Property investors who have had real estate in Werribee, 3030 should be relatively pleased with this VIC suburb’s performance compared to the rest of the country. Over the last year it has seen median house prices increase in value by 2.06%
Werribee,3030 has offered an average of 2.06% return per annum in house price rises to property investors over the last three years.
The most recent median price for Werribee is $495000, with sellers offering an average of -6.95% off the asking price.
In the last year 628 properties changed hands in Werribee, which puts it as the 5th most active market in VIC when comparing the number of sales per suburb.
Werribee is 237th on a list of best yielding suburbs for rents in VIC with a 3.78% return
VIC has seen average median house prices change by 0.74% which means that Werribee, 3030 has done well for property investors by showing a capital gain of 1.33% over the last year
Across a shorter period, Werribee, 3030 has seen a median price increase of 0.00% over the last quarter.
State is the 6th most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -5.94% offered to property buyers. Sellers in Werribee itself are offering an average vendor discount of -7.20% to real estate investors.
Often selling an investment property can take time, and in Werribee the average time real estate has been on the market is 50.7288 days.
With the median price for a house in Werribee being $380000 and the advertised rent reaching $320 the gross rental yield for property investors calculates out to be 4.38%
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Commuter suburb sees housing supply fall
Median house price: $457,000
Stock on market: -39.1%
12-month growth: 22.2%
The suburb of Werribee is about halfway between the cities of Melbourne and Geelong, and is regarded as a commuter town. The suburb has been experiencing significant growth since 2016, and shows no sign of dropping off thus far.
In the past 12 months leading up to January 2018, however, housing stock fell considerably from nearly 500 the previous year to just 290, despite Werribee being the most populated suburb in the City of Wyndham. This should serve to spur demand even more in the near future.
Werribee is known as a tourist destination, being the site of Werribee Park and the Werribee Open Range Zoo. The suburb is served by the Werribee Mercy Hospital and the Wyndham Private Medical Centre.