Glen Waverley - Not slowing down!

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.

No-one has mentioned here one of the main reasons they're buying in the area and that is to be zoned to the public schools there which are some of the best in the State.
 
No-one has mentioned here one of the main reasons they're buying in the area and that is to be zoned to the public schools there which are some of the best in the State.

Isn't McKinnon and Box Hill best public schools in Melbourne? With that kinda money you would go to private schools.
 
Isn't McKinnon and Box Hill best public schools in Melbourne? With that kinda money you would go to private schools.

Not an expert in that field but I've read many times over the last few years that the Chinese were targeting Glen and Mount Waverley in order to be zoned to the Schools in that area that were some of the best in the State.

That's what I've heard but I don't know if it's reality or not.....maybe others can confirm this?
 
Yes littletree, that's pretty much the reason. A bit of madness over the school zone created demand. More Chinese bought in the area, which attracted more again as it became a bit of a chinese quarter like box hill. Developers got a sniff and started building apartments, adding more fuel and continuing the cycle.

It's gone a bit bonkers.
 
Yes littletree, that's pretty much the reason. A bit of madness over the school zone created demand. More Chinese bought in the area, which attracted more again as it became a bit of a chinese quarter like box hill. Developers got a sniff and started building apartments, adding more fuel and continuing the cycle.

It's gone a bit bonkers.

Its not really the apartments - that boom has not started yet - just Ikon went up and the new ones will be double the size.

The chinese started moving years ago, the fragment of chinese community brought everyone here, paying ridiculous amounts for old houses to redevelop (without FIRB approval) - spending over a million on a 700 sqm block of land yet too tight to send their kids to a private school. Again - I don't see it stopping for sometime yet - particularly with the developments that have been approved.
 
Why not rent in glen waverly, enrol, then move? I know plenty of parents that do this. Hell of a lot cheaper.

Haha, just had a look at rentals available

With $400 bucks you can rent houses that sell for 1.2 mill

Something doesn't add up here

At least in Sydney it is obvious that there is bugger all supply , not many houses for sale, high rents

I guess the buyers couldn't give a stuff

Anyone know where they are moving to next?
 
Haha, just had a look at rentals available

With $400 bucks you can rent houses that sell for 1.2 mill

Something doesn't add up here

At least in Sydney it is obvious that there is bugger all supply , not many houses for sale, high rents

I guess the buyers couldn't give a stuff

Anyone know where they are moving to next?

lol that's the million dollar question.....I'm hoping Rowville as I'm currently building there now for a sale lol :)
 
I heard, that in China all the bright kids are accepted to government schools, and those who are not so clever have to go to private schools and to pay for their education. It is a shame to go to a private school in China. Hence, the demand for good public schools in Australia is high in Chinese community.

Also about high property prices in Glen Waverley:

"
Some people, who are aware of house prices around the Melbourne, are wondering, why Glen Waverley is so irrationally expensive, even for the suburb that has one of the top performing public schools..

I had a chat with a Real Estate agent that works in Glen Waverley area, he is a very successful Chinese bloke. Below is a little summary of what I heard from him.

"Glen Waverley and Box Hill are the two Melbourne suburbs that are well known in China. Before people even come to Australia, they already know about these two areas.

People from China are buying property here, because they want to move to Australia. And they are happy and prepared to pay the TOP dollars to buy a property in those areas.

The majority of buyers in those areas are not speaking English at all. So it is very important for them to settle in the areas where the majority of
businesses speak their language."
 
Chinese parents are prepared to pay premium to buy in areas where there's a good public school.

If their kids are "book" smart enough they would've gotten into a selective school and it doesn't matter where they live.

If their kids didn't make it into selective, that's an alarm bell ringing to the parents. They will choose the next best thing.

For first generation Chinese parents who sacrificed their stable lifestyles to come to Australia to give their kids better opportunities in life (and may need to take on less desirable jobs due to language limitation and non-transferable qualifications), they usually pick a good public school over a private one.

They consider it better value to spend the money buying in a good public school zone and pay off a tangible asset (which is proven to appreciate over time) than dropping money on private school fees. It's less risky overall.

Over time this becomes a self fulfilling prophecy. More families who care about education send their kids to the local Public school, the public school overall performs better.

This is why BEecroft and Cherrybrook are so expensive in Sydney. Very far from CBD and not much else going on except there are good schools In the area. Chinese parents prioritise their kids' education over lifestyle.

Of course these are generalisations. Not every Chinese parent does this. The younger generation and those from more affluent background are more open to sending their kids to private schools.

Edit. I'm not a Chinese parent. But I know many. These are just my 2c worth of observations.
 
Chinese parents are prepared to pay premium to buy in areas where there's a good public school.

If their kids are "book" smart enough they would've gotten into a selective school and it doesn't matter where they live.

If their kids didn't make it into selective, that's an alarm bell ringing to the parents. They will choose the next best thing.

For first generation Chinese parents who sacrificed their stable lifestyles to come to Australia to give their kids better opportunities in life (and may need to take on less desirable jobs due to language limitation and non-transferable qualifications), they usually pick a good public school over a private one.

They consider it better value to spend the money buying in a good public school zone and pay off a tangible asset (which is proven to appreciate over time) than dropping money on private school fees. It's less risky overall.

Over time this becomes a self fulfilling prophecy. More families who care about education send their kids to the local Public school, the public school overall performs better.

This is why BEecroft and Cherrybrook are so expensive in Sydney. Very far from CBD and not much else going on except there are good schools In the area. Chinese parents prioritise their kids' education over lifestyle.

Of course these are generalisations. Not every Chinese parent does this. The younger generation and those from more affluent background are more open to sending their kids to private schools.

Edit. I'm not a Chinese parent. But I know many. These are just my 2c worth of observations.

Yep, the above is pretty much what I've been told re Glen and Mount Waverley being so popular etc.
 
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