Werribee Property Factsheet 2nd Half 2018
Werribee is located halfway between Melbourne and Geelong, 32kms south-west of Melbourne’s CBD. According to the ABS Census 2016, 29.7% of occupied private dwellings in Werribee were rented, slightly higher than the Victorian average of 28.7%. This is good news for investors looking to enter the market.
In the 12 months to Q3 2018 the Werribee house market have continued to perform, with the median price increasing by 10.0% to $530,000. At the same time, the unit market remained steady, with median unit price slightly softening by -0.8% to $360,000. In comparison with the annual growth in the Werribee 1st Half 2018 Research Factsheet (for Q1 2017 – Q1 2018), of 18.2% (house) and 23.8% (units), properties in Werribee have become more affordable.
By comparison, the median house price in the City of Wyndham Local Government Area (LGA) grew by 6.7% to $565,250 over the 12 months to Q3 2018. At the same time, the median unit price in the LGA increased by 2.6% to $390,000. This positions Werribee as a more affordable market than the LGA, with its house market also showing higher median price growth in the past 12 months. Its more affordable position in the market suggests Werribee is an ideal opportunity for investors and first home buyers alike.
Median rental prices in Werribee have experienced growth in the 12 months to Q3 2018, with 2.9% annual growth in median house rental price to $350 per week and 4.3% annual growth in median unit price to sit at $313 per week. Additionally, demand for rental stock has boomed with 134.9% growth in the house rental market and 46.7% growth in the unit rental market. Together, this suggests there is strong healthy demand for rental property in Werribee.