REAL ESTATE investors or buyers should consider purchasing homes in Werribee as an alternative to Geelong, according to a leading national property magazine.
An article in ‘Your Investment Property’ picked out nine “hyped” real estate hotspots around Australia and some “underrated alternatives”.
The publication’s editor Nila Sweeney said investing in highly-touted suburbs could involve taking high risks, then hoping for a big return.
“Underrated suburbs are often more affordable compared to the hot spots and while they may not be star performers, they are worth considering if you are looking for a less risky option,” she said.
An article said while Geelong was a “cheaper commutable alternative to Melbourne”, its median house price was “creeping closer to outer Melbourne alternatives”.
It recommended Werribee as an alternative to the region, as it was “very affordable given its distance from the CBD” but would “take some time to become desirable”.
“The region is well serviced by rail and the Princes Freeway, both providing direct access to Melbourne in the north-east and Geelong to the south-west.
“It’s only half-an-hour from the Melbourne CBD, yet its median price is just $300,000 for houses, according to RP Data,” the article said.
“Werribee’s far from top of the list of Melbourne’s most desirable suburbs but eventually, says Bakos, stigma will be outweighed by price in the minds of buyers.”
The article said, “A report by PRDnationwide showed “the central Werribee market continues to emerge as one of Victoria’s best performing precincts.”
“As the central hub of the Wyndham LGA, the Werribee market will be the first to experience the effect of the region’s densifying population,” the report said.
“Expect increases in the demand, supply and the value of property in this market over coming years.”
