VIC Werribee Werribee!

Since I live not far from Werribee, I keep a close eye on prices in and around it. This past Saturday's auctions show sales going strong, in some cases stronger than anyone ever thought. Here're the results for you:


Even "Birdcage" streets go for $450k+, evident by the Songlark Cr sale. 2-3 weeks ago a crappy old house on 1 Jabiru Ct went for $445k. I think Werribee has hit its straps for now, results are more or less the same as they were 2 or so months ago of course there are good/bad pockets. I was keen on the 5 Retreat Pl house for some time given it's only 10 min from the trains, but I reckon $482k is too much to pay for it, low $400k's would've been more like it but hey people are ready to over-pay so why not!

Anyone else on here picked up a Werribee and/or surrounds property or two in the past few months? How much increase in val. have you seen?

 

Werribee is on fire, I've seen min 50k increase in the last 60 days from last viewing sold prices. I reckon it's the free stamp duty and high immigration levels, and I believe it will continue if nothing changes, not just Werribee but most outer suburbs.

 

I've been attending auctions in the established Werribee area for a fair while and you're right, most buyers are Asian (including people from the subcontinent) that don't speak much English. Funnily enough I was talking to this Indian gentleman who said he was prepared to pay any price for a house on Thames Blvd the other day at auction. I asked him why he was prepared to over-pay and if he thought interest rates may go up - he went "I'll manage the rates somehow, I have to invest now". Maybe isolated case, but there was some FOMO.

 

Yes fomo is real, prices are moving so fast it's hard not to feel it. Even I'm feeling it getting outbid continually for a ppor.

 

I purchased just before EOFY when it was already getting pretty competetive in most of werribee, moreso in Hoppers.

There were still pockets and some individual properties at that time that flew under the radar a bit so there were still "relative" bargains to be had.

I haven't actually been on the ground since but have been monitoring auction results and sale prices and things do seem to be moving, even in the less desirable areas.

 

i like FOMO my prediction of Werribee having a 5 in front could be a reality. l bought mine for 130k ten years ago

 

Could be a reality in 6 months time the way things are going.

 

sure is

 

I think there will be tears in these areas as soon as there is a correction in prices

 

I think there's still some value to be had in Werribee, but prices have risen to the point where caution must be observed. A year ago you could buy almost anything and you'd do well. Today you need to buy carefully in the right location and the right price and you can still do well. Buyers can no longer assume that everything is good value.

 

I agree...particularly in the new estates...people are now paying 220k for 300sqm block of land in Wyndham Vale. Put a small house on it for day 200k...it starts from 420k......

Having said that lots of people are willing to pay this as they see it only 35klms to the city...same distance on the otherside you are at 650k plus.

 

I agree and also view it that way, can buy under 500k although it's west not east, same distance and much much cheaper. When it comes to affordability/price point one can spend with distance to cbd/transport, you are going to Werribee and surrounds.

 

True that. There was a house on Mortimer St that popped up on re.com a few days ago, priced at $370k, did require a bit of cosmetic reno, but at that price in today's market, it'd be a steal.

 

It's not just the distance. The quality of the schools is not that great to put it mildly

 

How much better are the schools on the other side? How do you measure that?

 

Actually the schools are improving...Catherine Cory is very good...also lots of private schools going in....as the population becomes more Southasian....the schools will improve.

 

Why would you pay for private school when you can buy a house in a better area for that money and you can sell it at the end if you want to? Very overrated areas IMO. I hope all the people getting excited about the growth know when to sell too

 

Have been keeping my eye on Werribee over the past few months also. As previously mentioned, the movement in the last 1-2 months has been insane price wise. Also noticed there is quite a lot of supply looking at the weekly auction results, and while I haven't been on the ground attending inspections etc it looks like there is plenty of demand to mop it all up and continue to drive prices north

 

Called up some agents to find out what's going on, why has the market moved so fast. All 3 agents said it went quite in June, first home buyers were holding off for free stamp duty. Also competition from Sydney buyers buying sites unseen, and Chinese. That was backed by all agents also stating they have never seen the market like this and demand has not stopped.

 

I bought mine in Werribee when I heard a no of colleagues working in IT, young families mostly, moving there. Agree with @sash on schools, the population I have seen at auctions and opens that seem to be moving there now is the one that stresses a LOT on schooling, and there are so many there which is bound to create competition. So if schooling is the only reason not to move there while the infrastructure, shops, plazas, train network and proximity to city is a tick, I will bet on that improving.

I think issue in most such places is the local bias, people coming from overseas can be a bit oblivious to that. The better quality of those that move in, the quicker it will gentrify. So go to a few opens @Cimbom and see who's buying.