Werribee Property Factsheet 1st Half 2018
The Werribee property market is set to perform exceedingly in 2018 and now is the time for keen buyers and sellers to transact in the market. Werribee recorded a median house price of $500,500 and $390,000 for units in Q1 2018, which represents an annual (Q1 2017-Q1 2018) price change of 18.2% and 23.8% respectively.
At the same time, house prices in the City of Wyndham LGA grew by 15.6% to $555,000 and unit prices grew by 19.4% to $412,000. This suggests that Werribee is an investment hotbed and provides attractive opportunities for investors and occupiers looking to expand their property portfolio.
Median rental prices currently sit at $340 per week for houses and $315 per week for units, which represents price growth of 3.0% and 6.8% respectively. Combined with fewer and decreasing days on market (20 days for house and 21 days units), and strong rental yields of 3.6% (house) and 4.0% (unit), Werribee is a strong rental market which is conducive for long-term investments.Werribee is set to see approx. $567.8M of new projects commencing in the 1st half of 2018. There is a focus on adding residential stock – 5,172 dwellings and 5,093 residential lots – to the market. However, commercial and infrastructure projects will assist in boosting local job growth.