Suburb spotlight: The Waverley area nearing its 2010 peak

The Waverley area is nearly back to where it was in 2010 when the market was at its peak in terms of house prices and demand, according to Dexter Prack director Harcourts Judd White.

Harcourts Judd White experienced a busy month in September, transacting just under $20 million in sales in the area, which includes Glen Waverley and Mount Waverley.

“The market in Waverley has certainly gained momentum in the last couple of months which is evident through the strength of enquiries, open for inspection attendances and the competitiveness on auction day.

“It has been quite some time since I’ve seen properties well above reserve and with multiple bidders on the day, but it definitely is a welcome change,” says Prack.

Prack says the spring market has lived up to its expectations and days on market have also decreased dramatically, an average of 30 days, and properties are selling well above reserve.

A mortgagee sale at 35 Nottingham Street, Glen Waverley (pictured below) sold for $250,000 above its reserve price of $860,000.

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Prack says there were five solid bidders at the auction, with the property selling from $1,111,000.

“This impressive result shows the strength of the property market, especially properties in the Glen Waverley Secondary school zone.

“Demand is as strong as ever and we cannot keep with how many buyers want to buy in the school zone,” says Prack.

Property Observer has previously reported on the Waverley school zone and who’s buying.

“There is a big market for buyers of Asian descent, particularly mainland China and Hong Kong, looking at the $1.7 million to $2.2 million range in a school zone,” says Prack.

Prack says yields in the Waverley aren’t that high, but the recent demand has seen it spike slightly.

Prack says the recent demand started about three months months ago – before the busy spring selling season kicked off.