VIC Werribee 2018

This is actually a good price. I'd be tempted to buy that if I could get 4-5% yield.

The other property is too close to the bird cage. No point paying more.

 

I was expecting this to sell for 460+

2 Glamorgan Avenue, Werribee, Vic 3030 - Property Details

 

This would have sold 550plus last year, 485k now

89 Parramatta Road, Werribee, Vic 3030 - Property Details

 

44 Purchas Street, Werribee, Vic 3030

This one has been on the market for a while, can't remember the price but they were trying to sell it at last years prices as across the road sold well last year. They can't sell it yet as the market has changed.
Point is market has moved downwards from last year and prices aren't what they were. Buyers are just waiting and watching.

 

Well as someone fairly young I'm happy to wait and make the most of these opportunities. Anything sub $400k id look at for another one. Banks still willing to lend to those who are not overleveraged.

 

I'm on the fence about this, I would like to buy another to develop/add value but I'm not sure how long prices will be down. 4% rental returns don't excite me until the market picks up which might take years??? I'm just watching for now.

 

I'm seeing same. Peak I think would have been early this year.

There might be a few strong results coming through but doesn't look like it's the majority.

 

Prices are definitely off the boil. As Barny's examples show, some of these properties on full sized blocks would of sold around the 500k range 12 months ago, have recently been selling in the 430-450k range.

IMO towards the peak of the cycle there was an influx of would be 'developers' that purchased any site of 600sqm+ for way over the odds... at prices where development would return crazy losses.... This fomo has dropped off now, and this is the product that I'm seeing the have the most decrease in price.

In addition, buyer numbers are down, turnouts to opens are regularly having zero attendees, and the buyers that are active are low balling...

The new home and land prices are looking stable, haven't seen any pullbacks there...it's the older stuff that's wearing the brunt of it at the moment.

 

What I’m hearing is Chinese investors have bailed out of Melbourne until this correction bottoms out. Probably the same in Sydney. So markets are only attracting local investors who are having a harder time getting finance. PPOR buyers are probably propping things up a bit but not enough to stave off the correction we had to have.

 

38 John Street sold at auction today at 1.423 million.

 

Werribee in Melbourne's top 10 suburbs for property sales in 2018 Melbourne’s top 10 suburbs for property sales in 2018

 

Hi

I am a first time investor looking to buy in Werribee. My budget is around 400k. Is it right time or the market is still going down?

 

Scroll up the thread a bit, looks like things are off the boil as @Connor said. Make a low ball offer on a property with sizable land (600+sqm), within 10mins of the station and see how you go.

 

I am not living in Melbourne. So I need to hire a buying agent or someone to do that for me. Any suggestions on buyers agents(Its costly) or any other way to make an offer living somewhere else?

 

Maybe you do, but another way would be to line up a few properties to view for yourself on a Saturday. Nothing better than your own boots on the ground.

 

Speak to Connor, or melbournian, and come down and take a look. Don't use a buyers agent as there's plenty of stock and sales at the moment. Just wait a little longer whilst gathering all your research. Then start low balling and you will get a good deal. There's plenty of time, don't rush



{Note from mods - thread continues here: Werribee 2019 [VIC]}