Historically an unassuming quiet suburb on the outskirts of Melbourne, Werribee – located 32 km south-west of the CBD – has experienced rapid suburban growth in recent decades.
Today, the suburb is seeing a boom in property sales, with auctions increasing 665% year-on-year between 2016 and 2017 and no signs of sales in the area slowing down any time soon.
So, what’s behind the flurry of sales activity in Werribee? Let’s take a look.
It’s one of the most affordable Melbourne suburbs
Buyers looking for a home to live in will find some of Melbourne’s most affordable properties in Werribee, making the area especially appealing to first homebuyers. The median sales price for homes in Werribee is $501,000, a far cry from the metro Melbourne median sale price of $855,000. And, with a clearance rate of 82.6% versus 63.7% in metro areas, the proof is in the pudding that buyers are eager to snap up a bargain.
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It has plenty of investment potential
With an annual growth rate of 11.1%, Werribee is one of Melbourne’s most promising suburbs for growth, making it an appealing spot for both investors and those looking to sell in the area. Rental yields of 3.7% on average further cement its position as a prime location for people looking to start or add to their investment property portfolio.
It’s earmarked as the capital of Melbourne’s west
In 2016, Wyndham Council approved four city centre projects to deliver 5000sqm of office space, 2500sqm of retail/cafe space, 1400 new parking spaces, 300 residential apartments and 100 serviced apartments to accommodate visitors in Werribee’s city centre. The plans also include a new integrated community learning hub of more than 8000sqm, as well as additional childcare services. Local Councillor Intaj Khan told the Herald Sun that the development is a “game changer” for Werribee, which is predicted to be home to 70,000 people by 2036.
Our own research reveals that major projects such as infrastructure or commercial developments can drive property prices up significantly. Given the major transformation happening in the area, it makes sense that savvy buyers would put Werribee at the top of the list when choosing a property to live in.
It’s great for families
Aside from offering affordable housing, Werribee is home to several public and private schools, like Werribee Primary, Werribee Secondary College, and Suzanne Cory High School, among others, as well as tertiary institutions like Victoria University, Werribee campus and the University of Melbourne Faculty of Veterinary Science. And, with entertainment options like Werribee Open Range Zoo, Werribee River Park, and Victoria State Rose Garden just a stone’s throw away, it’s easy to see why Werribee is an attractive suburb for families.
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