The suburb is one of several in Melbourne that have fallen beneath the $1 million, $2 million and $3 million median house price thresholds over the past three months, new data from the most recent Domain House Price Report reveals.
Overall, seven suburbs lost their $1 million, $2 million or $3 million status. Beyond Heathmont, where the median fell from $1,012,000 in June 2026 to $992,500 in September 2026, Beaconsfield, Montrose and Ringwood’s median also dipped below $1 million in the last quarter.
Agent Tamazin Edwards of Barry Plant Heathmont and Ringwood says Heathmont – where the median has fallen from $1.07 million to $983,500 – offers a great chance to snap up a bargain.
“You do need to look at that data in some context, because this year we’ve seen less of our larger family homes come to market, and people who might normally sell in our peak spring season are probably not this year,” she says.
“There’s a bit of negative buyer sentiment out there, so I understand why there’s caution, but we’re trying to educate buyers that if something does suit your needs, don’t wait because no one can predict what the next six months will look like.
“Heathmont probably experiences less volatility than other suburbs because of the great infrastructure we have around us. Most owners stay there for a long time, so it’s not a high transactional suburb like Ringwood for example.”
Edwards says the three-bedroom home at 13 Bronaldi Street, Heathmont, is a great example of current bargains. It sold for $1.01 million in 2023, and is now on offer for $978,000.
13 Bronaldi Street, Heathmont VIC 3135
“We’re having lots of conversations, especially with first-home buyers, and encouraging them not to wait if there is something that ticks all the boxes for them; act now, don’t be hesitant.”
The desirable inner-eastern suburb of Mont Albert has shown the next biggest price drop of 6.3 per cent. It has fallen out of the $2 million club with the median now sitting at $1.9 million.
Agent Tim Heavyside of Heavyside says there are bargains in Mont Albert ready to be snapped up. “When the market responds, and it will, they will bounce back very quickly and provide you very good return on your investment,” he says.
“Everywhere has fallen, everyone’s been affected, and it’s a good time to buy. The median house price in Mont Albert has consistently been well over $2 million for a long period of time.”
Heavyside says the four-bedroom, two-bathroom home at 66 Kenmare Street, Mont Albert, on offer for $1.9 million provides “compelling evidence” of great bargain opportunities. It last sold for $2.02 million in 2023.
“The owner didn’t buy it too long ago for well over $2 million, and they’ve sunk money into it by renovating the bathrooms, the laundry and other things,” he says.
66 Kenmare Street, Mont Albert VIC 3127
The median price in Middle Park, one of Melbourne’s expensive suburbs, dropped from $3.05 million to $2.94 million, and agent Cameron Green of Whitefox Real Estate Port Phillip says quality homes are on the market there at “just crazy prices”.
“What’s obviously happened is that buyers are getting a little bit more limited with their borrowing capacity as interest rates go up,” he says. “They’re at 2011 levels now, so that’s probably the main factor here, I’d say.
“Middle Park is this one-square-kilometre suburb, and it’s actually more expensive per square metre than Toorak. It’s one of the most expensive in all of Melbourne, if not all of Australia.
“There’s only ever a handful of houses for sale at any given point in Middle Park just because it’s so small. And at the moment, again, there’s only a handful.”
Green describes the 130-year-old, three-bedroom, two-story terrace at 332 Richardson Street as an astonishing bargain. “It’s undergone a substantial fitout, so all its interiors are modern and beautiful,” he says.
“Its price of $2.4 to $2.6 million is unbelievable, and the price is just so attractive that if I had the bucks I’d be buying it myself.
“It was actually a fouled campaign with a previous agent and was priced around $3 million initially. Now the vendors are ready to show some good value in this market, we’ve literally just launched it and I reckon it should go pretty quick.”
Iain Gillespie Iain Gillespie launched Australia’s first television real estate program “House Hunt” on Channel 7 in the 1990s. Since then he has reported regularly on real estate during a multi-award-winning career.
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