Golden Age Group cater for current and future demand for family-size living choices in Glen Waverley
Jeff Xu's Golden Age Group is tapping into the heightened demand for family size living in Glen Waverley, a trend that is only expected to grow given the increase in population forecasts in the booming Melbourne suburb.
By the end of 2041, the population of the suburb of Glen Waverley is expected to reach almost 56,891, up over 10,000 from its current population of 46,653.
Since the 1990s, with the sale of surplus government and utility land, and the ongoing conversion of unused school sites to residential zoning, many new development opportunities have arisen. These opportunities, as they are seized upon, are delivering significant opportunities for developers, local government, local businesses, investors – and the householders themselves who can finally settle in the suburb of their choice because of more affordable choices in family-size, low-maintenance housing options.
Glen Waverley is part of the City of Monash – an area characterised by its diversity in ethnicity and nationalities. A significant percentage of its homes are owned outright, mostly by long-term residents, many of whom continue to reside in those properties.
With the area’s current and ongoing economic success, and its desirability among highly educated professionals, Golden Age Group expects to see continued demand for housing stock at every level.
Golden Age Group saw a continuing shortage of new-build family-size accommodation that was low-maintenance but offered private gardens in a smaller, communal setting. It is this shortage that Golden Age Group is addressing with Floret – 77 three and four-bedroom townhomes, at 583 Ferntree Gully Road, Glen Waverley.
Floret will appeal to growing families who need more room, but don't want more maintenance.
Golden Age Chief Investment Officer, Bing Chen, says the reasons for choosing Glen Waverley are not so different from the reasons that drew migrant families to this part of Melbourne in the 1970s.
“Glen Waverley is very commuter-friendly – you can be in the CBD in just over half an hour by train. Floret is also handy to a major Melbourne arterial, the Monash Freeway,” Chen says.
While easy access to work locations is a major driver to wanting a home in Glen Waverley, access to quality education comes a close second.
“There are some 24 childcare and education institutions nearby, from daycare and kindergarten to fantastic local primary and secondary schools, and right through to one of this country’s top universities, Monash University."
Floret is just a short drive from two of Melbourne’s most prestigious private schools – Caulfield Grammar (Wheelers Hill campus), and Wesley College (Glen Waverley campus). Brentwood Secondary College, which is also very well-regarded, is just up the road.
Chen says the third great aspect of living in Glen Waverley is having all the benefits of a suburban lifestyle – tranquillity, lots of space, lots of green spaces – but there are also great cafes and restaurants offering "every cuisine you could wish for.”
The Glen shopping centre, with David Jones, Myer and more than 200 shops and food outlets, is only a few minutes down the road.
“Glen Waverley really has it all," Chen suggests.
Golden Age Group continues to monitor population, economic and social trends right across the eastern suburbs of Melbourne, Victoria, where property development must continue apace if Councils are to meet the ambitious housing targets in draft plans[4] announced recently by the Victorian Government.
These targets acknowledge the important role that Councils play in new residential construction by developing local planning policies and granting permit approvals.
“There are about 78,300 homes currently within the Monash City Council borders,” Chen adds.
“Because there is an expectation of continuing high growth in this part of Melbourne – fuelled by the advantages I’ve just talked about – Monash City Council has been given a target of adding 72,000 new homes to that housing stock by 2051.
“Our own business direction aligns with these local and state government planning strategies – as evidenced by other Golden Age Group projects such as Wembley Hill, which is in Box Hill South.”
Under the current state policy 'Plan Melbourne', Box Hill is a designated Metropolitan Activity Centre and will be the focus of substantial development, growth and investment. Following a recent land purchase, Golden Age Group is now the biggest landholder in this state growth hotspot.
“The Government’s draft strategic plan sets a state-wide goal of delivering an additional 2.5 million homes by 2051 - two million of which are to be located in metropolitan Melbourne.
“We will be watching closely the progress of this plan as it is finalised and presented to the community,”
It is important to note that Golden Age Group’s development strategy doesn’t just align with the State’s in terms of adding to the number of residential dwellings in booming areas.
“With our consideration of green spaces, and the energy-saving and environmental benefits applied to our projects, we also share a commitment to providing housing that is liveable, sustainable, and enriching for residents and their broader communities.
“In these and other ways, Golden Age Group is helping to build a Victoria is which everyone can thrive.”
