates

Get help choosing the right home loan

Let us help you find the right home loan for your needs.

Tell us a bit about your circumstances:
  • Purpose of mortgage
  • Household Income
    $
  • How much do you want to borrow?
    $
  • How much deposit do you have?
    $
  • How much is your house worth?
    $
  • How much do you still owe on your mortgage?
    $
  • What type of mortgage do you have?


  • How much is your new home?
    $
  • How much do you want to borrow?
    $
  • How soon do you want a mortgage?
Next
  • First name
  • Last name
  • Where do you live?
  • Phone number

Special Offers

Related Keywords