Glen Waverley Tops Ranks as Rental Yield Hotspot for Property Investors

Glen Waverley has outpaced all other local suburbs this July, posting the highest rental yield for property investors according to the latest market figures from CoreLogic. With average yields reaching 4.1% for two-bedroom apartments, the suburb’s rental market is now firmly on the radar of both professional landlords and local families seeking investment properties.

For buyers, these numbers matter more than ever. Increased migration and limited rental supply across the broader area have sent vacancy rates to record lows in Glen Waverley, prompting competition not only among tenants, but among investors banking on reliable returns. This fresh data comes as rental affordability continues to be a talking point in city council meetings, with Monash Council recently flagging additional incentives for sustainable, multi-family developments.

Local Appeal: Shops, Schools and Accessibility

The suburb’s continued pull factors remain consistent: top-tier public schooling at Glen Waverley Secondary College and convenient shopping at The Glen Shopping Centre. Family buyers are drawn to quiet pockets such as Eastwood Street and the leafy surrounds of Wesley College’s campus. Meanwhile, landlords are also benefiting from proximity to Glen Waverley railway station, where recent upgrades to the Suburban Rail Loop construction site are keeping commuter access front-of-mind.

Several agencies, including Ray White Glen Waverley and First National Waverley City, confirm sustained demand for rentals priced between $540 and $650 per week in June and July. Notably, units along Springvale Road and Kingsway are being leased within a fortnight of listing, underscoring strong tenant demand for central locations.

Rental Data and Investment Dynamics

CoreLogic’s June 2026 suburb snapshot shows Glen Waverley’s median apartment rent has risen to $610 per week, up from $580 at the end of January. The average gross rental yield has now reached 4.1% for two-bedroom stock, marginally ahead of neighbouring areas, and outpacing the citywide median. Detached houses remain a solid, but less lucrative, choice-averaging a yield of 2.9% given ongoing price growth for established family homes around Hinkler Reserve and Highmount Avenue.

Vacancy rates have also dipped below 1.2%-a five-year low-according to rental tracker reports published in early July. Local investor groups have attributed this to high student numbers at Glen Waverley Secondary College and Monash Aquatic & Recreation Centre’s continued popularity drawing in young professionals and families.

Property managers at local agencies expect these trends to carry into the peak spring leasing season. Investors eyeing the suburb are urged to act swiftly: off-market sales are becoming more common, and newer apartment complexes around Myrtle Street and Montclair Avenue have shown particularly robust returns. Experts recommend due diligence on body corporate fees and a close look at energy efficiency ratings, especially for buyers targeting student and family renters.

This article is general information only and is not personal financial or investment advice. Consider your own circumstances and seek licensed professional advice before making financial decisions.