VIC It's Werribee but not as you know it - high-tech city for 100,000 proposed

Is Werribee the next buy...
http://www.theage.com.au/victoria/i...city-for-100000-proposed-20150803-giqi8a.html

 

Makes sense in terms of location; 25km's from CBD, not far to Geelong as well, and a rail line which "supposedly" will have a station on it at some point.

The stigma might put a lot off, but even Frankston North has seen growth in the last decade.

 

The article above is a re-announcement of the same project that's been on the drawing board for years since Brumby.

Despite all these wonderful looking plans Werribee is still a fringe location and if you were looking for capital growth (over yield) then I'd suggest you're looking in the wrong area.

 

Unlikely to happen in the near future.

 

Lots and lots of land releases around the area is a primary concern to me.

 

Its a propose not a thing happening at the moment... who knows with this government...

 

Just purchased a newish 3 bed + 2 bath home in Werribee on a 5% return. Can't get those returns in Sydney for sure and in 5 years time, the sub 300k homes will have disappeared.

 

Another announcement.

Bill Zheng and John Brumby's mob is now the 'preferred bidder'

Jobs And Education Precinct A Step Closer For Melbourne’s West

 

I believe more growth is expected out of Truganina and Tarneit which are further close to the city than Werribee. Also according to metropolitan plans, Truganina will be a business centre and is already next to Laverton, the industrial hub.
Werribee, on the other hand is still kind of a rural area with farmlands next to it within 5kms. And the waste treatment plant is also a turn off for most people, including me.
Compare it to Sydney, learn that West grows faster due to migrations.

 

it's actually 32+kms away from CBD. pt cook and truganina are the 25+kms from CBD.

 

Great rental returns and tenants are ok. As an investment for long term I think it's an awesome place. Long term though, not something to buy and hope for growth, unless you create it with development, which is really easy to do cause the Wyndham council is really pro active and encourages development.

• 
  
  • Wyndham is the fastest growing municipality, by percentage Victoria wide – 5.6% (2013-2014).
  • The population of the City of Wyndham 199,715 (as at June 2014).
  • The forecasts for the City of Wyndham for 2036 are:
    • Population 384,275
    • Households 132,919
  • There are 11 babies born each day, with a record 4,120 births in 2014.
  
  Who is Moving Here?
  • 204 new residents a week.
  • Wyndham’s population grew by approximately 10,604 persons from 2013 to 2014. This is expected to increase to an average 8,727 people by the year 2036.

 

Hm.. same thing as Innovation Campus development in Wollongong.
Source: Wollongong Innovation Campus becomes a reality - p… - Media @ UOW

It will take long time to grow but yes it will boost the sustain the property price in the area.

Maybe Matt @BuyersAgent can shed some light if that is the true case ?

 

I should visit the Werribee open range zoo next time.

 

Nice throwback @Tekoz that is an old article!

Here is the site's current progress, slow but steady.
Innovation Campus @ UOW

I can confirm the suburbs north and south of the centre have been growing a lot but I wouldn't say the centre is the biggest driver - hords of Sydney refugees looking for affordability and the beach trump the campus by a big distance as primary driver. Having said that the various associated UOW sites all pull really high demand rent. So there is an impact.

 

Matt, historically and timeframe wise, how far are Wollongong and generally south coast lagging behind Sydney?

 

@larrylarry we are just talking about that over here
NSW - South Coast - Shoalhaven

from that post I said (remember this is speculation please) "If you want to buy at the bottom just head south. In super rough terms for this cycle my gut says put Warilla at 50% up, Nowra at 25% up Ulladulla at maybe 10-15% up and Batemans bay 0 to 10% up. So if you want to beat the ripple just head down a bit. Do you want all the growth with a slow start or fast growth from day 1 but pay a little more? That is the cost of betting on an established trend. "

to add to that I put northern and central Wollongong aa bit further ahead than Warilla it is a cheaper southern suburb. So perhaps 60% through this cycle? A year or 2 behind, but has been growing a while.

The last cycle saw the ripple come down at the end of the Sydney run, it appears to be happening again in similar style.

 

Thanks Matt. Got the threads mixed up. Good insights there. Would be nice to spread purchases around sometimes.

 

Many thanks Matt @BuyersAgent I was under the impression that Wollongong only relies on Blue Scope Steel (BHP Billiton) primarily but then yes UoW seems to be another supporting economy there.

 

It is historically the biggest employer but my view is the coast is deleveraging from that to newer industries and market forces.

Now - back to Werribee! I like it, I have an uncle there....

 

The transport infrastructure is in.....matter of time.....the govt is decentralizing things.

Yes...but land is steadily going up...have an old 3 brn house bought for 130k....in 2007 now....260k plus....a steady Eddy.....