The suburb of Glenroy is located just 13 kilometers north of the Central Business District. It has a population of 19,664 and belongs to the local government area of the City of Moreland.
In recent years, an increase in medium-density developments was noted in the area due to demand from first home buyers and young couples, the presence of residential amenities and its proximity to the CBD. Compared to other suburbs in the area, Glenroy is considered to be more generally affordable.
House ownership in the area is at 44.4 percent. It is also less culturally diverse compared to other suburbs in Melbourne.
Affordable homes are available in Glenroy. As an example, the price of a four-bedroom house as house ranges from $338,000 to $680,000 as of May 2015.
Also in May, 142 properties were available for sale and 98 properties were available for rent. In the past year, a total of 412 houses were sold. The highest paid price for houses over the past year was $1,150,000 and $587,000 for units. The lowest price paid was $157,000.
Those who want to rent a house or unit can also do so in Glenroy. The average rent for a house per week is $340 while the rent for units is $330 per week.
When it comes to auction, the clearance rate for houses was 67.6 percent and 61.8 percent for units.
For the past five years, Glenroy recorded a capital growth for houses of 14.48 percent and 1.99 percent for units. The long term growth trend for houses is at 6.6 percent and 6.5 percent for units.
Dwelling structures vary in the suburb. The separate house type comprises majority or 75.6 percent of homes in Glenroy. The others are flats and semi-attached/terrace. Some 44.4 percent of homes in the suburb are fully owned while 23 percent are being rented.
Many residents in the suburb are belong to the younger age group from 20 to 39 years old (27 percent) followed by the seniors (25 percent) and those in the 40-59 age bracket (23 percent).
Looking to buy in Melbourne and sick of missing out at auction? Talk to me about how I can help you buy your new home faster, for less.
Give me a call on 03 9686 2288 to discuss how I can help. I offer a free consultation, so why not call today?
By Wendy Chamberlain
Copyright 2015 | All Rights Reserved
WANT TO USE THIS ARTICLE?
You can as long as you include the following (links must be active):
With a passion for all things real estate spanning 18 years, Wendy loves that her role as a
