At number 62th in the list of Australian suburbs ordered by increase in median house value over the last year, Glenelg, 5045 is in the top 10% with a property value increase of 29.07% recorded in median house prices.
Data for the last quarter indicates that, in the short term at least, the capital value growth rate for property investors in Glenelg has increased when compared to the 5 year average annual rate.
In the last year 21 properties changed hands in Glenelg, which puts it as the 330th most active market in SA when comparing the number of sales per suburb.
With the median price for a house in Glenelg being $990000 and the advertised rent reaching $565 the gross rental yield for property investors calculates out to be 2.97%
If you compare the increase in value of investment property in Glenelg, 5045 to the rest of Australia, it performed somewhat poorly. The median increase in value, or capital gain property investors experienced for this SA suburb was -8.42%.
Glenelg,5045 was ranked 1022 in Australia by increase in median property value over the quarter.
Property investors looking for a bargain in Glenelg should be aiming for at least -6.29% off the asking price, which is the average vendor discount being achieved at the moment.
Glenelg is 74th on a list of best yielding suburbs for rents in SA with a 4.50% return
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By the sea in Adelaide’s south-west, the suburb of Glenelg seems to have hit somewhat of a rough patch in recent times.
Currently, the median house price sits $865,000, though there are indicators that it could soon become more affordable.
The latest data from CoreLogic RP Data has revealed a 12% drop in house values over the past year, while over the past five years values have fallen 9%.
Investors aren’t seeing any real cash flow that would ease that pain either, with Glenelg’s rental yield currently sitting at just 3%.
Glenelg is around a 20-minute drive to Adelaide CBD, while the tram line that runs through the suburb can have commuters in the city centre in just over half an hour.
Adelaide Airport is just to the north of Glenelg, while there are a number of shopping centres within the suburb.