Melbourne suburbs Heidelberg and Belgrave South record booming house prices and long resident stays

Heidelberg, a north‑eastern suburb of Melbourne, saw its median house price jump 21.7% to A$1.4 million over the year to March, the second‑largest rise in the city. The surge comes as long‑time residents like Sandy Kincaid downsize, with Kincaid saying, “I’m an empty‑nester now … I do want to stay here because the medical precinct is close by.” By contrast, median prices across Melbourne slipped 0.6% to A$1.08 million amid rising interest rates and cost‑of‑living pressures. Domain’s residential economist Nicola Powell noted that Heidelberg’s steady five‑year rise makes it “the long‑term family home heartland” and not a bubble.

In the outer east, Belgrave South ranks among Melbourne’s top three “tightly held” suburbs. Owners keep properties for a median of 26.9 years, far longer than the city‑wide 10‑year average. Long‑time resident Ros Hill, who is preparing to sell her two‑hectare block after 39 years, praised the lifestyle, saying, “I love it… the smell of it, the openness, the neighbours … it’s close to everything.” Research head Gerard Burg said such long hold periods signal neighbourhoods that offer a desirable, family‑friendly lifestyle. Together, these suburbs illustrate a pattern of strong price growth in sought‑after areas and unusually long residence times, even as the broader Melbourne market cools.