23 Folkestone Road, Glen Waverley VIC 3150

New-build luxury on a prime Glen Waverley lot | Full 2024 construction with no heritage or flood risk | Five bedrooms, five bathrooms across 580sqm | Strong comparables support a $4M+ position. This is a rare configuration for Glen Waverley: a brand-new, five-bedroom, five-bathroom house on a 747sqm lot with 78% building coverage, meaning the floor plan is generous without sacrificing outdoor space. The absence of bushfire, flood, or heritage overlays removes common due diligence delays, and the 9m roof height and 121m elevation suggest good natural light and drainage. The property suits a family seeking a turnkey residence in a school catchment zone, or a buyer who values low-maintenance luxury without renovation risk. The May 2025 sale at $3.97M, followed by active relisting, indicates the seller is testing the market at or above that level, and the current estimate range of $3.82M to $4.66M gives a buyer room to negotiate below the upper bound. The key risk is that this is a recently flipped new build, which may carry minor construction settling issues or a premium that has not yet been tested by a full market cycle. The limited rental history and lack of yield data mean an investor should model conservatively. The opportunity lies in the property’s positioning: it is competitively priced relative to other new luxury builds in the area, and the lack of overlays makes it straightforward to hold or resell. Hold this property for at least five years to capture Glen Waverley’s steady capital growth, or use it as a high-end family home with no immediate upgrade required.