Werribee real estate is proving to be a strong investment choice for landlords.
The price of houses and units in Werribee soared from 2008 to 2011 (30-50% increase) before dropping between 2011 to 2013 (10% decrease). Prices have steadily increased at 4-5% p.a. since 2013. In Werribee house and unit rents increased until 2011 and then plateaued from 2011 to 2013 before increasing by $5-$10 a week each year since. The rents plateaued (instead of falling) in Werribee because the area is relatively established and the supply of new rental properties within Werribee increased only slightly. In Werribee’s surrounding fringe areas rents actually dropped after 2011 due to an oversupply of new housing, a peak in first home buyers in the previous 3 years (taking tenants out of the market) and a falling economy.
There is a strong indication that the Werribee real estate market is recovered with sale times falling considerably. Landlords should view their investments in Werribee (and the surrounds) as long term investments. With considerable infrastructure now actually being built in the Werribee area, not just being promised, expect sale and rental values to again increase in the coming years.
Interestingly, the Werribee council has relaxed its laws around housing density over the past few years and there are numerous small and larger scale sub-divisions completed and in planning for residential dwellings. While this does provide a great opportunity for owners with large allotments, this will further slow the growth of rental rates in the Werribee area.
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