VIC Werribee Werribee!

Thanks Westie. I have noticed that you are one of the experts in PC, especially with regards to Melbourne West. Therefore I would like to ask you a couple of questions. What are the surburbs do you think still have growth potential in the next 1-2 years. Imo, they are Werribee, Corio, Norlane. With 500-600k budget, do you think I should invest in houses with decent land in those areas or units/villas in Altona, Altona Meadows? Thanks a lot for your help.

 

Not an expert by any stretch mate. I just stay grounded, stick to fundamentals and I listen to/learn from experienced folks on here. I'd just go with Werribee, AM isn't a bad option either but it may have hit its straps for now.

 

Mate when you got 5 mins free, could you please throw some light on Wyndham Vale?

Not far from werribee.

 

The lights are shining brightly in Wyndham Vale.

You've missed the boat I reckon, have you seen prices there? @sash @ashish1137 @Connor have property there, maybe they can get some of that light to shine for you.

 

Hi Nav,

When I looked at Wyndham Vale, I immediately d3cided to book a lot. Here is why?

1. Booked a lot next to train line.
2. Very limited availability next to train line irrespective of the land availability.
3. Vicinity to Werribee and Geelong.
4. All people were bullish in Point cook, Tarneit and Werribee and WV was underpriced in comparison.
5. Location and train journey to cbd.
6. Infra and amount being invested in shopping precincts and education in vicinity.
7. Recreational facilities.
8. Gentrification and established housing.

I believe the potential for selected locations is still there. It has grown a lot though.

Regards

 

My friend IP in WV has increased from 280k (purchase price) to $420-440k (bank valuation) within 2 years. So it has been really hot but may hit a price barrier now, imho. However, there are always pockets in a surburb that have higher and longer growth potential than the rest.

 

Got a unsolicited call from an agent in Werribee at home.....prices are crazy...he reckons my house is worth 500k plus...beejesus.....that is insane..I only paid 130k for it 10 years ago....

It is a right shoithole but walk to station........

I thought he was bullshoitting till he sent me the comparable......apparently they are now seeing value in Werribee as Tarneit has gone over the top....

 

Bundle of Thx guys. Last year I was looking to buy IP and shortlisted Mango Hill in Qld and WV in Vic. I could have bought in Tarneit but didn't want to max my serviceability and don't want huge loan so at the end WV won and ended up buying house there in June16.

Majority of the posts are about Tarneit, Weeribee etc. Eventhough these suburbs are in the same area but not much talk on WV here. I am from Syd Hence if someone here who knows the Melb west very well-I tend to confirm or get their opinion.

Good on you @sash , @ashish1137 for buying gold mines

 

Nice...you would have got good growth.

I bought a 288sqm block in Wynbrook in WV for 149k...in Jan 2017.....now it is worth about 225-235k. It is walk to station.....

 

Wow that's good @sash

Is there a specific site to check the current price range for property? I tried the bank app and I think 1 another online one-they gove huge range instead of $10K which makes the estimate bit vague.

 

A lot of these gains and prices have gone up this year. Werribee jumped something like 18% in 2017.

Have a look at the sold tabs in realestate.com. Also talk to local agents.

There was a place in market road ..pretty close to mine...but much bigger land sold for over 900k...recently...insane...before they could give away places on Market st Werribee

 

I reckon you're better off looking at some prices of similar recent sales on sites like house.ksou.cn

You can probably get a more up to date estimate yourself this way. Price estimates sites can lag a bit, especially in a fast moving market.

 

Check this if you are interested in Wyndham area:
https://www.wyndham.vic.gov.au/site...ghbourhood Character Strategy 2015 - 1617.pdf

 

I was stoked at this and thought I overpaid.... How wrong was I? I've got more land too.

 

That property was in the ACZ @sash @JProperty, hence the astonishing amount.

 

I am sure it was....crazy prices thought...mine just fell out of it.

 

That's true but the whole of Market Rd will eventually be quite built up. Labor and the Greens want to see a lot more trains and naturally with a 35 minute commute to the city at peak time it is super close to a lot of amenities.

 

Spent the day in Werribee today...chatting to agents as I'm looking to put a place on the market.
I expect a heated market but I was completely astonished at the prices they were quoting!! All had waiting lists of buyers ready to go, and wanted to arrange immediate inspections to bring clients through in groups...
They all had similar stories... they're selling properties before they even hit RE.com... buyers are coming in with strong pre marketing offers..

Now Ive heard this type of talk from agents before.... so I pressed the issue with a couple of them asking for any examples of recent 'off market' sales...
They were more then happy to oblige, presenting me with examples of recent sales that didn't even make it to RE.com

Huge demand in the outer west at the moment.

 

No surprises there @Connor. I bought off market as well and even if the market is a bit heated the West has some of the fastest growing suburbs in Melbourne. $750k+ will be the median house price in Werribee within 6 years.

 

I wonder how long it will last. Another 6 months before landing?