VIC Werribee 2018

Discussion in 'Where to Buy' started by Bruce MacGillivray, 1st Jan, 2018.

Join Australia's most dynamic and respected property investment community
  1. Michelle Evans

    Michelle Evans Well-Known Member

    Joined:
    18th Oct, 2017
    Posts:
    257
    Location:
    Bacchus Marsh
    Would be interesting to see the inside of those houses, I'm tipping they might not be leaseable. So great block of land if you're ready to develop. Will be interesting to see who snaps it up and how long it will take to get something else built on it.
     
  2. MoonLove

    MoonLove Member

    Joined:
    15th Jan, 2018
    Posts:
    8
    Location:
    VIC
    Hello! I am new to this forum and found this thread helpful. I have a few questions, hopefully this is the right place to ask...

    I bought my house in Hoppers Crossing several years ago for $300k. It is a 3 bedroom, 2 bathroom house on 625m land. The house was built in mid 80s and has not been renovated at all. A property report from the bank indicates its value is around $575k.

    We have one child and are thinking that for our growing family we could either renovate this existing house (add a double storey - 2 extra rooms making 5 bedrooms in total) or move to a larger house. My question is, do you think it’s worth putting in the extra money to add a double storey? The way I see it (and I’m not any property expert), if I do nothing, and I can sell the house for $575k, I would have made $275k profit. However if I was to add in $200k worth of renovations and later sold the house, would it even go for more than say $800k? If it wouldn’t then I’m still making around the same amount of profit, but different amount of efforts..

    And then if we decide to do nothing, do you think now is a good time to sell or should I hold for another year or more?

    **sorry this is about Hoppers Crossing, not sure if it’s ok to post here, let me know if it isn’t!!
     
    Last edited by a moderator: 17th Jan, 2018
  3. Michelle Evans

    Michelle Evans Well-Known Member

    Joined:
    18th Oct, 2017
    Posts:
    257
    Location:
    Bacchus Marsh
    For me, it depends on your location needs. If you absolutely love where you live, then put the money and effort into renovating. Also, maybe get in touch with a sales agent in the area to get a sales agent's opinion (I don't trust banks) to see what they think the value of the home would be now, as is, vs your proposed extensions. You can never have too much information.
     
    MoonLove likes this.
  4. hieund85

    hieund85 Well-Known Member

    Joined:
    16th Nov, 2017
    Posts:
    1,068
    Location:
    Melbourne
    Moonlove- No house with normal land size (<=750m2) in the area has broken the $800k mark yet. Most of double storey houses in good location were sold for around $700k so to get to $800k land mark I guess it is still a long way to go. On the other hand a single storey house in good location can be sold for $550k+ to $650k depends on the condition and built area+features. By the way, did you get a walk-in valuation from bank or just a quick desktop val?
     
    Last edited by a moderator: 17th Jan, 2018
  5. MoonLove

    MoonLove Member

    Joined:
    15th Jan, 2018
    Posts:
    8
    Location:
    VIC
    Thanks for your advice. I do like the location but feel a bit restricted with the land size. If I could, I would prefer to buy in Kingston Gardens area but the prices are getting out of reach there..

    Thanks! I didn’t think so too. So I may have to consider just fixing up the existing house as is. It was just a stock standard property report, with the estimated range as $490k-$660k.

    Which areas in hoppers and werribee would you consider to be a “good location”? I like Kingston Gardens, land size is big and not a noisy area, but prices are high now.
     
  6. hieund85

    hieund85 Well-Known Member

    Joined:
    16th Nov, 2017
    Posts:
    1,068
    Location:
    Melbourne
    It is personal choice/preferrence. I do prefer Cambridge estate near Barber Dr, Westmill Dr or Carthedural Dr (near the primary school). Kinston Garden is too expensive since the land is much bigger but location wide I still think Cambridge is better since it is closer to the Plaza.
     
  7. equityma

    equityma Well-Known Member

    Joined:
    2nd Jan, 2018
    Posts:
    48
    Location:
    dand
    keep the house as is and use your savings to buy another house close to the best primary school.

    if you renovate without a tax purpose as it's your first house. it's still ok but it's better to buy another house and lease your existing house because the house price in south west of melbourne is going to beat the East in term of price vs distance to cbd.

    Forget about werribee as I bought an ip in seabrook
     
    Last edited by a moderator: 18th Jan, 2018
  8. hieund85

    hieund85 Well-Known Member

    Joined:
    16th Nov, 2017
    Posts:
    1,068
    Location:
    Melbourne
    Looking at the score, Seabrook is better but not too much than Cambridge. And house in Seabrook is much more expensive. Cambridge has a much better shopping centre (Werribee Plaza) than anything found in Seabrook/Point Cook. Werribee is classified as ACZ while Point Cook is a huge resi zone with terrible traffic and expensive shiny new houses. I know where should I invest...
     
    MikeyBallarat likes this.
  9. MoonLove

    MoonLove Member

    Joined:
    15th Jan, 2018
    Posts:
    8
    Location:
    VIC
    I would have to say, I agree. I don’t think seabrook has as much activity as hoppers/werribee, but then again I’ve never really driven to the area.. When do you think prices will start to cool down in this area? I don’t want to miss out selling at a good price, but also want to prepare myself for a better time to buy. I will look out for Westmill drive area as you suggested.
     
  10. equityma

    equityma Well-Known Member

    Joined:
    2nd Jan, 2018
    Posts:
    48
    Location:
    dand
    yes I agree other surrounding subburds have more scopes for growth due to surplus lands.

    south west is still affordable and houses price will show no signs of weakness in the next comming years due to population boom and younger gen y will dominate the market therefore more developments are needed.

    the federal government will look after the west

    Seabrook will be priced out when they fast track developments in the south west suburds.
     
  11. hieund85

    hieund85 Well-Known Member

    Joined:
    16th Nov, 2017
    Posts:
    1,068
    Location:
    Melbourne
    I have a more pessimistic view. I have a feeling 2018 will be the year of cooling down. The council already removed their proposed RGZ hence lower density development in the area. I know a house is selling for $750k and then drop to $700k because of the zoning removal just a week ago. However, according to a loy of RA, the market is still as hot as it was. Big crowd every home open and houses are still selling like hot cakes. But probably it is just agent talk.
     
  12. equityma

    equityma Well-Known Member

    Joined:
    2nd Jan, 2018
    Posts:
    48
    Location:
    dand
    it was not surprised me based on the council re-zone decision

    You also should know the employment precinct in werribee wil not be developed within the next 10 years until all infrastructures are in place.

    west gate tunnels and M1 extension are just started and it will take a long time to reach to werribee.
    I was lucky not to buy in werribee.

    yes werribee is still growing but it's not as attractive compared to surrounding subburds and I believe there're more buyers looking into property market especially Asian migrants.
     
  13. hieund85

    hieund85 Well-Known Member

    Joined:
    16th Nov, 2017
    Posts:
    1,068
    Location:
    Melbourne
    Can you name the attractive surrounding suburbs? All of your points apply to not only Werribee but other south western suburbs.
     
  14. equityma

    equityma Well-Known Member

    Joined:
    2nd Jan, 2018
    Posts:
    48
    Location:
    dand
    closer to the city as possible but not laverton and werribee.
    I lived in the west 20 years ago and Footscray was one of the worse spot with highest crime rate.

    why Footscray is becoming the best spot nowadays
    . the bad people got jobs and families then the crime rate reduced
    . footscray has becoming more expensive that forced new migrants further to the west as the rental rate rised

    I was thinking about laverton because I think it will be similar to footscray but there're no good schools

    I didn't choose werribee because of the delayed projects and a youth prison will be built in werribee.
    This reinforced the belief that the bad people (sudanese ) are living here and there're a lot of welfare seekers too

    Bad Asian people are different with bad Sudanese people. Asian are hard working class and they favor more education for their child whereas sudanese people simply don't care about anything.

    if I had more money I didn't have to do researches. I really like Moony Ponds in a hope that a new train station will be built for the new route to the airport.

    I regreted I was not a good boy 25 years ago.
     
  15. sash

    sash Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    15,606
    Location:
    Sydney
    Then be prepared to be priced out.....and eventually you will not get in....in anycase most Melbourne is fully priced in my opinion.

    What about Lara...just 15 minutes from Werribee....
     
    JacM likes this.
  16. hieund85

    hieund85 Well-Known Member

    Joined:
    16th Nov, 2017
    Posts:
    1,068
    Location:
    Melbourne
    I could not believe that someone saying Footscray crime rate reduces. It is expensive now but due to its proximity to the city, not because of good schools or better crime rate. And you are comparing a 1mil suburb (close to) to a sub 500k suburb. It is pear and apple.
     
    BTCETH99 likes this.
  17. hieund85

    hieund85 Well-Known Member

    Joined:
    16th Nov, 2017
    Posts:
    1,068
    Location:
    Melbourne
    Lara is in the middle of Werribee and Geelong. I would rather choose one of them but not in Lara.
     
  18. sash

    sash Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    15,606
    Location:
    Sydney
    Have you looked at the train infrastructure?

    The quality of life and demographics is very good in Lara...it is the same distance as Officer/Pakenham and faster trains.....
     
  19. hieund85

    hieund85 Well-Known Member

    Joined:
    16th Nov, 2017
    Posts:
    1,068
    Location:
    Melbourne
    I did. But apart from that what else do you have in Lara. No good shopping, schools, beaches. Officer and Pakenham is SE and everything in Mel SE is more expensive than its true value because Mel people love SE suburbs. Stigma!!!
     
  20. equityma

    equityma Well-Known Member

    Joined:
    2nd Jan, 2018
    Posts:
    48
    Location:
    dand
    you don't understand my point. I'm not comparing.
    I'm saying werribee and laverton are not worthy for me to spend money in those crappy subburds
     

Price Accounting are a leading tax service for your property + tax issues. Contact Paul@PFI for property focussed tax services using our client portal access, digital signing and checklist based approach for best pricing. Free client pack included.