Werribee

Hello everyone,

Recently purchased my first IP in August and im looking at buying another around January-March 2010 and have been looking at Werribee although it seems like there has been a lot of interest in that area of late.

House values are still relatively cheap around the $250k mark, just wondering if anyone else has looked in the area and if so what parts of Werribee are the best?

I know nothing about the place so any information would be greatly appreciated, also is it still worth looking there with all of the recent interest their?
 
Yep ...refer to Hoppers Crossing thread....some robust debate about Hoppers/Werribee vs buying in the inner city. If anything ...Deltaberry and DeeHwa have provided some entertainment.

SS member Forumite has provided some solids articles to back-up as to why the area is a goer.

I have vested interest as I bought in Werribee for 130K 3 years ago...it is now worth about 210-220K...

I notice you are from Albury...how is the housing market there. I bought a place in North Albury at auction 2 months ago for 122.5K and have just rented it for $225pw. Is the market still slow...I was quite surprised at this...thus why I bought there.

Hello everyone,

Recently purchased my first IP in August and im looking at buying another around January-March 2010 and have been looking at Werribee although it seems like there has been a lot of interest in that area of late.

House values are still relatively cheap around the $250k mark, just wondering if anyone else has looked in the area and if so what parts of Werribee are the best?

I know nothing about the place so any information would be greatly appreciated, also is it still worth looking there with all of the recent interest their?
 
lol. not another Werribee thread. Haven't we established that Werribee isn't good despite its 'cheapness'? Remote, middle of nowhere, vast tracks of land between it and the City, no one wants to live there --> Do the math. Honestly I'd rather buy a 1 bedroom apartment in Hawthorn or something for around that $250k price
 
lol. not another Werribee thread. Haven't we established that Werribee isn't good despite its 'cheapness'? Remote, middle of nowhere, vast tracks of land between it and the City, no one wants to live there --> Do the math. Honestly I'd rather buy a 1 bedroom apartment in Hawthorn or something for around that $250k price

An observation:

Past, historical data shows us from 1994 to 2005 median house price change for Werribee was; 1994: $100,000 and by 2004:$207,000, so it shows us an averaged out growth per annum of around the 7.5% for the decade 94-05.

Hawthorn itself was an average growth per annum of 9.1%, 1994: $287,000 and by 2004: $683,000.

Then the decade changes of averaged out growth per annum (for houses) for 1998-2008:

Hawthorn: 13.6%

Hawthorn East: 12.8%

Werribee: 9.1%

Werribee Sth: 7.8%

Now the Unit/Apartment changes, av growth for the decade 1998-2008:

Hawthorn: 9.2%

Hawthorn East: 9%

And for Werribee: 11.4%

According to Victorian Valuer General Stats for total sales for the Shire of Wyndham..Werribee in that Shire, some interesting historical data:

1985 sales there were 836 sales of houses.

-Median house price for the Shire 1985 was $64,500

-Mean Price $68,313

Units/Apartments sales for the Shire 1985, 60 sales

-Unit median price, 1985 was $51,300

-Unit, mean price '85 $52,030

Land Blocks for Shire 1985, total sales: 1506.

Median '85: $20,400

Mean: '85: $23,213

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By 2008 total house sales for the shire became: 2742.

Median House price became: $280,000

Mean: $308,046

Units/Apartments for 2008, 417 sales

Median: $229,000

Mean: $242,963

Vacant Land Blocks sales 2416.

Median block price: $138,500

Mean: $146,829

Will put up Hawthorns next post. Just for fun.
 
Hawthorn in Shire of Boroondara City:

1985 total sales houses in the Shire: 2615

Median: $116,200

Mean: $140,489

Units/Apartments total sales 1168

Median: $76,000

Mean: $90,653

Vacant Land Blocks total sales '85: 60.

Median: $89,000

Mean: $106,925

2008 House sales total: 1693

Median: $1,021,000

Mean: $1,239,572

Total Unit/Apartment sales 2008: 1365.

Median: $449,000

Mean: $501,685

Total Vacant Land Block sales 08: 22.

Median: $417,500

Mean: $537,027
 
Also, just in relation to Aazar's comment "no one wants to live there" (referring to Werribee):

Growth in the outer suburbs


Victoria's largest population growth continued to occur in the outer suburban fringes of the Melbourne SD.

Melton (S), located to the north-west of the Melbourne city centre, experienced both the largest and fastest growth of Victorian LGAs, increasing by 6,800 people (8.9%) in 2005-06. Two-thirds of this growth occurred in the SLA of Melton (S) - East, which experienced the largest growth of all SLAs in the state, increasing by 4,500 people (12.5%). This SLA contains the suburbs Caroline Springs, Taylors Hill and Burnside.


The LGA of Wyndham (C) experienced the second largest growth of Victorian LGAs in 2005-06, increasing by 6,700 people (5.7%). Wyndham (C) included the fastest growing SLA in Victoria, Wyndham (C) - South, which grew by 15.4% (2,500 people) during the year to June 2006. This SLA contains the suburbs of Point Cook, Werribee South and Sanctuary Lakes. Wyndham (C) - North and Wyndham (C) - West grew by 3.8% (3,000 people) and 5.5% (1,200 people) respectively.


Other LGAs on the suburban fringes of the Melbourne SD that experienced high annual growth rates include Cardinia (S), which increased by 5.5% (3,100 people), Casey (C) (3.0% or 6,400 people), and Hume (C) (2.6% or 4,000 people).


Growth in the inner city

The LGA of Melbourne (C) continued to grow in 2005-06, increasing by 2,100 people (3.3%), a smaller increase than the average annual growth (5.8%) experienced in the five years since June 2001. Within Melbourne (C), the SLA of Melbourne (C) - Remainder grew by 1,300 people (3.0%), Melbourne (C) - S'bank-D'lands grew by 530 people (4.8%) and Melbourne (C) - Inner grew by a further 280 people (3.2%).

Data courtesy of Australian Bureau of Statistics:

http://www.abs.gov.au/AUSSTATS/[email protected]&prodno=3218.0&issue=2005-06&num=&view=



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I Think Cg Would Be Very Good In Say 3 Years From Know In Werribee As There Few Transport ( Marina,train Extantion To Werribee West From Dear Park,and Some More Freeway Work Towards Werribee South)

Werribee Is 1 Of 4 Transit Suburbs In Melbourne As 20 Years From Know There Would Be Major Government And Private Sectors Investments In This City.therefore As Many More Activities And Business Would Automaticaly Greate More Jobs Hence More People Buy And Rent In The Area .

Many Investors See This Chance Therefore Have Had Started To Invest In The City Of Werribee As A Result The House Prices Had Gown Up Buy Average 20% In The Last 12 Month .

In The Long Term Werribee Would Be The Centre Of Most Goverment And Private Sector Activities In The City Of Wyndham Like Dandenong Today.
 
I own a house in central Werribee (10min walk to town centre) and have to say you can actually feel the growth in the area.

Wyndham is one of the fastest growing areas in Australia and the fastest in Victoria. We will be buying our first IP in this area for a few reasons, one mainly being that population growth will drive prices up in the future. The new Mariner and shopper center upgrades are all signs that there the are will grow at a rapid rate.

A lot of people consider Werribee the "A$$ end" of town. Its all a matter of perspective really. Investing in this area works for us where it may not for others. See article below for population growth interest.

Some interesting info

Some more info

Cheers, Mick
 
All...I know results speak for themselves.....

The houses I bought have Werribee, Hoppers, and Melton South have gone up by at least 65% in 3-4 years. If that is not a good result...then I don't know what is.

I am looking to buying some more property in the West of Melbourne.

As far as it being the A$$ end of town....the migrants from India don't think so...they seem to see better value in the West than far out in the Southeastern suburbs. They will continue to push up prices....one just needs to look at places like Glenwood, Stanhope Gardens, and Kellyville in Sydney.

I find it interesting that people make property investing so emotional...it is only a vehicle. These days I look for where the Chinese, Indian, and Southeast Asian money is flowing as there are areas that are really growing.

I own a house in central Werribee (10min walk to town centre) and have to say you can actually feel the growth in the area.

Wyndham is one of the fastest growing areas in Australia and the fastest in Victoria. We will be buying our first IP in this area for a few reasons, one mainly being that population growth will drive prices up in the future. The new Mariner and shopper center upgrades are all signs that there the are will grow at a rapid rate.

A lot of people consider Werribee the "A$$ end" of town. Its all a matter of perspective really. Investing in this area works for us where it may not for others. See article below for population growth interest.

Some interesting info

Some more info

Cheers, Mick
 
May I add that I live in Werribee :D

Happily live here until we can afford to upgrade to a bigger house on a larger block of land further out west

Cheers, Mick
 
Shock statement, Werribee is actually quite pretty!

May I add that I live in Werribee :D

Happily live here until we can afford to upgrade to a bigger house on a larger block of land further out west

Cheers, Mick
I love driving into werribee, the trees and the street scape. very pretty street scape. That's part of the reason we in invested there four years ago, and done very well thankyou. I think anyone that scoff's at Werribee will be eating their words in five years.
 
Hello everyone,

Recently purchased my first IP in August and im looking at buying another around January-March 2010 and have been looking at Werribee although it seems like there has been a lot of interest in that area of late.

House values are still relatively cheap around the $250k mark, just wondering if anyone else has looked in the area and if so what parts of Werribee are the best?

I know nothing about the place so any information would be greatly appreciated, also is it still worth looking there with all of the recent interest their?

Where i bee. Its cheap because it is a DUMP. I'd rather live in Frankston and thats saying something.
 
i've just doubled my money there in 3 years .. made $200k on 2 units ... taken my money & moved on ..

buy & sell on fundamentals ... not because the herd says yes or no!

no idea what werribee is like ... it's probably a dive .. however when i bought it was the only place within 40 mins from melbourne city centre where you could buy a 2 bedder for $130k ... who cares what it's like .. its whether its undervalued that will make you money or not .. i dare say its not undervalued any more ... probably why i've taken the money & run!

waiting for the same to happen in gladstone now .. early signs look encouraging
 
These days I look for where the Chinese, Indian, and Southeast Asian money is flowing as there are areas that are really growing.

The ones over on that side (ie Werribee) are the local ones and they are actually Australian citizens, usually blue collar types, who work at a restaurant.

I suspect you're actually talking about the ones that come on a business migrant visa, invest a few hundred k in a money-losing business, stay for a few years, pick up their PR and then leave. Those ones are normally found in Toorak, Brighton, Camberwell, Kew, Canterbury and Box Hill if you want to add that. I know heaps of these kinds and catch up with them once every two days or so.

As for Southeast Asian, again what are we talking about? The overseas investors who don't live here are actually flocking to OTP inner city apartments.

The working class local ones, who 'escaped' from their countries (they like to think of it like that), tend to be found in more affordable suburbs such as Reservoir and the Wyndham area.
 
The ones over on that side (ie Werribee) are the local ones and they are actually Australian citizens, usually blue collar types, who work at a restaurant.

I suspect you're actually talking about the ones that come on a business migrant visa, invest a few hundred k in a money-losing business, stay for a few years, pick up their PR and then leave. Those ones are normally found in Toorak, Brighton, Camberwell, Kew, Canterbury and Box Hill if you want to add that. I know heaps of these kinds and catch up with them once every two days or so.

As for Southeast Asian, again what are we talking about? The overseas investors who don't live here are actually flocking to OTP inner city apartments.

The working class local ones, who 'escaped' from their countries (they like to think of it like that), tend to be found in more affordable suburbs such as Reservoir and the Wyndham area.

I think Sash is alluding to the fact that Point Cook, Truganina, Hoppers & surrounds are attracting DINK's professionals mainly from Indian /Asian Origin.
 
Hmmmm....are you for real????

So what about all those of Vietnamese origin in places like St Albans, Deer Park, etc.....or Dandenong, Springvale, etc.....

Whilst the well to do live in those areas....most new immigrants (especially the South Asians) like newer housing and gravitate to areas like Tarneit and Point Cook.

Would suggest you go for a drive in your own city.:D

The ones over on that side (ie Werribee) are the local ones and they are actually Australian citizens, usually blue collar types, who work at a restaurant.

I suspect you're actually talking about the ones that come on a business migrant visa, invest a few hundred k in a money-losing business, stay for a few years, pick up their PR and then leave. Those ones are normally found in Toorak, Brighton, Camberwell, Kew, Canterbury and Box Hill if you want to add that. I know heaps of these kinds and catch up with them once every two days or so.

As for Southeast Asian, again what are we talking about? The overseas investors who don't live here are actually flocking to OTP inner city apartments.

The working class local ones, who 'escaped' from their countries (they like to think of it like that), tend to be found in more affordable suburbs such as Reservoir and the Wyndham area.
 
Course I'm for real.

I'm talking about business migrants, the sort who invest $500k in a business to get a PR, with no problems losing it all (I'm pretty sure I said that in the previous post). I'm having lunch with one tomorrow at a nice CBD restaurant, and he and his kind doesn't live over in Wyndham or ever looked there.

You're talking about something else, working class migrants. I think the ones picked on by the media are the ones I'm talking about, who don't have to work for a living. I went to an auction a while ago with another one, and her comment to me was her husband told her to buy a commercial site for whatever price even if I didn't want it (we were going to go halves). If you worked at my place a year ago and heard my colleagues at work who talk about Chinese driving up prices in their Kew or Canterbury neighbourhoods, these are the ones they're talking about.

And I think I mentioned at the end of my previous post that the newer, working class ones do invest over in newer suburbs, so I agree with what you're saying. Don't keep looking at my posts with such prejudice.
 
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