Another one down

From: .watto .

Well done Dale.

If the numbers stack up and the deal works what more can you ask for.

BTW just read an article in this Mondays or mighta been last Mondays Age, on median prices for various burb's around Melb. Werribee 1992 was $112,000.00 in 2001 it came in at $88,000.00 i will let the account types figure out the % of capital loss...

Interesting it appeared as the only burb with backwards growth rate, not sure if they got their numbers switched or not.

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Reply: 1
From: Michael Croft

Hi Watto,

The reason for the capital "loss" might be that since 1992 the suburb has had a great number of units built. Were the figures 'whole of suburb'? $112k for a 3 bed house on 1000m2 is sounds about right for 1992 (but I don't know the area) and is $88k about right for a two bed unit in 2001?

If no houses sell in a suburb but only units in that year it will greatly distort the figures. You may find that the average price for a 3 bed house is $240k in 2001? But as I said I don't know the area.

Regards, Michael Croft
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Reply: 2
From: Manny B

Hi Watto,

I know a little about Werribee, 2 suburbs away from where I live... but I don't know where the $88,000 median price has come from...

I know for a fact that a friend of mine recently subdivided & built units in Werribee & each one fetched around $140k (could of fetched $180p/w rent)... also another friend of mine bought a house & land package in Werribee on 1000m2 land for around $140k 5 years ago & identical house in the same street (same land size) fetched $280k a few months ago...
So based on the above I would assume the area has moved up since 1992, but as I said I don't know the area as well as I know other areas as I don't intend to invest there (basically haven't really researched it)...


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Reply: 2.1
From: Asy .


Someone please show me where you can buy a house in Werribee for 88k... I'll take 10 of em.

Michael is partly right, although I think you would have trouble now even getting a unit for 88k, but there may still be some around. $112k for a 3 bed house on 1000m2 would have been about right for 1992.

Michael's right in that you may find that the average price for a 3 bed house is $240k in 2001. With all due respect, AW, are you sure the median price wasn't 188k? That would make more sense.

For those interested, I live in the Werribee area, and sold real estate here for some time.

It is an interesting thought though... How do they set the parameters for their averaging?


"Don't forget what happened to the guy who suddenly got everything he ever wanted...
He lived happily ever after.
(Willy Wonka).
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Reply: 2.1.1
From: Anony Mouse

I'm looking to buy a 15 year old house for reno (3 mins. to town centre) for 105k in Werribee.
I figure should take 15k to renovate and should let $150-$170.
Will make my mind up on the weekend.
BTW if you want properties for 88k just move a little further down the freeway to Geelong.
Plenty of them there. The place had been languishing since the Pyramid debacle in the early 90s, but is starting to move nicely now.

"A government that robs Peter to pay Paul can always count on the support of Paul."
Of course, Paul's support is obvious, but it is equally obvious that to rob from Peter to pay Paul will make Peter
very, very angry.
My question is this: "How can you run a good government with a sore Peter?"
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From: Dirk Diggler

Yes you can still buy em for 88k in werribee. I was at an auction late last year and this ex commission home sold for 89k.
However, it had no front doors, had a hole in the wall were the airconditioner used to be, holes punched in the walls and a back garden that looked like the Amazon jungle.
But the thing that amazed me was the frenzied bidding on it. To many battlers who get carried away after watching hot auctions!
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