Lakemba???? thoughts on here or similar

[tiger]

My accountant is at Lakemba... going there once a year is once too many for my liking... doesn't feel like Australia. But is that such a bad thing? I ask myself that when I go. I don't see any trouble and yes its got a huge ethnic feel of the Muslim type.
But go to Ashfield or Cabramatta and you get the same thing with Asians.
Personally I prefer Lakemba to those other 2 suburbs.

I like Meadowbank too, don't think you can go wrong there.

 

[Shuttergirl]

Slow down, Shuttergirl. The Sydney market isn't going anywhere - except down in a few places. Your mortgage broker may indeed be taking a keen interest in the structure of your portfolio. Or he might just be really keen to write a loan. He's probably not going to disagree with you. I certainly think you might be a bit bullish expecting to be able to pull equity out in 12 months or so.
As for suburbs out west, others will have some specific suggestions. But why not start by looking at areas within half a klm of train stations on the western line?

LOL, I will definitely slow down. I can be a little over zealous at times. I guess I feel like I need to get my teeth into some research of markets over the next month because I am coming into my busy season, well it's always busy but crazy season I guess I mean and pretty soon I won't have time to do more than check new listings so I would like to have some suburbs well and truly earmarked before then.

And for the record, my broker is very well respected and conscientious, definitely not encouraging me to do something rash, quite the opposite, just trying to help me move in the direction I want to go.

 

[Peter 14.7]

My 2 cents: check out any areas near the unis, eg. Camperdown/Chippendale (University of Sydney) Kensington/Kingsford (University of NSW), and maybe the ones near UWS (University of Western Syd)

Wise but note that students are happy to live literally 6 to a room. 2 x triple bunks. Some slumloards actually target this market. Signs everywhere on road poles "room to rent, $100 a week etc...)" This means the market is very abnormal.

Peter

 

[Peter 14.7]

Hey Sydney is the best bet and research now, Lakemba is underpriced. You cannot build for the price they sell out there.

If you are after equity then this is good area % wise. If you get for say $120k and it rises to $150k then you got your 80LVR back.

Easier to do than Chippendale where it is $320k and must rise to $400k to get the same deal LVR wise.

Peter

 

[Jacque]

Some houses in the west that suit your budget:

http://www.realestate.com.au/cgi-bi...r=&cc=&c=25000807&s=nsw&snf=rbs&tm=1219992753
Not a well known suburb in the northwest sector but close to rail and heaps of new infrastructure eg: Rouse Hill, Schofields resi dvpt. Rents are good too.

http://www.realestate.com.au/cgi-bi...r=&cc=&c=25000807&s=nsw&snf=rbs&tm=1219992753
Another cheapie area that's on my watch list for value. Just like all suburbs there's a good and bad side. Do your homework.

http://www.realestate.com.au/cgi-bi...r=&cc=&c=59556795&s=nsw&snf=rbs&tm=1219993046
Ok the "gran" flat isn't approved but is a converted garage but still... with a good position and some slick negotiating (this one's been on the market for a while now) you could do worse. Not too far from rail. Could do with some value add.

And if you're more inclined to units, there's just too much to choose from. However, with $450K to spend, I'd consider the following a small sample of the plethora of choice available to you:

http://www.realestate.com.au/cgi-bi...r=&cc=&c=61637567&s=nsw&snf=rbs&tm=1219993239
Stanmore

http://www.realestate.com.au/cgi-bi...c=&c=52406936&s=nsw&snf=ras-syd&tm=1219993530
Fantastically positioned Waverton- your money will get you a decent 1bedder or very rundown 2- but go for something with parking. Walk to rail.

http://www.realestate.com.au/cgi-bi...c=&c=52406936&s=nsw&snf=ras-syd&tm=1219993530
Busier rd but what a spot!

http://www.realestate.com.au/cgi-bi...r=&cc=&c=57230250&s=nsw&snf=rbs&tm=1219993791
West Ryde

Way too many suburbs to list but you need to get out there and start narrowing it down.

 

[Shuttergirl]

Some houses in the west that suit your budget:

http://www.realestate.com.au/cgi-bi...r=&cc=&c=25000807&s=nsw&snf=rbs&tm=1219992753
Not a well known suburb in the northwest sector but close to rail and heaps of new infrastructure eg: Rouse Hill, Schofields resi dvpt. Rents are good too.

http://www.realestate.com.au/cgi-bi...r=&cc=&c=25000807&s=nsw&snf=rbs&tm=1219992753
Another cheapie area that's on my watch list for value. Just like all suburbs there's a good and bad side. Do your homework.

http://www.realestate.com.au/cgi-bi...r=&cc=&c=59556795&s=nsw&snf=rbs&tm=1219993046
Ok the "gran" flat isn't approved but is a converted garage but still... with a good position and some slick negotiating (this one's been on the market for a while now) you could do worse. Not too far from rail. Could do with some value add.

And if you're more inclined to units, there's just too much to choose from. However, with $450K to spend, I'd consider the following a small sample of the plethora of choice available to you:

http://www.realestate.com.au/cgi-bi...r=&cc=&c=61637567&s=nsw&snf=rbs&tm=1219993239
Stanmore

http://www.realestate.com.au/cgi-bi...c=&c=52406936&s=nsw&snf=ras-syd&tm=1219993530
Fantastically positioned Waverton- your money will get you a decent 1bedder or very rundown 2- but go for something with parking. Walk to rail.

http://www.realestate.com.au/cgi-bi...c=&c=52406936&s=nsw&snf=ras-syd&tm=1219993530
Busier rd but what a spot!

http://www.realestate.com.au/cgi-bi...r=&cc=&c=57230250&s=nsw&snf=rbs&tm=1219993791
West Ryde

Way too many suburbs to list but you need to get out there and start narrowing it down.

Thanks so much Jacque, what great info, I really appreciate your effort.

All of those houses look fairly good. So the 3 suburbs for houses you think might be worth a look are Riverstone, Quakers Hill and Seven Hills. Would love to know what other's think.

I actually look at the ad for the Stanmore property last night, it does look good.

I guess I would be more comfortable with a house rather than a unit but I guess the right unit would be interesting for sure.

 

[Shuttergirl]

Hey Sydney is the best bet and research now, Lakemba is underpriced. You cannot build for the price they sell out there.

If you are after equity then this is good area % wise. If you get for say $120k and it rises to $150k then you got your 80LVR back.

Easier to do than Chippendale where it is $320k and must rise to $400k to get the same deal LVR wise.

Peter

Mentioned Lakemba to my husband and he nearly spat his drink across the table. Ouch. Looks like Lakemba is off the table hahaha.

 

[Jacque]

Thanks so much Jacque, what great info, I really appreciate your effort.

All of those houses look fairly good. So the 3 suburbs for houses you think might be worth a look are Riverstone, Quakers Hill and Seven Hills. Would love to know what other's think.

I actually look at the ad for the Stanmore property last night, it does look good.

I guess I would be more comfortable with a house rather than a unit but I guess the right unit would be interesting for sure.

Please note I can only comment on the north side of town largely, as I know it so well. East and south side others will be able to provide comment, I'm sure. If you haven't started looking into statistics to help you, why not invest in a residex quarterly report? They'll show you the last 10yrs av cg, rental yields and median prices for all NSW. Highly useful when you're just narrowing down an area.

 

[Andrew_A]

Mentioned Lakemba to my husband and he nearly spat his drink across the table. Ouch. Looks like Lakemba is off the table hahaha.

You know sometimes this can be a great sign, when people react like this, don't assume it's always a negative sign. Could also be an accurate indication of future prospects of course!

Last time I was in Lakemba was 2000, didn't remember it being that bad then but I understand there has been some issues since. Best people to talk to about the reality of the place would be investors who actually invest and people who live and work there, librarians, shop owners etc.

I bought in a reputation area in Brisbane, only thing was the reality is different to most peoples perceptions, takes the prices a time to catch up to the reality in this case.

 

[BV]

Mentioned Lakemba to my husband and he nearly spat his drink across the table. Ouch. Looks like Lakemba is off the table hahaha.

Shuttergirl

I remember a few years back there was a gang of spoiled Lebanese kids who were shooting at the Lakemba police station but these kids have either grown up or they are in jail now because Lakemba is not in the news anymore.

Cheers

 

[BV]

Hey Sydney is the best bet and research now, Lakemba is underpriced. You cannot build for the price they sell out there.

Peter

Peter,

I am going to drive there and have a good look around.
Do you have any tips on which parts are the best and/or any I should avoid?

Cheers

 

[BV]

Thanks so much Jacque, what great info, I really appreciate your effort.

All of those houses look fairly good. So the 3 suburbs for houses you think might be worth a look are Riverstone, Quakers Hill and Seven Hills. Would love to know what other's think.

Shuttergirl

All those suburbs are good but those are older properties so you won't get depreciation.

I'd personally go for a townhouse because of the higher yields and depreciation. This one should rent for $350 or more
http://www.domain.com.au/Public/PropertyDetails.aspx?adid=2007340824#

But since you are from ACT, I suggest you look on the south side
The ones below look like they are bank's auctions, if there are no other bids you could pick them up at the reserve price(I am guessing $300K)
rent should be $360 or more
http://www.realestate.com.au/cgi-bi...t=&header=&cc=&c=24140095&s=nsw&tm=1220016261

http://www.realestate.com.au/cgi-bi...t=&header=&cc=&c=24140095&s=nsw&tm=1220016261

Cheers

 

[Shuttergirl]

Shuttergirl

All those suburbs are good but those are older properties so you won't get depreciation.

I'd personally go for a townhouse because of the higher yields and depreciation. This one should rent for $350 or more
http://www.domain.com.au/Public/PropertyDetails.aspx?adid=2007340824#

But since you are from ACT, I suggest you look on the south side
The ones below look like they are bank's auctions, if there are no other bids you could pick them up at the reserve price(I am guessing $300K)
rent should be $360 or more
http://www.realestate.com.au/cgi-bi...t=&header=&cc=&c=24140095&s=nsw&tm=1220016261

http://www.realestate.com.au/cgi-bi...t=&header=&cc=&c=24140095&s=nsw&tm=1220016261

Cheers

That townhouse looks nice, what would something like this approx sell for?

Where is Wattle Park exactly? Outer suburbs of Sydney?

Yes I am in the ACT and I actually live on the southside. Broker didn't see heaps of growth coming up for Canberra and I'm inclined to agree to some extent.

 

[BV]

That townhouse looks nice, what would something like this approx sell for?

Where is Wattle Park exactly? Outer suburbs of Sydney?.

Yes it's on the way to Liverpool off the M5, rents there are generally above average because there is a large amount of defence housing in Wattle Grove and in it's neighbouring Holsworthy. IMO it's one of the nicer suburbs of Liverpool council.

There are not many townhouse there. These would normally sell for $340-350K so if you can pick something like this up for $300K it will be a good buy.
I found the one below too and this is in a very good spot, very close to the shopping centre and Schools and about 20 mins walk to Hols. train station.
http://www.domain.com.au/Public/PropertyDetails.aspx?adid=2006962846

There are also some new ones I've been looking at in Holsworthy
I looked at those because I am interested in the depreciation plus the higher rent.
I haven't bought yet because I was hoping that with all the Doom and Gloom, they will drop in price.
That's not a bad spot but is far away from the Wattle grove shopping centre. There are express trains to the city from there and I believe it takes around 30 mins on the train.
http://www.domain.com.au/Public/PropertyDetails.aspx?adid=2007302618

I've been looking at defence housing as well but the ones available now have short leases. The one below has good rent, is walking distance to the shops but you will have to drive to the train station.
http://www.invest.dha.gov.au/dha/ho...ls.sok?ProductID=0E1616943T2T174E36713E9W9B8J

 

[julie]

let's keep it about property

Where is it again? LEBKEMBA?

I would have hoped this sort of racial slur would not be something I would read on this forum. Very disappointing. Perhaps Nathan would like to meet Marie Bashir, a delightful, educated and dignified woman and the governor general of NSW and lebanese.

 

[Nathan]

I would have hoped this sort of racial slur would not be something I would read on this forum. Very disappointing. Perhaps Nathan would like to meet Marie Bashir, a delightful, educated and dignified woman and the governor general of NSW and lebanese.

Hey Julie,

No offence to anyone. I guess your right this is a public forum with different views. I am not saying the suburb is bad. I am simply pointing out the demographic of the area. I have many freinds who are immigrants, and have respect for all different walks of life. Maybe you need to sit back and appeciate the humour of my post as there was no harm intended.

FYI i was looking @ this area for recent deals the other week.

 

[tigerGT]

I am lebanese myself and I would never buy there! No one is being racist or anything. Go for a drive through lakemba and make your own mind up. Check insurance premiums for the area and that will help you make your mind up too. Oh and all lakemba dictionaries do not have the word "Integration" included. If a suburb cant move forward then I dont expect house prices to move forward either.

 

[BV]

Hi TigerGT

I did drive there on Sunday but I didn't see anything unusual.

Is there something in particular I should be looking for?

I will be going there again next Saturday because I want to look at some units coming up for auction so feel free to tell me if there is something I should avoid.

Cheers

 

[Mom]

Wiley Park

I think the area would provide good return, which is the reason I pick up a cheapie there. Anyone with suggestion on a reasonable property manager there?

 

[sash]

Can pick up a 2brm unit for about 170k (moved a bit in the last few months from 160k). Rents if in a tidy condition you can rent it for about 250-260pw.

As for agents....try Professionals Punchbowl...

I think the area would provide good return, which is the reason I pick up a cheapie there. Anyone with suggestion on a reasonable property manager there?