IP in Hoppers Crossing/Werribee (VIC)

Lands up for release now at the Werribee Marina, sees rather pricey coastal fronting land from like 769k house and land from 1.37M!, then mid 400's for a few metres from water/marina and 'opportunity water views'/ 800k for house and land and regular land from around 279k.

Looks promising, but what about the prices for this new land - is it too high? and how will this now impact the regular Werribee/Hoppers?

WOW!!!That's really expensive for WERRIBEE Marina:eek:
 
Actually it is cheap considering what land near water in Northern states sell for.....

Might be something for the naysayers to think about!:p


Lands up for release now at the Werribee Marina, sees rather pricey coastal fronting land from like 769k house and land from 1.37M!, then mid 400's for a few metres from water/marina and 'opportunity water views'/ 800k for house and land and regular land from around 279k.

Looks promising, but what about the prices for this new land - is it too high? and how will this now impact the regular Werribee/Hoppers?
 
I thought I might add a few comments as I actually live in the area and have done for a few years now.

I remember asking in this forum a few years ago (circa 2006) about buying in Melbourne. I received mixed comments, and a few valuable insights, particularly regarding the West. Well, I considered them valuable and here is why:

1. Many people from 'Melbourne' seemed to shun the West altogether, particularly the subject area of this thread.

2. Some 'local' Melbournites recommended trying to see past the negative statements often voiced about the west and in particular, the subject area of this thread.

3. I had never lived in Melbourne and a few PMs from forumites (predominately non-Melbournites) who encouraged me to at least take a look..... Well I am glad I did!

I currently live in a house which is far above the standard I expected for what money I had. I have a few friends that have bought properties in these areas and made good ROIs over the past couple of years. I would buy more property here if my circumstances were different (this is not a comment regarding my financial position) as I believe there is still good opportunity in the area.

I actually live in an estate referred to in this thread, Sanctuary Lakes, and have personally witnessed rapid growth in the entire area within Wyndham Vale. I would struggle to buy an equivalent block of land in my estate now for much less than what my house (inc. land) cost 3 years ago. I expect growth to continue on a steady rise over the coming years in this area.

Older houses in the shire definitely represent solid buying with growth potential. I recommend 'have a look' ..... I'm glad I did and I live here as do most of my friends. I THINK there is potential...... (sorry for the long post);)
 
Mate....good to hear!

Emotions and ego factor when people decide where they want to live. Unfortunately, investing is very much a numbers and visioning sort of thing.

I definitely agree with you that Wyndham in particular has gone to new level....as they put in the Marina...it will go the way of Frankston in terms of demand. For the ones who got in early and bought a few properties should their investment grow steadily.



I thought I might add a few comments as I actually live in the area and have done for a few years now.

I remember asking in this forum a few years ago (circa 2006) about buying in Melbourne. I received mixed comments, and a few valuable insights, particularly regarding the West. Well, I considered them valuable and here is why:

1. Many people from 'Melbourne' seemed to shun the West altogether, particularly the subject area of this thread.

2. Some 'local' Melbournites recommended trying to see past the negative statements often voiced about the west and in particular, the subject area of this thread.

3. I had never lived in Melbourne and a few PMs from forumites (predominately non-Melbournites) who encouraged me to at least take a look..... Well I am glad I did!

I currently live in a house which is far above the standard I expected for what money I had. I have a few friends that have bought properties in these areas and made good ROIs over the past couple of years. I would buy more property here if my circumstances were different (this is not a comment regarding my financial position) as I believe there is still good opportunity in the area.

I actually live in an estate referred to in this thread, Sanctuary Lakes, and have personally witnessed rapid growth in the entire area within Wyndham Vale. I would struggle to buy an equivalent block of land in my estate now for much less than what my house (inc. land) cost 3 years ago. I expect growth to continue on a steady rise over the coming years in this area.

Older houses in the shire definitely represent solid buying with growth potential. I recommend 'have a look' ..... I'm glad I did and I live here as do most of my friends. I THINK there is potential...... (sorry for the long post);)
 
Sheeez, what a read! Look, why don't you all just buy in Frankston as it's a safer bet. :):):)

My property has already jumped 5% in the last 2 months since buying it!

BTW - Nothing wrong with Hoppers, Werribee, etc if the numbers stack up IMO.
 
I see a lot of these about http://www.realestate.com.au/cgi-bi...r=&cc=&c=61915208&s=vic&snf=rbs&tm=1259661076

Why are they cheaper than established out-dated homes in the area?
I'd much rather new than have problems with maintenance?
There must be some sort of catch, right?

Looks like a nice place. :D

Lands a bit small for my liking.

I would probably buy that to rent out but not live in. The back yard is quite small though. You can see how close the back fence is to the house in the kitchen pic.


Cheers

Mick
 
Hmmm.......so the Herald Sun is the source of truth...eh?

Any other pearls of wisdom you have heard from this news paper.

What are the chances that some of the people who borrowed to the hilt in areas like Carlton or Toorak....might also have some trouble?

I think you should give it a rest....given that you have been on this forum two minutes....I am not saying that newbies can't add value....but your approach is rather strange.;)

http://www.heraldsun.com.au/news/we...-against-westpac/story-e6frf7jo-1225806348870

this is what happens when you buy on the fringe.

Oh, couldn't have asked for a much better title!
 
Oh and so the expert speaks again. Behold the almighty. Werribee will probably default before Toorak and Carlton but the recession's gone so can't prove that anymore. Only thing can prove is it'll increase much more. So will let you know the results in 3 months time to see if the REIV and Rupert Murdoch's News Corp is right or you are right. I'm sure these mere instituions and the press wouldn't know anything compared to an expert like yourself.

In any case, must feel great to have 450k worth of Werribee properties at 42. I aspire to be like you. :D:D
 
Never said I was an expert.......and I have nothing against these suburbs. Just that the numbers don't work.

As for prices increasing....do you really think so.... with rates going up....I see that most properties will level out next year...and that includes Werribee???

Oh.....just learnt through talking to real estate agents the 2 properties you refer to are now worth over 520K...with a debt level of 265K...I put about 40K in the original deal including in costs.

Better hit mommy and daddy for some cash!;)

Oh and so the expert speaks again. Behold the almighty. Werribee will probably default before Toorak and Carlton but the recession's gone so can't prove that anymore. Only thing can prove is it'll increase much more. So will let you know the results in 3 months time to see if the REIV and Rupert Murdoch's News Corp is right or you are right. I'm sure these mere instituions and the press wouldn't know anything compared to an expert like yourself.

In any case, must feel great to have 450k worth of Werribee properties at 42. I aspire to be like you. :D:D
 
May I suggest people read the www.hotspotting.com.au reports. Over the years I have found them informative and have based my buying decisions on these. However, when I selected Werribee and Hoppers they were not on the list...they are now.

For Victoria....they have identified the following areas in Melbourne as "ugly ducklings"....meaning that they have the potential to become swans.:D

VIC

Dandenong Area
Epping Area
Frankston
Maribyrnong Area,
Melton
North Melbourne
Wyndham precinct (includes Hoppers Crossing and Werribee)

I note that only Morth Melbourne and Maribyrnong can be identified as inner city areas. The other are are outlying.

Just some food for thought.....;)
 
What has this got to do with house prices, equity, capital growth in the west? Lets try and keep on topic and not turn Somersoft into a "Dick Measuring" contest. :D

Im sure there are people complaining about the .45% increase in Toorak also. :D

Cheers

Mick

Mick, it has everything to do with it!

Firstly, we must establish and accept (in a general sense) that the lowest socio-economic groups and the lowest tier demographics reside in Hoppers/Werribee, which are so called fringe suburbs. These areas have the highest proportion of people that live 'just' above the proverbial poverty line or are deemed Aussie battlers to the max.

Given the above holds true, house prices will always inexplicably have an artificial price ceiling because budgets and serviceability are naturally tighter in these highly stigmatised and marginalised areas. Another thing worth remembering is that Hoppers/Werribee are areas where bargain hunters thrive (they will tend to not pay that extra dollar for a particular asset) and once bargain hunters dominate...you know capital growth will be weak. I am sure you would agree that even bargain hunters would be more 'willingly' to pay that bit extra to secure an asset in a more affluent area.

In terms of equity, well, it would be pretty hard to generate much of it besides the usual capital growth of land and/or existing dwelling assuming you bought a plain dwelling house instead of subdivision (which is technically development). What exactly are you going to do? Build a swimming pool? put in a tennis court? put in parquetry floors and Villeroy and Boch fixures??? There are limited options for instant equity generation and that article serves as a reminder to everyone who plans (or already lives or bought) in Hoppers/Werribee that people who reside in Hoppers/Werribee are screaming sh*t over a 0.45% rise, so how the heck are they going to afford an extra swimming pool or whatever you intend to do to increase the value of your property? By the way, I can spend a couple of hundred dollars fixing up the front fence and I could potentially increase the value of my property by a few thousand dollars...can you do that in Werribee??? This is what I call the value option premium which people in Hoppers/Werribee obviously do not appreciate as all investors care about is 'oh, look...positive cashflow, lets buy in Werribee'

We all have put our cases forward on capital growth in the west and there is probably no point in discussing this further because it is going to infuriate those who disagree anyway. Anyways, I just wanted to note that capital growth is bore from the 'ripple effect'. I am sure everyone understands this.

Oh...something interesting. I spoke to a lady this afternoon (whilst inspecting some properties in Brunswick) who bought a 3 bedroom house on just over 800sqm of land in 2000 for $145K on Weston St, Brunswick. It is valued at $1.2mil by bank (unless she is lying to me of course, hahaha...but then again, what is the point, she ain't selling anyway). Not bad to make over $1mil in 10 years without doing anything except live in a massive house close to the city! My parents bought a flat in 2000 for about $210K, which is worth close to $500K. That Brunswick house definitely kicked our *** bad!!!
 
I think I have just invented a new type of "investor"....some of the ones here can be callled "Ivory Tower" investors......."big hat no cattle" also comes to mind.
 
Mick, it has everything to do with it!

Lets just agree to disagree. :D

P.S. Just got off the phone to a family member who lives in an “Ivory Tower” worth 1mill+ who was complaining about the increase like a one arm brick layer in Bagdad. Hmmm, must mean he belongs in the “Border line poverty area” and not in the area he lives. ;)


Cheers

Mick
 
Firstly, we must establish and accept (in a general sense) that the lowest socio-economic groups and the lowest tier demographics reside in Hoppers/Werribee, which are so called fringe suburbs. These areas have the highest proportion of people that live 'just' above the proverbial poverty line or are deemed Aussie battlers to the max.

Given the above holds true

Let us compare the demographics of Hoppers Crossing (outer west) with Preston (inner north).

Hoppers Crossing: http://www.domain.com.au/Public/suburbprofile.aspx?mode=research&searchTerm=Hoppers Crossing

Preston: http://www.domain.com.au/Public/suburbprofile.aspx?mode=research&suburb=Preston&postcode=3072

demographicdata.jpg


If we compare with other other suburbs e.g. Yarraville, Northcote, Oakleigh (8% professionals), Hoppers Crossing does not perform badly.

From these data, it does not appear that the lowest socio-economic groups and the lowest tier demographics reside in Hoppers Crossing/Werribee.
 
Always good to agree to disagree.

Only difference is some of us hold a particular view and back it up, debate it through etc with thought-out analysis, numbers, data and experience.

Others base their view on, well, misplaced ego. Often these people can't accept that others' views might also be valid. Rather than debating their way of thought in an informed discussion, a subset of these people go out of their way to discredit people on the basis of the number of posts they've made on some internet forum and one-liner statements in an attempt to seem clever. When one scoops to this level that's when you see rapid ego destruction, often referred to as an inferiority complex. It starts scooping really low when such people start having a go at your typos in an internet post. Hahahaha

Makes you wonder if there's a correlation between this complex and a choice of suburb.
 
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