VIC Glen Waverley

Did anyone see the property 1368sqm that sold in glen Waverley for 6m!

Was sold back in April and since then till now made 10k per day based on purchase price back in April..

Wow...

 

Yep, saw that.
http://www.domain.com.au/news/recor...-day-for-the-past-two-months-20150822-gj5ec9/

You could also say it made 20K per day since settlement

 

Has its own thread https://propertychat.com.au/community/threads/glen-waverley-1538sqm-for-6mill.3157/

 

Glen Waverley is in the news again - http://www.domain.com.au/news/glen-...100-apartments-in-90-minutes-20151010-gk5w47/

Anyone fork out $2500 a ticket? I got in without paying but **** this is insane. Seen this in Sydney but the first time I have seen this in Melbourne. Had buyers snapping up multiple apartments at once (similar to when Ikon sold).

If you know GW well, this development is smack bang in the centre in between kingsway shops and the shopping centre. Funnily enough there are 3 other buildings going up.

Take a pic of the skyline of GW now and then fast forward 2 years and note the difference, GW is the new box hill.

I love GW - live here and love it, all the fundamentals of investment are in GW - i.e schools, infrastructure, population, public transport, chinese buyers.....but I live here, this place is gonna be a zoo in a few years. Still have a IP in the area which is good (as well as mount waverley) however looking to make the move soon .... got my eye on a large parcel of land near GW.

This is what it is gonna look like https://urban.melbourne/projects/monash/galleria-glen-waverley-52-osullivan-road-glen-waverley

There are more going up on Montclair (smaller) and on Coleman pde....this is paradise for our chinese friends.

Oh and the developer is
AUSTRALIAN NAN XIN INVESTMENT PTY LTD


Cheers, Ivan

 

I enjoyed visiting relos in GW because the house is backed towards an oval. Cricket!

 

Living in a suburb next to Glen Waverley, this sentence is sweeter than honey for me.

 

North? South? East? or West of GW? What do you think of Springvale? On the last trip, I saw new apartments in the food/supermarket precinct.

 

GW is gangbusters - if your in stay in for next 4 years - developments plus shopping centre upgrade of $500m plus the chinese buyers equals nuts! its not only chinese wealthy indians have also moved in between GW & Syndal, lots of land for a large family home there.

Surrounding suburbs have already seen a jump - south of GW - Vermont and Wantirna Sth have went crazy in the last 12 months too as Chinese buyers try to surround themselves with a good cheap school and a family home for around a million. I have the stats to support this.

Re Springvale - different demographic, it is a viet suburb not Chiense although a few kms across town they don't buy their for houses just developments. I do a heap in Noble park and generally I sell to Chinese for the townhouses - usually first home buyer.

Apartments are going up everywhere in GW.....council is supporting the growth zone. Galleria is Chinese developers however some of the others are local developers.

Mount waverley has not caught on as yet - there are apartments going up on Highbury from the Chinese they are trying to get some more up also.

Watch this space.

Cheers Ivan

 

Thanks Ivan. I have relos in GW. They must be laughing. Even 8 years ago, they were already telling me people were buying up because of the schools. Too late for me now. So you're pretty confident that the chinese demand will still be there in 1-2 years time? Nice houses in Vermont and surrounds.

 

Hi mate - review the FIRB report (there is an article on our blog) - yes it will continue. You have houses in Vermont selling 1.3m plus that would have sold for $700k a year ago. Insane! The horse may have bolted there mate - but look at Brissie, we chose suburbs there 24 months ago when the Chinese were bringing suitcases of cash to buy.

Review the area around Syndal - there are pockets that are quite attractive - off market is always easier.

Cheers Ivan

 

Agree. I've been watching GW too. Interestingly, because GW was so hot, the heat was pushed out specifically to Mt Waverley because MW's median price is now higher than GW. Go figure. MW's rise is also faster. All because of the school zone. Vermont South and Wantirna South are recipients of the heat too.

The new retail developments will make GW even more attractive but I am not so sure of the influx of units though.

 

I like GW and surrounds and Springvale isn't far if I want some pho. What's Syndal?

 

Syndal is the train station between MW & GW - if I knew how to copy maps I would - its on Blackburn rd - think of it that way....

Cheers Ivan

 

Yes I now remember that station. Thanks Ivan. I have taken train from that station few times but never remember it.

 

Yes, sounds like a joke with having suitcases stuffed full of cash...but it's not fully untrue - makes you wonder a few things..

 

You keep hearing stories of buyers coming into the RE office to make their offers in straight-up cash!

 

East.

I used to rent in Springvale before. Totally different demographic. It's more viet as the other member pointed out. Lots of nice pho shops there!

I avoided Glen Waverley just because of its price point and with a thought that it's got it's peak already 3 years ago. But I was wrong. It is a gold mine if you can afford. Lots of developments going on and I predict the growth will still be there.

 

I've been watching Glen Waverley for a while now wondering when it will
ever slow up.. I grew up there and things have definitely changed a little since then.

My Dad bought his place for $35k back in 1977 after choosing the area owe Blackburn South. His 825sqm block is now worth around $1.6mill + based on recent comparables.

I've now moved out to Scoresby which is the next suburb a little further east (next to Wantirna South) and after buying here early last year things have kept climbing.

I went to an auction last weekend around the corner with a house that sold for $980k and another sold later that day for $1.13mil! Although very different market to Glen Waverley, it's only a matter of time until homes out here are selling around $1mill on a regular basis. I am bias though

 

Its already happening. Average price for a 5 bedroom house in Wantirna south is over $1.0m, closer to $1.1 i think. But I would say the average house is probably only 4 bedroom and they are getting up to and over a mil. I went to an Auction on sat and the place went for $960k for a 4 bedroom house that was nothing special at all.... And 12 months ago probably would have sold for $550-$600k

 

Isn't this recent flux in activity due to the new zoning changes coming in next year?
http://www.newresidentialzonesmonash.com.au/

I know someone who is looking to sell now. Apparently developers are buying up now and getting their plans approved before the end of the year when the new rules come into effect.