VIC Werribee 2019

Discussion in 'Where to Buy' started by LLKK, 20th Apr, 2019.

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

    LLKK Member

    Joined:
    20th Nov, 2017
    Posts:
    9
    Location:
    VIC
    {Note from mods - this thread split from here: Werribee 2018 [VIC]}


    This post has been quiet down for a little while..Any update or news regarding future Werribee property market?
     
    Last edited by a moderator: 26th Dec, 2019
  2. Westie

    Westie Well-Known Member

    Joined:
    19th Jun, 2017
    Posts:
    1,109
    Location:
    Melbourne
    I haven't been keeping a finger on the Werribee market's pulse for some time, got plenty of other things to keep me busy. I'm sure @hieund85 keeps a close eye on Weribee and Hoppers. From this search on re.com.au, it looks like Werribee isn't doing too shabbily compared to the doom and gloom in the prettier suburbs (cheaper, demographics, in Werribee I know). Some goose paid over $400k for this one, FFS! A nice house on a ~700sqm block on the south side sold for $610k. So yeah, Werribee is chugging along just fine, no dramatic falls.
     
    [email protected] T and LLKK like this.
  3. JacM

    JacM VIC Buyer's Agent - Melbourne, Geelong, Ballarat Business Member

    Joined:
    12th Jul, 2015
    Posts:
    1,969
    Location:
    Melbourne, Australia
    Hi @REinvesmentlearner

    However you choose to proceed, do ensure the property is not being seen sight unseen by someone. It is surprising the things you see, hear and smell at a property that cannot be anticipated just by looking at photos online ;)
     
    MikeyBallarat likes this.
  4. hieund85

    hieund85 Well-Known Member

    Joined:
    16th Nov, 2017
    Posts:
    1,009
    Location:
    Melbourne
    The old Werribee is doing okay, not as bad as others. I would say in avarage it has come down 5%-10% depending on stock type and quality. Hoppers and Point Cooks are worse, down around 10%-12%. The new Werribee, Wyndham Vale, Tarneit and Truganina are the worst affected as expected due to the high level of new estates. A lot of people are trying to offload vacant lands at the price they bought 12-24 months ago and some even willing to forfeit their deposit just want to get out but not many buyers. My gut feeling is the area will go down for another 5-10% and then stagnate for at least 3-5 years. Blood bath!
     
  5. hieund85

    hieund85 Well-Known Member

    Joined:
    16th Nov, 2017
    Posts:
    1,009
    Location:
    Melbourne
    16 Bailey Street Werribee Vic 3030 16 Bailey Street, Werribee, Vic 3030

    This one was sold for $805k at auction yesterday (quoted price range $660k-$720k). Really good price. Nice house but $805k is crazy.
     
    rook2017 likes this.
  6. sash

    sash Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    12,707
    Location:
    Sydney
    Werribee seems to holding well...other places like Craigieburn..Officer...Clyde are also doing reasonably well. Markets within markets...Melbourne is still much better....than Sydney...rents are holding up well...have just increased rents.
     
    Reddy and LLKK like this.
  7. David6002

    David6002 Member

    Joined:
    29th May, 2018
    Posts:
    17
    Location:
    Werribee
    That area around the top of Wattle Avenue is arguably the best location in Werribee. Close to everything and the area looks to be gentrifying from what I have observed. I expect that area to hold up through this downturn and produce good gains in the future.

    I inspected that house and the presentation was excellent. Pulled on the heart strings of 3 or 4 committed bidders. Good presentation and staging can make extra $$$.

    David
     
  8. hieund85

    hieund85 Well-Known Member

    Joined:
    16th Nov, 2017
    Posts:
    1,009
    Location:
    Melbourne
    Fully agree but still think the sold price is a bit overpaid. Another interesting property is on the market in Werribee
    56-58 Wattle Avenue, Werribee
    56-58 Wattle Avenue, Werribee VIC 3030 - House For Sale | Domain

    Huge block of land (>6000m2) in the best street. Can be a good medium infill development if it did not have heritage overlay.
     
  9. fols

    fols Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    720
    Location:
    Sydney
    Agree. Certainly no vacancy or rental price issue for me in Melbourne.
     
  10. Never giveup

    Never giveup Well-Known Member

    Joined:
    13th Oct, 2018
    Posts:
    1,394
    Location:
    Sydney
    If Werribee is doing well does it mean the surrounding area like Wyndham Vale or Tarneit are also doing well?
     
  11. Indmr

    Indmr Active Member

    Joined:
    28th Jan, 2019
    Posts:
    44
    Location:
    Australia
  12. Aussie1980

    Aussie1980 Well-Known Member

    Joined:
    27th Jan, 2018
    Posts:
    70
    Location:
    South Motang
  13. Aussie1980

    Aussie1980 Well-Known Member

    Joined:
    27th Jan, 2018
    Posts:
    70
    Location:
    South Motang
  14. Never giveup

    Never giveup Well-Known Member

    Joined:
    13th Oct, 2018
    Posts:
    1,394
    Location:
    Sydney
    How's the current market in that corridor?!
     
  15. sash

    sash Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    12,707
    Location:
    Sydney
    Give it another 10 years...and you will see 6 to 7s in front of most Werribee property.

    When you compare how close it is to the city.....and the facilities it has to go up!
     
  16. Barny

    Barny Well-Known Member

    Joined:
    16th Oct, 2015
    Posts:
    2,767
    Location:
    Australia
    Not sure as I haven’t looked at anything since the start of the year when prices had softened.
     
  17. Spiderman

    Spiderman Well-Known Member

    Joined:
    29th Jun, 2015
    Posts:
    308
    Location:
    Vic
    Education City is dead. (paywall content) Category: | Herald Sun

    An extract here:

    Andrews Government axes plan for ‘super city’ in East Werribee

    The state government has withdrawn support for a $30 billion plan for a
    hi-tech super city creating up to 100,000 jobs in the western suburbs.

    John Masanauskas, City Editor, Herald Sun, Herald Sun
    July 3, 2019 8:30pm

    A $30 billion plan for a hi-tech super city creating up to 100,000 jobs
    in the western suburbs has fallen over.

    The Herald Sun can reveal that the Andrews Government has withdrawn
    support for the Australian Education City proposal for a 400 ha
    state-owned site in East Werribee.

    AEC consortium had been preferred bidder for the site, which was to
    feature university campuses, schools, a high-rise town centre and
    underground train stations linking to the Werribee line.

    AEC is led by Chinese Australian businessman Bill Zheng, who also chairs
    Investors Direct Financial Group, and the CEO of the project is former
    Docklands authority boss John Tabart.




    How dead?



    Long-time Somersoft readers will remember Bill Zheng's ambitious pre-GFC borrowing and financing schemes.
     
    Last edited: 4th Jul, 2019
    Mws likes this.
  18. pvfv

    pvfv Well-Known Member

    Joined:
    14th Aug, 2018
    Posts:
    71
    Location:
    melbourne
    i think this was never imagined to be completed in this century anyway. was never factored into the local RE market
     
  19. LLKK

    LLKK Member

    Joined:
    20th Nov, 2017
    Posts:
    9
    Location:
    VIC
    This might turn a lot of investors away from the news.....
     
  20. pvfv

    pvfv Well-Known Member

    Joined:
    14th Aug, 2018
    Posts:
    71
    Location:
    melbourne
    i wish they attract to the news and crash this market. i will be first to cheer.
     

There’s plenty happening in the cost-of-living area as exampled by the price of lettuce, petrol, and building products. And let’s not forget the last two months interest rate rises. Here’s some stats and perspectives on the major cities.