VIC Werribee 2019

{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?

 

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.

 

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

 

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!

 

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.

 

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.

 

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

 

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.

 

Agree. Certainly no vacancy or rental price issue for me in Melbourne.

 

If Werribee is doing well does it mean the surrounding area like Wyndham Vale or Tarneit are also doing well?

 

Any updates Category: | Herald Sun

 

Australian Education City consortium releases new East Werribee details - Star Weekly

 

https://www.australianeducationcity.com

 

How's the current market in that corridor?!

 

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!

 

Not sure as I haven’t looked at anything since the start of the year when prices had softened.

 

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.

 

i think this was never imagined to be completed in this century anyway. was never factored into the local RE market

 

This might turn a lot of investors away from the news.....

 

i wish they attract to the news and crash this market. i will be first to cheer.