Property value increases in Werribee have tracked close to the VIC average of -1.69% over the last 12 months.
Taking the average capital gain, or increase in median house value, Werribee,3030 has racked up an average of -0.91% over the period. This ranks it number 186th in the whole country for real estate investors looking at median house price increases.
Werribee, 3030 is offering VIC ‘s 188th most discounted properties when looking at the average discount being offered by vendors. This puts it in the TOP 40% of discounts offered by this VIC.
Often selling an investment property can take time, and in Werribee the average time real estate has been on the market is 57.2521 days.
A $365 per week rent on the median house gives suburb investors a gross yield of circa 3.85%, without taking into account capital value appreciation, which has been averaging out at 7.23%.
At number 313th in the list of Australian suburbs ordered by increase in median house value over the last year, Werribee, 3030 is in the top 30% with a property value increase of 5.56% recorded in median house prices.
Data for the last quarter indicates that, in the short term at least, the capital value growth rate for property investors in Werribee has increased when compared to the 5 year average annual rate.
Werribee3030 is located in VIC which offers an average discount of -6.24% to property investors. Werribee itself is showing figures that indicate -8.04% is the average achievable by property buyers investing in the suburb.
On average over the past year, suburb has had 6.83 sales per month, which equates to 82 per year.
Renters in Suburb are facing rents around $16640 per annum or $320 every week.
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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.