Werribee, why has it done so badly these past few years?

[want2bewealthy]

So I've been looking at Werribee as an investment prospective, but growth has been almost non existant since 2004, 2008 did ok at 9% but what's happening there?

I would have thought that being so close to Melbourne we would have seen more people driving up prices in the area?

 

[battler]

So I've been looking at Werribee as an investment prospective, but growth has been almost non existant since 2004, 2008 did ok at 9% but what's happening there?

I would have thought that being so close to Melbourne we would have seen more people driving up prices in the area?

Could be that it is the sewerage farm for most of Melbourne.

 

[sash]

Says who??

I bought a house for 130k in 2006.....it is worth about 210k. I have spent about 10k in renos.

Prices for older stock have moved. I 2006....you could comfortably buy something for about 150k-165k...albeit in some less desirable locations...very few in this price range now.

So I've been looking at Werribee as an investment prospective, but growth has been almost non existant since 2004, 2008 did ok at 9% but what's happening there?

I would have thought that being so close to Melbourne we would have seen more people driving up prices in the area?

 

[singingtheblues]

i bought 2 units @ 132k 2 yrs ago .. just been valued (for the bank) @ $180k & i've been offered $175k without them being put up for sale .. currently rented for $200/wk .. & i've done nothing to the places .. that's 17% pa growth & just under 8% gross yield .. pretty good i'd say .. & i've never noticed the smell!

 

[stumunro]

So I've been looking at Werribee as an investment prospective, but growth has been almost non existant since 2004, 2008 did ok at 9% but what's happening there?

I would have thought that being so close to Melbourne we would have seen more people driving up prices in the area?

Are you talking median growth or capital growth?

 

[arriety]

Werribee is very underated for being so close to Melbourne - has a good train system and lots of facilities. However it is a large suburb and high turnover in sales so that will mean more competition and this keeps the prices lower. However, I have invested there as you can buy such a good price for new houses close to city compared to other cities. I'm in for the long term and I believe it will do well. A few years ago I was told that Sunnybank hills Brisbane was too far out of city and too 'bogan' to buy into but it fitted all my criteria plus was so cheap. i have done well there I can tell you.

 

[Peter Parker]

Could be that it is the sewerage farm for most of Melbourne.

To test whether proximity to a sewage farm was a factor in pricing, it might be worth looking at prices around the Carrum sewage farm, which serves about 40% of Melbourne.

It appears not to have affected Patterson Lakes, where asking prices can exceed $1 million.

Though to be fair, sewage is the first thing people think of Werribee (second would be open range zoo, etc) whereas the Carrum farm is less known.

 

[battler]

To test whether proximity to a sewage farm was a factor in pricing, it might be worth looking at prices around the Carrum sewage farm, which serves about 40% of Melbourne.

The test would need to be on windy and non windy days

 

[Bayside]

I'm not so sure the turd farm is the only thing putting people off Werribee, whats the crime rate like? I don't fancy driving over the West Gate everyday, friends at work tell me the traffic City bound sucks. Looks like alot of land available out that way too?

 

[sash]

Just compare it to Malabar in Sydney which also has a sewage plant. It has not affected the upward incline in prices...particularly if these locations are close to water.

As for crime rate...I would hazard a guess and it would be lower than Sunshine or Frankston.

As for the traffic....with a lot of new housing going infrastrucuture is being planned - i.e. shopping centres, West Werribee rail....it would even be brave enought to say the next election should being a freeway project to speed access to the city as most be labout voters.

I'm not so sure the turd farm is the only thing putting people off Werribee, whats the crime rate like? I don't fancy driving over the West Gate everyday, friends at work tell me the traffic City bound sucks. Looks like alot of land available out that way too?

 

[Player]

I'm with Sash. Although I don't own anything in that precinct, my feeling is that it will one day be full right down to Lara and Geelong.

That corridor is screaming to become developed just like south of Brisbane to the Gold Coast is along their M 1......perhaps in a lesser manner.

Resi estates with a couple of industrial precincts, one definitely adjoining Avalon. I wonder if Lindsay Fox owns or has land optioned next to his airport?

Also not everyone works in the city. There would be folk that work in the west and north so the ring road is used. There is talk of an outer ring road also being developed from Werribee thru Rockbank and heading to Craigieburn.

 

[imonmyway]

I lived in Werribee some years ago and I can say I have never smelt anything bad I wasnt that far from the sewerage farm either. I think the large land releases nearbey and closer to Mlebourne effect its price growth. I actually like it as a place to live it has its own shopping strip and has a country feel about it. The Westgate is no where near as bad as people think I cross it everyday from Altona and Im only 35 minutes door to door. Compare that to any trip from the eastern suburbs through the bummly tunnel or down the eastern carpark and the West wins hands down.

 

[investwest]

To test whether proximity to a sewage farm was a factor in pricing, it might be worth looking at prices around the Carrum sewage farm, which serves about 40% of Melbourne.

It appears not to have affected Patterson Lakes, where asking prices can exceed $1 million.

Though to be fair, sewage is the first thing people think of Werribee (second would be open range zoo, etc) whereas the Carrum farm is less known.

Werribee mansion is pretty nice too! and then there is the polo.

 

[thyechen]

Hi, The new selective entry state school, Cory High School will be built in Werribbe. Any one think this will help to boost the market or image of Werribbe ?

 

[Peter Parker]

Hi, The new selective entry state school, Cory High School will be built in Werribbe. Any one think this will help to boost the market or image of Werribbe ?

Yes.

Access to so-called 'good schools' and large uni campuses has been an area where Werribee has lagged behind the eastern suburbs.

The selective school was to be built at Wyndham Vale. With that site now a P-12 school, the selective school will now be built nearer Werribee CBD in the technology precinct.

This grouping of services in a compact area will increase the appeal of central Werribee (particularly the south side) as this area is near the old town centre, railway station, local government, a hospital and transport.

A critical concentration of such services could well make 'old Werribee' the western equivalent of Berwick, which is the best of the outer south-eastern suburbs.

http://www.starnewsgroup.com.au/story/64276

 

[jazzlobber]

Yes.

Access to so-called 'good schools' and large uni campuses has been an area where Werribee has lagged behind the eastern suburbs.

The selective school was to be built at Wyndham Vale. With that site now a P-12 school, the selective school will now be built nearer Werribee CBD in the technology precinct.

This grouping of services in a compact area will increase the appeal of central Werribee (particularly the south side) as this area is near the old town centre, railway station, local government, a hospital and transport.

A critical concentration of such services could well make 'old Werribee' the western equivalent of Berwick, which is the best of the outer south-eastern suburbs.

http://www.starnewsgroup.com.au/story/64276

Spiderman, that would be good for Werribee, but i read in the link that its just 'on the cards',

what does p9 or p12 mean?

 

[DavidMc]

P-9 = Primary to Year 9
P-12 = Primary to Year 12

At a guess.

 

[forumite]

Yes.
the selective school will now be built nearer Werribee CBD in the technology precinct.
http://www.starnewsgroup.com.au/story/64276

Is the Technology precint behind Werribee Mercy Hospital? If it is, the nearest train station will be Hoppers Crossing. This will be good news as the students from other suburbs can then travel to the school via train.

 

[Peter Parker]

The biggest train service improvement to happen to Werribee since it got electric trains in the 1980s will start in less than two months.

Express trains will cut travel time to the city to 39 minutes and off-peak service will be doubled to 6 trains per hour on weekdays; the most frequent of any suburban line. Currently there are only a few express trains in peak hour only.

These faster trips put Werribee about as close to the city as such middle-ring suburbs as Nunawading, Cheltenham or Clayton.

http://www.connexmelbourne.com.au/news.php?newsid=603

 

[investwest]

What is happening in Werribee?

So I've been looking at Werribee as an investment prospective, but growth has been almost non existant since 2004, 2008 did ok at 9% but what's happening there?

I would have thought that being so close to Melbourne we would have seen more people driving up prices in the area?

Hi, we bought a house on Greaves street nth in Werribee just over 2yrs ago, paid $219,000, corner block, on the river side,There is a house on Greaves street nth listed with the same agent, otherside of the road, so not river side, slightly smaller block than ours, and not nearly as nice a house being sold with the same agent that we bought through, they are asking for between $285,000-$310,000. Then out of the blue I had an real estate agent who we had made an enquiry with when we were originally looking to buy in the Werribee/Hoppers Crossing area, ring and ask if we had bought in the area, and if we wanted a free appraisal done. Obviously the doubling of the first home owners grant is driving it, and Werribee prices may drop again when the grant goes back to normal. Has any one else noticed the jump? they probably wont get what they are asking for anyway, who knows, I'm thinking do we sell it now and cash in on the madness, or do we hold, we have good tenants.