Bayside boom: How Glen Waverley's new transport spine is lifting property values across the corridor

Property values across Glen Waverley and neighbouring Mounty Waverley are accelerating ahead of the Victorian Government's $320 million Suburban Rail Loop (SRL) extension announcement, with median house prices climbing 8.2 per cent in the past six months as developers race to secure sites along the transport corridor.

The infrastructure project—set to deliver a new underground station at Glen Waverley and fast-track connections to Box Hill, Burwood, and Chadstone—has already triggered a wave of medium-density residential development approvals and rezoning applications across the suburb's retail precinct and surrounding residential streets.

"We're seeing genuine investor interest return to the Glen Waverley corridor," says Marcus Webb, director of residential at Carter & Co Real Estate. "Three months ago, a weatherboard cottage on Mountain Highway sold for $1.28 million. That same property type is now being quoted at $1.45 million. The infrastructure certainty has shifted buyer confidence."

Real estate listings data shows 34 new apartment projects lodged for planning approval within 800 metres of the proposed Glen Waverley station site since March 2026—compared to just eight in the same period last year. Several mixed-use developments targeting first-home and investor buyers have fast-tracked construction timelines, with completion dates pushed forward by 12 months to capture the pre-opening demand.

The SRL extension also addresses a critical gap in Melbourne's outer-eastern transport network. Glen Waverley currently relies on the Belgrave Line, with residents facing 45-minute commutes to the CBD during peak hours. The new rapid transit service promises 22-minute express connections to Box Hill and 31 minutes to Chadstone—a material shift for the 35,000 residents across the immediate catchment.

Chadstone Shopping Centre's recent $500 million redevelopment approval has amplified the ripple effect, with boutique apartment blocks now planned along Mountain Highway and Kew Road to capture transit-oriented development (TOD) opportunities. Local agents report unit sales inquiry has doubled, with median unit prices climbing from $618,000 to $687,000 across the 3149 postcode.

However, not every property holder is celebrating. Homeowners on smaller residential blocks within the proposed development zones face potential rezoning pressure, with some properties now targetted for acquisition by major developers. Council planning records show 12 rezoning submissions under review for residential-to-mixed-use conversions.

The SRL extension is projected to begin construction in late 2027, with station completion targeted for 2032. Industry forecasts suggest property values within 1 kilometre of the Glen Waverley station could appreciate a further 15-22 per cent by opening day—making the next 18 months a critical window for both investors and owner-occupiers assessing entry points.

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