Any good stories out of Werribee / Hoppers Crossing ?

C

Cherry Pro

I've trawled through this forum and found not many recommendations for
the above suburbs.

I'm considering the area as it's an affordable entry point into Melbourne.
Earlier was considering the Cranbourne / Packenham area but the west
has closer proximity to the CBD and the Wyndham Council is also among the
fastest growing areas in Vic (from May 07 API mag )

For around the $225,000 mark - one can get a 3 bedroom, 2 bathroom
nice home in a good street.

Can anyone share with me their good stories - of the kind of capital growth
they have experienced here in the medium to long term ?

Many thanks.
 
If its werribee, dont worry your tenants will probably get used to the smell; i dont think you will get great capital growth in these areas; you'll get something cheap for sure,

i've seen 3 bed houses goes for 150-180 in the past in hoppers and 10mins walk from the station.

its a lower socio-economic area and will suffer with these problems. You may end up with a mule pulling your wagon, as i've heard on here before

There is alot of land development and buy and build jobbies happening out that way for sure (wyndham), this is cheap first home buyer land, surburbia where everything looks similar, legoland, lack of scarcity value.

I think the Werribbee line is really starting to get chockers in the morning, my partner gets on in Altona even the 7:02 and 7:22 am are standing room only. There is only 1 line out this way and in some cases only 1 track too.

I read in the latest age autumn 2007 property guide,

Last 5 years growth:

Area //////// last year growth ////////// last 5 yr growth

Point cook //////// 1.5% //////// 2.2%
Hoppers //////// 0% //////// 7.7%
Werribee //////// 3.7% //////// n/a
 
Werribee, Hoppers Crossing...capital growth, not any time soon. I really doubt it. If you are looking for affordable entry points like that, I would go north, not west, up to Broadmeadows, Thomastown, Epping.

GSJ
 
Thanks all - appreciate your comments though from the development
there I'm sure there are investors who've done pretty well in those
areas.

Apparently blocks that were selling 4 years ago at around the
$90000 mark are now at the $125,000 mark.

I will continue to research.

Cheers.
 
Cherry Pro said:
Thanks all - appreciate your comments though from the development
there I'm sure there are investors who've done pretty well in those
areas.

Apparently blocks that were selling 4 years ago at around the
$90000 mark are now at the $125,000 mark.

I will continue to research.

Cheers.
Click to expand...
Point Cook:
We did quite well out of our block for our PPOR.
645m paid $111k at a ballot in 2002, now worth $165k

Comparing to the vacant block next door thats changed hands a few times, the land was probably worth around 160ish 2 years ago and hasn't really moved much since then. I would love to see it go up some more, but as other have stated there is just too much land around here for sale, and new developments come up on a regular basis.

Werribee:
Whilst I dont have the numbers, I know the Wyndam Vale area towards the back of Werribee has had some growth, as new developments and shopping centres has added to an area that was quite run down and at the lower end of the pricing scale for Werribee.
 
Care needs to be taken using vacant land value growth. Vacant land always grows at a higher rate than established houses which in turn grow at a higher rate than units.
 
CP, some more relevant info:

Median House Prices for 1994-2005 via Valuer General.

Wyndham Vale: 1994: $87,500....2004: $195,000 change of: 123%

Werribee: 1994: $100,000....2004:$207,000 change of 107%

Hop Hop Hoppers Crossing: 1994: $106,900....2004:$223,000 change of 109%

Keilor: 1994: $170,000....2004: $335,000 change of 97%

Yarra Glen: 1994: $116,000.....2004: $280,500 change of 142%

Mildura: 1994: $95,000.....2004:$184,000 change of 94% (remember the new Marina is coming....is coming...:) )

Bendigo: 1994: $84,000....2004: $200,000 change of 138% (Did I tell you how much I love Bendigo:) )

Vermont: 1994: $135,000....2004: $339,000 change of 151%

Port Welshpool: 1994: $62,000......2004:$140,000 change of 124%

South Yarra:1994: $298,750....2004: $675,500 change of 126%

South Morang: 1994: $126,500....2004: $$300,000 change of 137%

Doveton: 1994: $68,000....2004: $175,000 change of 157%

Sorry for getting a little carried away, I get a little excited by this info...it's not be all end all of course, but I like the 10 year perspective.

Bless the Valuer General's little heart. ;)
 
Great stuff - thanks

Thank you for that info, you're tops ! It's really so great to receive this information in a timely fashion. I hope to be able to give back when I've made my mark - like you have.

Cheers.
 
Twitch said:
Care needs to be taken using vacant land value growth. Vacant land always grows at a higher rate than established houses which in turn grow at a higher rate than units.
Click to expand...

I think this is very significant and I'd like to offer my 2c on it.

Land is what goes up in value. Not buildings. Therefore something with a higher land content will always out perform something with little land content (all other things being equal). Buildings go down in price, that's why we have depreciation.

Say a block of land is $200k and it doubles over 10 years to $400k. Thats a 100% increase.

A house on a similar block of land might be worth $300k. After 10 years it would go to $500k. (increase of 60%). In this case, the physical house was worth $100k and did not increase in value

A block of flats or apartments on the same bit of land might be worth $400k. After 10 years it would go to $600k, only a 50% increase.

That's why I buy primarily for land, and the house supplies me with the means to cover the expenses (rent). More of the growing bit, less of the going down bit.

Tubs
 
Crikey,

Thats right guys.........no cap growth in Werribee at all. Don't bother investing there......leaves more for me to play with.......;)

And as for the smells.........Having lived there for 36 years all I can say is what smell?

I found that comment particularly ignorant sounding.....especially coming from someone wondering about investing is Sunshine..........not of course that I'm hanging sh@t on Sunshine....(sic)

Truthfully there is more smell out of the sewerage plant in Queens parade Altona, Altona beach and Seaholme area or the industrial complexes of Sushine, Laverton North & Braybrook............

There was a partially open sewerage carrier between Laverton Nth and Hoppers Crossing but that was put underground by the old MMBW *C* group in the early nineties - I ought to know as I worked on the tunnelling.

So yeah stay away from Werribee (at least until I've locked up my next IP purchase)......bad news all round I would say.

ciao

Nor
 
Hi Norwester;

I would rate Sunshine marginally ahead of Werribee as an outside punt for better CG in the longer term 10yrs+

but you cannot seriously deny the smell, obviously depends on which direction the wind is blowing to carry into the surrounding suburbs but on particular days it is very obvious.

If you have been there 36years you must have never travelled on the freeway to Geelong, it is most obvious you are passing werribee on-route.

The effects of hydrogen sulphide gases in the region mark it down in my books, yet the area has a tremendous bird population and the bird watchers rave - must be nutrient rich outflows after treatment

Perhaps it is a case of: if you live there long enough, you don't notice the smell.

I'm not trying to knock werribee or the people who live there - just expressing my opinion.

It is worth mentioning to investors to do their own due diligence with regards to odours, i know only too well living in Altona with the smell from the beach (on occasion) and also the Mobil refinery that seems ubiquitous here. The much smaller water treatment plant in altona meadows is pretty bad around the outflow too.

I think in the region of 4-5 km away from chemical manufactuers; and probably similar from sewage treatment works is a good start.
 
What smell - Werribee

Hey - I was in Werribee / Hoppers Crossing for the first time the previous week (to look at the area etc) and was not aware of any smelll or is it perhaps my Sydney nose which is impervious to any odours ?

Cheers.
 
Agents in Werribee

Hi all,

Does anyone know any good estate agents in Werribee / Hoppers that they can recommend?
I've been looking for houses around there for the past few months, but I'm limited to the deals that are usually advertised on the net.
If anyone knows a good insider, I'd be greatly appreciated.

I find it pretty hopeless looking for good deals through estate agents (That I'm not on a personal basis with) or on the net, as the houses that appear on the market are usually the ones that have already been passed up by the insiders.

It's even near impossible to build the rapport with the agents, and most of them nowadays keep the great deals for their friends and family.

What's your thoughts?
 
I think people will always bag Werribee Cherry...

I lived in Werribee for years and my parents still live there and yeh you can 'smell' the market farmers manure they use in Summer but have never smelt the treatment plant and I think people exaggerate the smell. Living wise I'd definetly live there instead of Sunshine/ Deer Park/ St Albans and even Altona...in my personal opinion they are not safe suburbs, you'd have to pay me big $$ to live in any of those just mentioned areas.

As for investment - well the figures speak for themselves. Buy, renovate & sit for 4 years and I have no doubt you will make your money. I'd go for the area Sth of Werribee if you can afford it, even a unit would be worth it. The one across the Rd from my parents was sold for 85k about 10 years ago and sold recently for 240k and it has been rented out the whole time to the same person. Alot of old Italian money in the area and these people have elderly Italian parents who don't want to go into nursing homes - hence they buy they units close to them. How do I know this? My brother is a market gardener in Werribee Sth.

Yep theres alot of land still to be developed but this land is predominatley out the back of Hoppers Crossing - there is jack all vacant blocks in actual Werribee - if you can find one which will fit say 4 units you're laughing all the way to the bank. If the Werribee Sth marina ever gets the go ahead..well that will be interesting to prices, especially on the Sth side.

Just my thoughts.

Kate
 
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