market update WYNDHAM JAN > APRIL 2019
in this edition MARCH 2019
O u r ye a r s o fa r S e l l i n g i n a b u ye r s m a r ke t S u b u r b m a r ke t u p d a te Re ce n t l y S o l d i n yo u r a re a I nve sto r i n s i g h t s H ow to avo i d ove rc a p i t a l i s i n g Re l i a n ce te a m g i ve s b a c k I nve st i n g i n d eve l o p m e n t s S h o p 4 2 9 A M a i n S t re e t , P O I N T CO O K I
03 93 69 63 9 9
S h o p 1 5 Ta r n e i t Ce n t ra l S C , TA R N E I T
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03 8 74 4 1 370
73 Wa t to n S t re e t , W E R R I B E E
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03 9741 1 5 1 1
director’s summary Welcome to the March 2019 edition of The Newsletter Reliance’s exclusive insight into the western suburbs of Melbourne’s property market. 2019 has seen the Reliance Group recognised at a national level; winning awards such as the ARERA Agency of the Year and Principal of the Year for the second year in a row. We also seen many of our agents and offices recognised at the RateMyAgent awards, we were ranked as Agency of the Year in Hoppers Crossing as well as being home to Agents of the Year in suburbs, Hoppers Crossing and Werribee. We are so proud of our team for being acknowledged on the national-level. We truly believe this is a representaion of their daily efforts in assisting many families around the West. Thank you for taking the time to read this months newsletter. Kind Regards, Sunil Kumar, CEO Reliance Real Estate
selling in a buyers market There’s no denying that Australia’s property market has entered a new phase, with a number of factors contributing to fewer buyers seeking homes, as well as a general cooling in the market. But while it might therefore be a great time to be a buyer, it doesn’t mean there aren’t still good opportunities to achieve a great price as a vendor, too. It might, however, require a slightly different approach to how you might have tackled the sale of your home two years ago. Here are some key tips you might consider as you get ready to sell. Get your agent right In a softer market, the skills and resources of better agents inevitably come to the fore, so it’s important to find the right agent to market your property. The marketing campaign Ensuring you are exposing your property to the most possible buyers is essential. You want buyers to choose to view your property over others in the market - marketing is the key. Educate yourself Taking the time to do your research, speak to agents and attend other auctions means you’ll have a much better idea of what your property is really worth, and what represents a good result.
investors watch areas of intrest
TARNEIT Annual Growth 9.2% Rental Yield: 2.6% $360p/week average WYNDHAM VALE Annual Growth 10.4% Rental Yield: 3.8% $340p/week average
TRUGANINA Annual Growth 10.1% Rental Yield: 3.5% $375p/week average
HOPPERS CROSSING Annual Growth 11.3% Rental Yield: 3.4% $350p/week average
WERRIBEE Annual Growth 10.9% Rental Yield: 3.6% $340p/week average
POINT COOK Annual Growth 7.7% Rental Yield: 3.4% $390p/week average
how to avoid overcapitalising Overcapitalising is a term used to describe a process whereby the money spent on a property — on the initial purchase and on improvements — is more than the property’s resale value. In other words, the cost spent at the time of purchase or on renovations is not able to be recouped when the property is sold. Don’t buy with your heart When buying an investment property, you need to treat it as a transaction rather than an buying it because you ‘love it’. Speak to the professionals A common mistake investors make is buing in their local area, without seeing when is best to invest their money in property. Speak to an agent about where it is going to give you the best growth and yield. Look for yield and growth If you’re slightly cash-strapped, you’ll be more concerned with yield but if cash flow is less tight, we recommend looking for a property that will deliver long-term growth. Handy tip: use the realestate.com.au website as they have a tab for investing which gives an overview of suburb statistics.
investing in developments The Australian property market has become tighter than ever. But even on hiatus, many still consider it as opportunity to secure lands that have great development potential. Since it can range from few hundred thousand to millions of dollars, numerous things must be considered. Here are some questions to ask whether a property is the right development investment. 1. What is the future purpose of the land? You will need to find out the council’s plan for the site. In Australia, residential projects give the best returns as they accommodate the country’s growing population. Commercial and industrial projects are highly regarded too as they provide services to people. 2. Are there any council requirements or restrictions? Councils have different approach to development. Some of them may be more lenient while others may be stricter. They have different rules on trees, heritage, and overall layout depending on the area’s history and vision. 3. Are there any easements, covenant, or caveat in the site? Conducting a title check on the property will greatly help you to find underlying issues unknown other than the physical conditions of the land. As much as possible, you’ll want to have control of the site without restrictions. Obtaining the title of the land will help you uncover unknown issues you may not know.
reliance team gives back In August 2016, Reliance real estate devloped a community benefit fund called Reliance Foundation. Funded by the salary-sacrafice of Reliance employee’s - the team are committed to supporting the community that has supported them. Warringa Park School Reliance Foundation has had an ongoing committment to the Warringa Park School since 2017. The relationship is focused on assisting the schools senior leadership group & arts department. Relay for Life 2019 On March 30th and 31st the team participated in Relay for Life and raised upward of $2500. The team had so much fun whilst raising money for such an amazing cause. Woodville Primary School As of March 2019, the Foundation committee was proud to announce the partnership with Woodville Primary School in Hoppers Crossing. The partnership will provide funding to assist with the costs in running their STEM program.
HOPPERS CROSSING
POINT COOK
Median Price Growth
Median Price Growth
2017
2018
CHANGE
2017
2018
CHANGE
$515,000
$550,000
6.79%
$600,000
$645,000
7.5%
Population by 2019 40,529 Residents
Population by 2019 63,802 Residents
24% RENTERS
Total Sales in 2019 628 Properties
31% RENTERS
Total Sales in 2018 1279 Properties
76% OWNER OCCUPIERS
69% OWNER OCCUPIERS
TARNEIT
TRUGANINA
Median Price Growth
Median Price Growth
2017
2018
CHANGE
2017
2018
CHANGE
$515,000
$565,000
9.71%
$510,000
$570,000
11.76%
Population by 2019 38,619 Residents
Population by 2019 30,541 Residents
31% RENTERS
Total Sales in 2018 1047 Properties
31% RENTERS
Total Sales in 2018 637 Properties
69% OWNER OCCUPIERS
69% OWNER OCCUPIERS
WERRIBEE
WERRIBEE SOUTH
Median Price Growth
Median Price Growth
2017
2018
CHANGE
2017
2018
CHANGE
$460,000
$500,000
6.69%
$660,000
$735,000
11.36%
Population by 2019 48.116 Residents
Population by 2019 2.427 Residents
32% RENTERS
Total Sales in 2018 1158 Properties
30% RENTERS
Total Sales in 2018 50 Properties
68% OWNER OCCUPIERS
70% OWNER OCCUPIERS
WILLIAMS LANDING
WYNDHAM VALE / M.LAKES
Median Price Growth
Median Price Growth
2017
2018
CHANGE
2017
2018
CHANGE
$605,250
$685,000
13.17%
$460,000
$502,625
9.26%
Population by 2019 9,359 Residents Total Sales in 2018 209 Properties
Population by 2019 28,170 Residents
32% RENTERS
Total Sales in 2018 826 Properties
68% OWNER OCCUPIERS
Shop 429A Main Street, POINT COOK
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03 9369 6399
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28% RENTERS
72% OWNER OCCUPIERS S h o p 1 5 Ta r n e i t C e n t r a l
RECENT SALES IN THE WYNDHAM AREA
$690,000 23 Thornbury Way, W.L
$885,000 24 Conservation Dr, Tarneit
$520,000 7 Silvergum St, Wynd. Vale
$480,000 1/23 Riverside Ave, Werribee
$405,000 2/6 Pagnoccolo St, Werribee
$410,000 3/6 Orlando Dr, Truganina
$565,000 5 Lilac Crt, Wyndham Vale
$410,000 5/70 Thames Blvd, Werribee
$661,000 6 Shoveler Cl, Williams Land.
$567,000 10 Constantine Dr, P.Cook
$475,000 12 Guardian Pl, Wynd V.
$406,500 12 Wallara Rd, Werribee
$550,000 14 Grima Crs, Wynd Vale.
$517,000 15 Brittle St, Wyndham Vale.
$435,000 16 Prominence Bl, Tarneit
$775,000 18-20 Rivercoast Rd, Werribee
$428,000 19 Somerset Cl, Werribee
$543,000 20 Bolwell St, Werribee
$565,000 21 Cassowary Ave, Werribee
$540,000 25 Lindrum Outlook, Tarneit
$628,000 29 Lenigas Crs, Wynd. Vale
$450,000 21 Ambleside Ave, Wynd. V
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$541,000 1/2A Queens St, Werribee
$696,000 4 Bonica St, Tarneit
7 3 Wa t t o n S t r e e t , W E R R I B E E
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CAROLINE SPRINGS Shop 6, Central Shopping Centre Caroline Springs VIC 3023 T 03 8372 2014 E csprings@reliancere.com.au
EPPING (URBAN LAND) Suite 13, 2 Graystone Court Epping VIC 3076 T 03 9088 899 E acreage@reliancere.com.au
MELTON Shop R06 Woodgrove Shopping Centre Melton VIC 3337 T 03 9746 7355 E melton@reliancere.com.au
POINT COOK Shop 429A Main Street, Point Cook VIC 3030 T 03 9369 6399 E info@reliancere.com.au
SUNBURY 11/114-126 Evans Street Sunbury VIC 3429 T 03 9744 7967 E sunbury@reliancere.com.au
TARNEIT Shop 15, Tarneit Central Shopping Centre Tarneit VIC 3029 T 03 8744 1370 E tarneit@reliancere.com.au
TAYLORS LAKES Shop 176, Watergardens Town Centre Taylors Lakes VIC 3038 T 03 9088 4090 E taylorslakes@reliancere.com.au
WERRIBEE 73 Watton Street, Werribee VIC 3030 T 03 9741 1511 E reception@reliancere.com.au
HEAD OFFICE 10/22-30 Wallace Avenue Point Cook VIC 3030 T 03 03 8372 2018 E hq@reliancere.com.au