/Monash market buoyed by building buzz

Monash market buoyed by building buzz

Golden Age Group

Glen Waverley saw a buzz of building activity in 2018.

The Glen’s major redevelopment and demand for homes in school zones kept the Monash property market afloat during a challenging 2018.

Agents say the bustling area remained fairly stable during the correction year, which saw house prices slightly dip.

CoreLogic data shows the Monash median house price fell by 1.6 per cent to $1.2 million.

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500 apartments are being built on top of the The Glen.

The Sky Garden development has increased demand in Glen Waverley.

But unit prices increased, with the median growing by 0.8 per cent to $695,000.

Harcourts Judd White director Dexter Prack said the renewal of The Glen shopping centre, which included the development of 500 new apartments, was a major boost to demand.

“Glen Waverley has always been the most popular suburb in Monash, mainly due to the great schools, especially Glen Waverley Secondary College, and of course the $550 million renovation to The Glen,” Mr Prack said.

28 Myrtle St, Glen Waverley sold for $3.15 million

The new house is walking distance to Kingsway.

“Glen Waverley had more than double the inquiries of properties in Wheelers Hill and Mt Waverley, and it was the most searched suburb in the area.”

The building buzz also attracted developers and first-home buyers to the market, at a time when land values were at a more affordable price, he added.

Glen Waverley’s median house price dipped 0.8 per cent to $1.32 million in the 12 months to September, CoreLogic records show.

House prices dipped 1.6 per cent in Monash in the past 12 months.

Houses near Glen Waverley’s activity centre performed well.

An impressive sale was notched at 28 Myrtle St, Glen Waverley, where the new property sold for $3.15 million. Another top result was secured for a Glen Waverley townhouse at 2/11 Evelyn St, which sold for $2.435 million.

But it was not all smooth sailing for the municipality, as a quiet auction market contributed to a price drop.

“The market certainly saw huge growth over the past few years and things are now settling back to normal,” Mr Prack said.

There are two townhouses at 11 Evelyn St in Glen Waverley.

2/11 Evelyn St sold for $2.435 million.

“Competition at auctions has declined … as the gap between what vendors think their property is worth and what buyers are prepared to pay has dramatically increased.”

Buyers were more prepared to miss out on a property instead of forking out top dollar, he added.

Buxton’s Rohan Cleary said sales results in family-friendly suburbs closer to the city stood out in 2018.

A renovated period home at 2 Allen St, Oakleigh.

It sold for $2.92 million.

“Ashwood has been our most popular suburb, where we sold about 43 properties this year,” Mr Cleary said.

“It’s surrounded by elite suburbs such as Glen Iris and Camberwell, which has propelled prices for period homes on large blocks.”

CoreLogic records show Ashwood’s median house price dropped 2.4 per cent to $1.27 million, improving affordability.

The property was a top sale in Monash.

Oakleigh was a popular suburb in 2018.

Oakleigh also produced some standout sales, with a new family home benchmark set at 2 Allen St, which sold for $2.92 million.

“It offered period accommodation that had been renovated and extended, on a double block in one of Oakleigh’s most tightly held pockets,” Mr Cleary said.

“New single-level townhouses and period renovated homes like this in prime positions pulled in the best results for families.”

CoreLogic shows Mt Waverley was Monash’s most expensive suburb, with a median house price of $1.357 million.

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