Prime Location Sets Price Record in Glen Waverley
Although interest rate rises and the lingering effect of the pandemic are having a profound impact on Melbourne’s property market, we continue to see quality assets sold for record prices.
Kingsway in Glen Waverley is deemed as one of the best food and entertainment hubs in Melbourne’s east. Highly sought-after locations such as 89 Kingsway in Glen Waverley has just been sold at auction for $6,236,000 to a local investor with a record land rate of $33,891 per square metre. Glen Waverley’s retail, accommodation and entertainment precinct is experiencing exceptional growth with a great mix of multicultural food and entertainment offerings, mixed with The Glen Shopping Centre which has undergone a $500M re-development, attracting more residents and businesses to an already prominent location. Only three years ago, similar properties namely 84 Kingsway and 107 Kingsway sold for $4.6 million and $4.07 million respectively in 2019.
Kingsley Apartments is located directly next door to 89 Kingsway, only seconds away from the commercial heart of Glen Waverley.
In November 2019, 84 Kingsway Glen Waverley sold for $4.6 million at auction which was an impressive sale price given the property was in vacant possession and the market condition was softening at the time. Agents and onlookers at the auction were stunned at the result.
During the similar time in 2019, 107 Kingsway Glen Waverley also went under the hammer. The auction kick started at $2.6 million and it quickly went over the reserve price with 49 bids placed on the property. The property was sold for $4.07 million with an initial yield of only 2.2%.
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