heidelberg west

3081, Victoria

Real Estate & Property Information

Median
Price Rank
329

heidelberg west Suburb Profile & Review

Heidelberg West is an affordable suburb containing modest brick houses, several green parks and walking trails along the Darebin Creek. It is most well-known as the home of the 1956 Melbourne Olympic Village, which was converted into housing commission flats in the 1990s. The suburb has one school, Olympic Village Primary School. There is also a Northern Melbourne Institute of TAFE campus specialising in building, electronics and engineering.

The Mall is a short shopping strip on Bell Street featuring takeaway shops and a newsagency. Residents do the majority of their shopping at Northland Shopping Centre in Preston, which is only three minutes away by car and well within walking distance. The centre contains major supermarkets, a food court, a Hoyts cinema complex and 320 other retail stores.

The local cricket club meets at Olympic Village Reserve, while the Heidelberg West Football Club plays at Heidelberg Park.

heidelberg west Demographic Data

$ 420,000 Median House Price

26 Minutes Average Commute

34 Median Age

5,327 Population

50.89 % Female

49.11 % Male

1247 NO OF FAMILIES

1.9 AVG CHILDREN PER FAMILY

0.9 AVG MOTOR VEHICLE PER DWELLING

What this means

The following data, without any explanation, is just that, raw data. So in order to help you research the property market, we have outlined what this demographic and real estate information means and how it can be interpreted to help you make a smarter decision when buying or selling your next house or unit in heidelberg west, Victoria.

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heidelberg west Demographic Data

The demographic data below has been supplied by the Australian Bureau of Statistics (ABS), which is a government body. It is based on Census data collected every 5 years on the Australian population. Although it is dated 2011, this is the latest data available and should give property investors, property buyers and sellers a very good idea when researching or reviewing their suburb.

It’s important to note when looking at this data that you don’t just use it on its own. Consider this demographic and real estate data as a whole and seek advice from a professional when thinking of buying or selling your next property.

heidelberg west Median House Prices

  • 2008 $ 325,000
  • 2009 $ 335,500
  • 2010 $ 368,500
  • 2011 $ 477,500
  • 2012 $ 420,000

What this means

Median values are the most accepted measure of property values in the real estate industry in Australia. The median is the midpoint (the middle) figure when all the sold property prices over a particular period of time are ordered from their lowest to their highest value.

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heidelberg west 5 Year Median House Prices

Here we have outlined the median value for all sales for each year over a period of 5 years. This is a more realistic timeframe when gauging how houses and units in heidelberg west have performed, and it usually indicates how they will perform in the future.

Median values less than 3 months old are often not always accurate (due to incomplete data) and therefore cannot be relied upon for long-term heidelberg west property price predictions.

heidelberg west Market Property Types

  • 63 % Seperate House
  • 19 % Semi Detached
  • 19 % Flat or Unit
  • 0 % Other Dwelling

What this means

The property type in your suburb will help you identify the density of the area. The greater the number of flats, units and apartments, the more likely it is the suburb has a higher density of living and occupants are more reliant on public transport, cafes, restaurants, convenience stores and amenities, infrastructure and less reliant on their own vehicle for transport.

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heidelberg west Market Property Types

Typically, inner city suburbs within 10km of the CBD are comprised of apartments and semi-detached homes, while middle ring suburbs have semi-detached and detached properties. Rural properties would most likely fall under the “other” category.

This ABS Property Type data combined with Population Density and Family Composition figures gives a good indication of the type of people living in an area and therefore what type of property (1-2 bed apartment or house) would be an ideal investment or property to live in.

heidelberg west Income & Mortgage Stats

  • $ 721 Median Weekly Household Income
  • $ 1,517 Median Monthly Mortgage

What this means

This is one of the most compelling statistics in this section because it has a profound impact on real estate prices. It should always be considered when buying or selling property in heidelberg west

Experts believe mortgage stress occurs in real estate when property owners are spending over 30% of their gross income on their mortgage repayments. These figures show weekly income and monthly mortgages.

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heidelberg west Income & Mortgage Stats

To calculate the percentage of income paid towards a mortgage for the suburb of Melbourne, multiply the mortgage payment (e.g. $2450) by 12 then divide this figure by the weekly income (e.g. $1200) multiplied by 52 (weeks) to look like this ($2450 x12/$1200 x 52) x 100 = 47%

Any figure above 30% usually indicates that the suburb you intend to buy in may have property owners with a high incidence of mortgage stress. In terms of maintaining or growing property values in the future and trying to secure a strong property price when selling, this could have an impact, especially in an economic or local industry downturn.

heidelberg west Sold Property Prices

heidelberg west Real Estate Experts

In each suburb we have identified real estate agents who are active local experts. Our goal is to have a network of real estate agents that have been reviewed by previous clients for future buyers and sellers to rely on when making their next property move or even when they just wanting real estate advice.

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heidelberg west Cafes

  • The Mall Pizza Cafe25 The Mallheidelberg west VIC 308103 9459 3477
  • Sweet by Nature Cakes131 Bamfield Roadheidelberg west VIC 308103 9456 9300

Find out How Much your House is Worth in heidelberg west

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