I wouldn't live in Werribee if I were you, but would look in Point Cook, Tarneit, Wyndham Vale, Manor Lakes, all are 5-15 minutes drive to werribee and you will find a modern 3-4 bedroom house in your price range there. You most likely will not find a hour in Williamstown or Newport in that budget, though they would be much nicer areas to live, and half way between Werribee and the city.
Werribee is around a 20 minutes drive (not in peak hours) to the city, or 40 minutes on the train. There is the zoo, cinemas, parks, bowling etc. There are a few cafes and restaurants and a semi decent shopping center there also. However, you will most likely want to travel to Williamstown, the city, outer city suburbs for more interesting things to do and far nicer meals.
There are no beachs at all near Werribee... though there is the bay in Altona, Williamstown and Werribee South, if you want a real beach it is around 1-1.5 hours drive down the great ocean road.
There are a huge selection of schools in the Werribee and surrounds areas if you have children.
Feel free to PM me if you have any more questions