Glen Waverley - Not slowing down!

I'm sure it has been previously discussed but I'm interested to hear peoples thoughts on the current Glen Waverley market..

Just under 12 months ago the below property sold for $1,160,000.

http://house.ksou.cn/p.php?q=Glen+Waverley&sta=vic&id=360591&address=11+Hunter+Street,+Glen+Waverley

On Saturday this home almost directly across the road, very similar style/condition/size sold for $1,705,000!

http://house.ksou.cn/p.php?q=Glen+Waverley&sta=vic&id=719577&address=4+Hunter+Street,+Glen+Waverley

Prices in the area just seem to keep climbing! Going off from the above comparable sakes that's almost a 47% increase in just under 12 months..

Is there anyone here that is buying or has bought in Glen Waverley within the last 12 months?

Keen to hear peoples thoughts..
 
I wonder how sustainable it is...
 

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So Peter, if it were you that owned property in Glen Waverley you'd be selling up before that expected bubble bursts?

That sort of growth is obviously unsustainable and cannot continue but in terms of a bubble bursting I can't see it happening any time soon given the recent auction insanity! Sure it may plateau but of late it seems demand in the area is extremely high! Anyway just my 2c..
 
yes its not slowing down, and I understand why its going up, but if you take a step back and analyse economically what it provides, it surely is overpriced, and possible bubble territory

will it burst? who knows
 
I am happy to say that I live in Glen Waverley, and have IP in GW and Mount Waverley - both areas have performed well in my portfolio as they were purchased in the last 15 years.

No one can predict that explosion that has occurred in these two suburbs, with home owners smelling the cash and putting their house up for sale. Go to GW on a Saturday, auctions galore.

To answer the previous question, I am not selling, GW has massive developments continually to be approved with large high rises coming in plus the redevelopment of the shopping centre which is going through currently. The landscape will change and with that development that will minimise/ delay the effect of the bubble.

No one knows if the bubble will burst but I don't see it happening in the next 12-18 months, GW and Balwyn are two favourite areas of mainland Chinese, with a 'culture' being implemented (thats no secret), they will continue to invest and push the prices up. That may be a reason to keep it, but moreover, I have lived in the area for sometime and I like it - its a great area.

Prices are crazy but GW is not alone.

Cheers, Ivan
 
People lose perspective and forget that China is as big as Europe. It's not just a little country like UK or Japan. If you suddenly have a continent moving together it moves prices.

Imagine the whole Europe all wanting to buy in one area in London. That's why Chelsea is so expensive.
 
People lose perspective and forget that China is as big as Europe. It's not just a little country like UK or Japan. If you suddenly have a continent moving together it moves prices.

Imagine the whole Europe all wanting to buy in one area in London. That's why Chelsea is so expensive.

I don't recall Chelsea being overly expensive? Definitely not a comparable with Glen Waverley that's forsure.. From what I recall, median house prices were only hovering around $560-580k mark with surrounding suburbs well into 6's.. Nice area nonetheless!
 
I personally don't see GW crashing down anytime soon - its anyones guess but not for 12-18 months at least given the current developments going up, a suburb that has been benefiting from the GW boom is the neighbouring Wantirna Sth, not so sure about Rowville.

I am not sure if this has been posted but its a significant development http://www.smh.com.au/business/prop...l-to-get-a-500m-makeover-20150128-1301yd.html

Wantirna South has definitely stepped up (although obviously not comparable to Glen Waverley) with many homes now selling above $1mill. Looks to be plenty of development ahead in the area also with the redevelopment of Knox city and a number of apartments going up.

http://www.heraldsun.com.au/leader/...-shopping-centre/story-fngnvlxu-1227143615038

I bought in Scoresby mid last year and it has started moving also but still $150k+ difference in median prices between the 2 suburbs. I am hoping these cashed up buyers start heading out this way shortly too! :D
 
Wantirna South has definitely stepped up (although obviously not comparable to Glen Waverley) with many homes now selling above $1mill. Looks to be plenty of development ahead in the area also with the redevelopment of Knox city and a number of apartments going up.

http://www.heraldsun.com.au/leader/...-shopping-centre/story-fngnvlxu-1227143615038

I bought in Scoresby mid last year and it has started moving also but still $150k+ difference in median prices between the 2 suburbs. I am hoping these cashed up buyers start heading out this way shortly too! :D

We are heavily reliant on 'them' are we - so were the mining towns, but I don't see that repeating itself in suburban Melbourne not for a while yet.
 
I personally don't see GW crashing down anytime soon - its anyones guess but not for 12-18 months at least given the current developments going up, a suburb that has been benefiting from the GW boom is the neighbouring Wantirna Sth, not so sure about Rowville.

I am not sure if this has been posted but its a significant development http://www.smh.com.au/business/prop...l-to-get-a-500m-makeover-20150128-1301yd.html

Well Rowville has gone up but a fair bit but obviously not as much as Glen Waverley, Mt Waverley, Wantirna Sth, Wheelers Hill etc.

Still, I'm rapt to be building there and have noticed a lot more interest since those other suburbs are not out of reach almost etc.
 
I'm sure it has been previously discussed but I'm interested to hear peoples thoughts on the current Glen Waverley market..

Just under 12 months ago the below property sold for $1,160,000.

http://house.ksou.cn/p.php?q=Glen+Waverley&sta=vic&id=360591&address=11+Hunter+Street,+Glen+Waverley

On Saturday this home almost directly across the road, very similar style/condition/size sold for $1,705,000!

http://house.ksou.cn/p.php?q=Glen+Waverley&sta=vic&id=719577&address=4+Hunter+Street,+Glen+Waverley

Prices in the area just seem to keep climbing! Going off from the above comparable sakes that's almost a 47% increase in just under 12 months..

Is there anyone here that is buying or has bought in Glen Waverley within the last 12 months?

Keen to hear peoples thoughts..

I live in Glen Waverley - well, for 6 months of the year anyway. Been living here on and off since 2005 (before it was a Mainland Chinese magnet).

To work out how overpriced it is, I just compare it to where it "sits" on the train line taking Glen Iris as a starting point. I think if anything it's real prices/worth is somewhere near Ashburton's less $50-$100K.
 
Monash has just proposed new residential zones that will severely inhibit development. Might have an impact on values.
 
I dont see it slowing down too shortly but investment wise a lot of alarm bells for me,
if you are holding ofr 20 years, then I dont think it really matters
 
I live in Glen Waverley - well, for 6 months of the year anyway. Been living here on and off since 2005 (before it was a Mainland Chinese magnet).

To work out how overpriced it is, I just compare it to where it "sits" on the train line taking Glen Iris as a starting point. I think if anything it's real prices/worth is somewhere near Ashburton's less $50-$100K.

Can't believe they pay that price in Glen Waverley when you can buy in Ashburton for less, Ashburton great location closer to the city, great public transport. Just mad to be paying prices like that in Glen Waverley.
 
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