Werribee Research Factsheet 2nd Half 2017
Market conditions in Werribee have performed exceptionally well over the past 12 months, recording a median price of $480,000 for house and $377,500 for units in Q3 2017. This represents impressive double digit annual price change of 21.5% and 30.2% for houses and units respectively. Over the same period of time house prices in Wyndham LGA grew by 16.7% to $525,000 and unit prices grew by 24.2% to $385,000. This indicates that Werribee is growing at an even faster rate, while uniquely offering a more affordable price entry point for those wanting to enter the market.
A competitive market is evident in Werribee, with house vendors receiving more than their initial listing price (1.6%), while discounting for units has tightened to -0.3%. This suggests a move towards a seller’s market, as buyers are willing to offer more than the first list price to secure their ideal property as in the case of houses, or offer closer towards the first list price as in the case of units. High demand in Werribee is confirmed where average days to sell has improved over the past twelve months, currently at 33 days for houses and 60 days for units.
Werribee’s rental market is also trending upwards, with positive price growth recorded for both house and unit. In the past 12 months to Q3 2017, house median rent increased by 5.6% to $338 per week and units by 17.9% to $330 per week. Vacancy rates in Werribee currently sits at 1.5% in Q3 2017, which is lower than that of Melbourne (1.8%), suggesting a higher demand for rental properties. Astute investors are currently profiting from rental returns of 3.6% for house and 4.0% for unit.