VIC Werribee Werribee!

Do you live in warribee? Sorry it wasnt clear from your post. Did you buy an existing property or bought a new one? What are the desired and undesired areas in warribee?

 

No scarcity of land there mate plenty plenty

 

'Birdcage' properties came off a lower base and have risen in the vicinity of 150-180k in 2 years.
I'm also noticing more and more subdivisions/development going on in the area.

Although I'd still classify it as a lower socioeconomic area, it's location and access to ammenities/shops/transport is excellent. It's also right next to Pacific Plaza and the proposed East Werribee precinct. I think there's plenty of potential for the area over the next 5 years.

 

Yet property and land prices continue to rise...

 

I live in Glenroy, but people from work are living there or moving there shortly. I bought an existing one with subdivision potential so my thoughts are when I do want to subdivide I will move there for the duration of the build at the back.
For desired and undesired areas best to check with an REA as I'm not from the area so don't want to misguide!

 

What are the rules there regarding subdivision?

 

I checked mine with the council before buying (had to go in person as they don't advise over the phone) and they told me I can build 1 to 2 townhouses at the back depending on the design and still keep the front. Mine is an approx 600 sqm block with a 3 bed house at the front plenty of room at the back with 3 meter+ side access.
Rules on Wyndham council website too!

 

Just learn from Sydney.. people will buy in Werribee for as long as its affordable.. 300k was affordable.. then 400k will be affordable.. soon 500k will be cheapest in melbourne and then 600k is where I reckon Werribee will hover around. Its a great place. Took me 35 mins from city whereas driving to meadow heights took me same amount and thats half the kms north of cbd.. We chose werribee over meadow heights.. so far 60k up on land value and 15k up on build in 8 months

 

I have one IP in both places, not complaining!
P.s: my meadow height property went up 120k in 11 months

 

Well done mate that's awesome! What % return was that on your purchase price?
If you can continue making those sorts of returns there's no need to slave away at a day job

 

About 35-38% just comparing the increase in value to the purchase price.. But buying and selling costs would eat into that and i am not counting those in. I hope to demolish the existing house subdivide and build a duplex or townhouses in 5-10 years depending on what i can afford.

Serviceability is a big issue in today's environment which will keep us tied to our jobs longer i guess. I do love my job so no complains there!

 

so heres the million dollar question.. taking into account where things could be in say +5 years or more.. would it be wise to picking up a place in this area?

 

Sure is @skuzy. It's getting harder by the day to find a decent place at decent coin in Werribee now, most stuff nudging or over $450k now. It's not even a million dollar question, Werribee's going to keep going for sometime especially with that 'promised' employment precinct.

 

Depends on your financial scenario/strategy/time frame. If I didn't already own 2 in the area and bout to purchase a ppor, I would buy for sure. Werribee is strong at the moment and rising.

 

Here's last week's auction results to show ya some prices:



The one on Greaves St is in the ACZ, probably sold for a lot more than $410k. I did go through 31 Hooker Road when it was open for inspection, decent house and probably a good buy at that price.

 

https://www.realestate.com.au/sold/...au/sold/property-house-vic-werribee-125889570

30 Cambridge crescent sold 450k. Good size block 623sq, needs a fresh paint job and some new light fittings to livin it up. I reckon this was a steel at that price.

 

Potential to add 2 bedroom upstairs too. These type of stock with 2 levels house and decent land size is rare in the Wyndham area and sell like hotcakes

 

I'm still shocked with this one. I put it on the 'take asap" list and didn't think it was gone before auction, especially at this price.

 

Yeah! There was one on Mortimer St that disappeared in a day. Sold for $379k, needed some reno though to get it upto scratch. All up, prettied up, it'd be under $400k, in the ACZ - that's a great buy.

 

Gotta be quick, there's deals out there. Don't wait for auction, try prior if possible.