Buying a property in glenwaverly

Hi all , I am looking for a property in glen waverly I have a budget around $1.1 mil , but looking at properties mostly more than 50 yrs old home and hardly any 4 bedroom houses available ? Schools were my reason to look around glen area , is renting there and investing somewhere else is a good option ?

 

What has your research told you in terms of what prices to expect?

 

Hi mate , the type of property ‘ a house with decent land size in a reasonable condition as I have 2 young kids , but the auction I have been to all there type of properties are going beyond my budget so now I have to sacrifice , and go for a very old home

 

You didn't answer my question though...

 

Don't think you will get what you want for 1.1. If you really want to live there probably have to compromise on house size or make it a townhouse or rent and buy elsewhere.

 

When I started looking , there were houses in this range. But market has changed in last month

 

Sorry I misread your post, I thought you were trying to buy with such a small budget. What you're trying to do is called "rentvestment" and yes it's a very valid strategy.

 

Yes it is a very common strategy - few of our friends are doing it. Kids go to GWSC, but they can’t afford to buy in the zone, so they are renting in the zone and investing somewhere else. In current market, you are unlikely to find a house with land, however old, in GWSC zone for $1.1m.

 

I have been looking at Glen waverly for investing with a budget of around $1.2m and really can’t find a freestanding house in my budget.

what other good school suburbs are still in this budget range for a free standing house?

 

Viewbank, Vermont

 

MWSC is probably out as well. You can look at Highvale and Brentwood - with added advantage of being in Glen Waverley, but more around the edges of the suburbs. There are some excellent primary schools overlapping these secondary school zones.

 

Standard house in MWSC is surely out but is doable if you can live around M1 and transmission lines. Essentially some bargains can be had in houses south of Waverley Rd.

Like this -

163 Ferntree Gully Road, Mount Waverley, Vic 3149
https://www.realestate.com.au/sold/property-house-vic-mount+waverley-135299394

 

What about the housing estate on the old Waverley Park footy ground? That's on the southern side of Wellington Rd. so not Glen Waverley but think it'd be Mulgrave - good access to Monash Freeway and Eastlink so pretty handy access to a lot of other areas.
There is a mix of small block housing + two and three level townhouse-type residences, but the latest release was lakeside housing- I think villas and apartments (?) Not sure of current pricing but you might get what you want in there.
There was a feature article about this estate in the weekend paper - think it was the real estate liftout in Saturday's Herald-Sun (??)

If you do think it might suit, be mindful that anything on the far southern side will be VERY close to the freeway so best to stick to the other side of the estate.

 

Beware the high voltage transmission lines.

latest release is much later as developer had initially promised to estate purchasers to place them underground.
Developer changed mind ($ I expect), I understand the residents lost their case and developer offered $ as compensation.
So I’d say not going to change now.

From satellite views it looks like have added further man made lakes under the lines to increase sales appeal.

Also beware it’s a very tight estate (roads etc) as it’s a mass produced standardised design townhouses in most of the early stage releases.

 

Check this out, one of my friends purchased this over the weekend, decent land component (725 sqm), corner block and a great location (under 2 km to GW train station, close to Central Reserve parks and Monash aquatic centre), got a decent buy at 1.353M esp with median around 1.46M
https://www.realestate.com.au/sold/property-house-vic-glen+waverley-135935878

 

they should seperate the GWSC median with the non GWSC median. That's a stat I would like to see. Seem like a good buy for land only and and if able to use the building would be a bonus. It's quite funny the block and surrounding blocks of land are so irregular in shape (If a regular rectangle land shape would be at least 10% more). Was the surveyor drunk while doing the subdivision of that area?

 

I agree with separating the GWSC and non GWSC median, as GW is a such a vast suburb with 3M+ sales for super big french provisionals, 2.5-2.8M for big double storeys, 1.8-2.2M for non GWSC, 1.6M for ready to move in single storey homes and below that would be dependent on the house and area and land component.

The house is def liveable and currently owner-occupied. Can you elaborate on the block, why is it different to any other corner block? In and around the street lot of sub division have already happened so I don't see any major dramas to put 2 townhouses in the future on this block, each with a separate driveaway

I liked the location as its 2 km to GW station and walking distance to Central reserve and Monash aquatic centre and 2.5km to Pinewood PS

I am also based in GW however in the GWSC zone pocket.

 

I will be mindful of it being an irregular block, close proximity to the high voltage lines about 200m away , number 14 and a power pole at the side.
I don’t know whether a very narrow front and driveway right in the centre of the frontage means any issue with future development especially with the council’s setback rule.
I also don’t know whether there’s stigma of being too close to Marcia ct.