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VIC The next Glen Waverley?

Discussion in 'Where to Buy' started by dan_89, 2nd Apr, 2016.

  1. dan_89

    dan_89 Well-Known Member

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    Glen Waverley has been on an upward trend for some time now with some ridiculous sales over the last 12-18 months.

    Apart from the elite/high demand schools, proximity to shops, station, restaraunts etc what are the other factors driving prices through the roof? In particular the interest from international buyers.. What other factors are bringing these international buyers to suburbs like Glen Waverley and Box Hill?

    Would love to hear people's thoughts or even feedback from buyers that have purchased in these suburbs over the last few years and why they feel these suburbs are worth what people are paying?

    More importantly where do people think will be 'the next Glen Waverley' with strong international interest?
     
  2. larrylarry

    larrylarry Well-Known Member

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    I was staying with relos in Glen Waverley, there's expensive part of the suburb. Schools, amenities, communities... Seems like an ordinary suburb but the high school is the main draw. My relos' new neighbours bought in and realised they are just outside the catchment of the really good school. Oh well.
     
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  3. dan_89

    dan_89 Well-Known Member

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  4. Adele

    Adele Well-Known Member

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    Safety.

    There are other suburbs (Footscray, Springvale) with high concentration of international (Asian) population. Unfortunately, they still have that unsafe stigma.
     
  5. Redwood

    Redwood Well-Known Member

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    Hi there -

    There are other threads on this topic.

    The funny thing about GW is that every other surrounding suburb has benefited from the Chinese investment in the suburb - its not only chinese it is also the indians....

    Mount Waverley is much like GW with a heavy investment by the chinese in the last 5 years and more.

    Suburbs like Wantirna, Wantirna Sth, Vermont, have seen Chinese buyers move out and but. House prices have benefited signifciantly, with the focus on the 'school'.

    In my street, in 2005, there was one Chinese owner (sorry based on surname) and now the majority are chinese....how do I know this? two ways, 1 - the neighbours walking around and 2 - RP Data shows the owners of each property. Make no mistake the majority are chinese and in my street they have been buying established property.

    In terms of the next GW.... well, no not Springvale .... they don't like it.

    More recently it has been Ringwood.....they have been buying there like hotcakes. So the sprawl from Box Hill down Moorandah hwy has always been my vision for the asian investment and in the future you will see apartments from BH to Ringwood on the hwy.

    They have started moving into the Mckinnon school zone.....so Bentleigh has benefited.

    Anyones guess?

    Cheers Ivan
     
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  6. larrylarry

    larrylarry Well-Known Member

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    Ivan, good observations. I like Springvale because of the food but you are quite right, not many Chinese there. GW ripples!
     
  7. Redwood

    Redwood Well-Known Member

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    Hi mate - 30 years ago I would not go to Springvale for the food, there way a massive salmonella outbreak which scared the crap out of us in neighbouring suburbs...now I take the good with the bad and eat there. Fav place is My Cambodia....

    Next place is hard, as around Box Hill they have taken over, over the last two years Blackburn has doubled. Is this sustainable...NO! They are still bending the rules.....don't worry about that.

    I am living in GW and will be moving....but they place I am looking at is also heavily influenced by Chinese investment. I'm still negotiating on the property which will take a couple of months.

    Look at Ringwood....this place has went insane....900sqm houses went for peanuts ....now $1m....I have a laugh in Ringwood looking at all the old criminal law buildings for the derro's that have lived there for years....now revitalised into a metropolis of the far east.

    As I think of it....the Chinese are everywhere...not sure there is room for another GW. There are that many $5m sales in GW it is not funny....this will continue for another 2-3 years given the recent planning approvals...

    Cheers Ivan
     
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  8. Iamnumber5

    Iamnumber5 Well-Known Member

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    We bought our PPOR in Glen Waverley back in 2004 with the only reason being close to family who lives in Mount Waverley.

    I guess the question is what brought the family to Mount Waverley? Apart from the many reasons you have mentioned, the process of buying in Mount Waverley was a bit of a fluke.
    They originally bought otp in Toorak and Richmond, but developments were not realised, instead being persuaded to buy in Mount Waverley. All this happend before 2000. Perhaps it was also peer persuasion which made Mount Waverley as their PPOR.

    We also bought an IP in Box Hill with a long term commitment to keep, as we believe it will do well in the future.

    In my personal opinion, the next Glen Waverley will be is Ringwood as it has the supporting infrastructure (school, station, shopping mall).
     
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  9. Natedog

    Natedog Well-Known Member

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    Frankston High school zone, yes that's right, get in before prices go to the mil mark....you heard it here first....some may laugh....others will be laughing all the way to the bank :)
     
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  10. larrylarry

    larrylarry Well-Known Member

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    You have something in franks ton?
     
  11. Iamnumber5

    Iamnumber5 Well-Known Member

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    How do you know that they are bending the rules? Perhaps if they are, you should report them.

    You should check out the FIRB site to find out who qualify to buy establish property in Australia. You might be surprised how many of them are actually qualified.
     
  12. Redwood

    Redwood Well-Known Member

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    Lamnumber - I am very familiar with FIRB rules. I am aware of the way they can qualify.

    Cheers Ivan
     
  13. Natedog

    Natedog Well-Known Member

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    I do,

    I think that as Gen X's kids are about to hit high school age, the trend of property prices increasing in good public high school areas will happen.

    I am of that sort of age, and a big topic of discussion is "where are the kids going to high school"... and many similar age folk I chat to talk about moving into good schools zones as an option

    Just my observation on a big age cohort (Gen X) all having kids hit high school age as a factor for certain areas increasing in price.
     
    Last edited: 3rd Apr, 2016
  14. melbournian

    melbournian Well-Known Member

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    it's because of ppl like this and many mainland chinese like houses that they can build super mcmansions (which they can do in glen waverley)

    http://www.smh.com.au/business/prop...housing-with-parents-aid-20160330-gnun67.html

    The main chinese enclaves (talking all chinese - from mainland, taiwanese, singaporean, malaysian, indonesian etc) - balwyn, box hill, doncaster, doncaster east, surrey hills, canterbury). if you ask me where the chinese are moving in numbers outside the normal ringwood, heathmont, blackburn, mackinnon - i would say maidstone (there are many of them moving there). even saw some doors with chinese signs on them. There are also quite large number of them buying in pt cook.

    frankston -highly doubt it reading some of the overseas forums and many negatives mentioned.
     
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  15. Redwood

    Redwood Well-Known Member

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    Good point re Pt Cook - H&L is heavily advertised in Shanghai. I was in Shanghai last month and saw agents selling it everywhere....
     
  16. daiwaqa

    daiwaqa Member

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    Let's think about the next country has the similar boom factor that China had for the last few decades, maybe that helps.
    Where is the Little Saigon or Little India in Melbourne? or maybe Little Moscow and Little Rio....
     
  17. TMNT

    TMNT Well-Known Member

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    is that a good thing or a bad thing?

    any chance point cook wil be the poorer cousin of glen waverly in 20 years but still double the price of melb median?
     
  18. melbournian

    melbournian Well-Known Member

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    Little Saigon - one rd in richmond, nearly all of footscray and springvale,
    Little India - some parts of dandenong, tarneit, areas of point cook (know as the little mumbai) etc.
    Little Moscow and Rio - (not sure).
     
  19. melbournian

    melbournian Well-Known Member

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    i remember when i was building in pt cook, my builder told me to pickup the keys from him from a few streets down and he was handing over the keys to some mainland chinese guys who bought 2 places side by side (one for the parents, one of them) back then it only cost then 750K for both.

    Not every chinese guy can afford the millions in balwyn and glen waverley. but pt cook is no glen waverley or balwyn as the negative is (it does not have the schools or eateries) it still would grow through from overseas investment but requires infrastructure, schools, better shops etc to even begin to be in the same talk as balwyn or GW
     
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  20. melbournian

    melbournian Well-Known Member

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    yeah i think so too saw some sales in auction was around 650-700K mark. in that article it says 1 out of every 2 person would comes to inspect is of chinese origin.