Melbourne family’s ‘dream suburb’: Glen Waverley’s possible $850,000 gain in 5 years | PropTrack

Melbourne’s Singh family have just moved into their dream suburb, and it could make them multi-millionaires before the end of the decade.

Glen Waverley family, Tarvinder Singh, his wife Moana Chopra and two daughters Harleen, 14, and Shabad, 9, could be living on a gold mine. Picture: David Caird

Glen Waverley’s Singh family have just moved into their dream suburb and it could make them multi-millionaires before the end of the decade.

The southeastern suburb’s homes could gain as much as 49 per cent by 2029, suggesting Tarvinder Singh and Mona Chopra as well as their kids Harleen and Shabad could watch their seven-figure purchase gain almost $850,000.

According to data supplied by PropTrack, the suburbs current median house price sits at $1.55m and could climb to $2.315m by 2029, if home price growth of the past half-decade repeats itself.

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“My wife and I are both excited at the prospect of almost 50 per cent growth in the next five years,” Mr Singh said.

“This is one of the best suburbs in Melbourne’s southeast; from the good schools, greenery, transport and suburban rail loop, we had to buy property here.

“The market is very competitive. We went from auction to auction with very high bids; we were persistent, kept looking and finally found this one.”

The home is the family’s third property purchase since immigrating to Australia, with success in the housing market following determination and hard work in their professional lives.

The family could become multi-millionaires in asset value before the decade is out if the projected prices eventuate. Picture: David Caird.

“There is so much opportunity here, we’re very happy here,” Mr Singh said.

“There are exciting times ahead, and we feel like we’ve made the right decision to purchase our biggest asset in Glen Waverley.”

With the prospect of home values rising broadly, they also advised anyone thinking of buying a home to make their move sooner rather than later — even if it meant trading up to a dream suburb.

Jellis Craig Monash director Calvin Huang said Glen Waverley was an education hot spot with local schools highly sought after, many in the top 40 schools by NAPLAN rankings.

“And of course, you’ve got The Glen and Chaddy nearby, but the critical seller for Glen Waverley is the density rates are considerably lower due to planning from the City of Monash,” Mr Huang said.

1/20 Myrtle St, Glen Waverley sold for $2.8m in April 2024 and could fetch $4.172m in 2029.

While the data from PropTrack reflects the global pandemic, he said the five year projections were feasible, especially once interest rates were cut — though investors leaving the property market could stunt growth in some pockets.

“I’m having conversations with investors and finding it just isn’t feasible with the land tax, interest rates, regulations, compliance; it’s just costly, and a lot of investment properties are coming onto the market,” he said.

“Mum and Dad investors just can’t afford it anymore; and I’m seeing some free-up funds to pay their own home loan.”

Euroa, in the Hume Shire, could become a million dollar town from $533,000 to $1.091m by 2029.

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Originally published as Melbourne family’s ‘dream suburb’: Glen Waverley’s possible $850,000 gain in 5 years | PropTrack