What was once settled in the 19th century as orchards and farming land, the East Melbourne suburb of Glen Waverley has become one of the most sought-after areas of our city with its heritage homes and luscious parklands.
It wasn’t until 1868 that what was then known as ‘Black Flat’ was founded by orchardists, farmers and wood cutters. Over the course of the next 50 years, the area would attract gold discoverers and the township developed to include a school, hotel, stores, a bakery, good orchards and a recreation ground.
Fast-forward another 100 years, and today it is one of the most liveable suburbs in the most liveable city in the world. It harbours some of the state’s top schools, the safest train line, a bustling new major shopping centre, entertainment and food hubs, and of course, a booming property market.
In 2015, Glen Waverley topped Melbourne’s real estate market for sales, surpassing Brighton and Toorak to become the nation’s second-highest property market by value of sales. Owing to this, is the recent influx of Chinese investors, with 22% of Glen Waverley population coming from a Chinese background. What was once a white middle-class suburb has transformed into a Chinese hub.
So popular is the suburb to Chinese investors and immigrants, that the recent development of apartments above the railway station saw $40 million worth of property sold to Asian locals. Remarkably, some even spent tens of thousands just to have the opportunity to buy house number 8 – which is auspicious in Chinese culture.
Glen Waverley is also home to some of the most valuable property, recently boasting the seventh highest number of one-million house sales in Melbourne. Today, the property market continues to boom, with the median house price more than $1.3 million and the median unit price over $780,000. With an annual growth rate of around 7.5%, you can see why Glen Waverley is becoming a hugely popular suburb of choice.
Over the past decade supagroup numerous ground floor and second level extensions in the Mount Waverley/Glen Waverley/Wheelers Hill and currently have two projects in construction
If you’re a Glen Waverley resident and would like to maintain the history of your property, while still planning for the future with a forward-thinking renovation or extension, feel free to get in contact with us today! We have worked on hundreds of properties in the area and will be able to deliver the perfect result for you and your growing family.