Should you buy property near a shopping centre?

The analysis revealed that homes located within one kilometre of The Glen, Westfield Fountain Gate, Chadstone, Westfield Knox and Westfield Airport West increased the most in value, while other shopping centres such as Westfield Doncaster and Westfield Southland acted as deterrents in house price growth, with homes located further away seeing stronger results than those within the immediate vicinity. 

Golden Age Group marketing and sales director Dandan Zhao highlighted the strength of the area with the Glen shopping centre (Glen Waverley) being surrounded by a myriad of schools, making the area practical from a living point of view.

“Living atop the most modern and revamped shopping centre in the east offers residents unmatched connectivity and convenience, so it is not surprising to see Glen Waverley as the top-performing suburb out of the 15 suburbs analysed,” he said. 

In 2019, the average value of a two-bedroom residence located within a one-kilometre radius of The Glen Shopping Centre was $314,500 more expensive than homes located within a one to three-kilometre radius, and $482,000 more than homes located within a three to five-kilometre radius.