Has anyone bought a property in the Werribee/Hoppers Crossing area (Melbourne). What do you think of the current prices and rental/capital growth prospectz.
I live in the area myself and can only see continued growth.Your comments would be appreciated.
Thanks
Werribee has historically been classed as a mid to lower socio-economic area, and although over the past couple of years to 06/03 there has been good growth, there were not many places to miss out either.
Melbourne does not suffer a lack of suitable available land like Brisbane and Sydney. There are huge tracts of land between Melbourne & Werribee that could be developed in the future and without good population growth expectations for Melbourne as a whole, I would be wary of investing in Werribee or it’s surrounds. For that matter I would be wary investing around any of Melbourne’s outskirts areas.
Have a look at some historical data and see how it has performed over the last thirty or forty years compared with other suburbs. This is always a good indicator.
Werribee is close to RAAF Laverton isn’t it? I know Defence has been moving a lot of civilians down there recently, but I’m not sure if that’s settled down now or if there are more to come.
Cheers
MelHello All;
To me I think werribee still has potential for capital growth because it only take about 20 minutes on the freeway to the City, there is a large shopping centre with cinema complex near to completion, there are local schools, shops, child care centres, hospital , univeristy for locals and Werribee Zoo for tourists.
There are more and more people moving to werribee because they can not afford to buy in other suburbs and because they can reach the city easily by car or public transport.Melbear, what are you trying to say? Can you clarify your point?
Regards
StartThank you for your coments – am looking forward to Melbar’s comments.
I moved to Weeribee myself almost 14 years ago – my home has doubled in this time – however, though the area I am in is (I think) very nice – obviously the growth has been slower that other parts of Werribee – my sister’s property has probably tripled or more since is was built 6 years ago. Hers is a 2 storey – my is the average home that was built what say 30 years ago. Obviously NEW must be better – because my area is certainly nicer!!!
Thanks again – will keep what you have said in mind!
Cheers!
Melbear;
FYI
Werribee is the next suburb (to the West of Melbourne)down from Hopper Crossing. Hopper Crossing is the suburb closer to Laverton RAAF base.Regards
Hi guys
My point was that there could have been some rental demand for those civvies that got shifted down to Laverton from Canberra. I know that if I had to go (not that I would, I would change jobs first), I would prefer to start living close to work for the first 12 months or so before I was happy that I knew my way around and moved on.
IF there is more movement to Laverton, it may be better for investors. I don’t know the answer to that, as I have been out of the loop for Defence movements for a year now.
Cheers
MelHi Dougall,
I don’t buy for Capital Gain, but even if I did, I would not be investing in a place like Werribee now because of the last 2 interest rate rises, and probably at least one more on it’s way…[8]
There may be NO CAPITAL GROWTH for a few years..WHO KNOWS?? and you are just working harder yourself to keep it going. MONEY PIT!
No thanks. Nothing against Werribee personally. Just your system.
I would only be buying for capital gain in an upward moving market.
Good luck,
Del
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