Lakemba

[singingtheblues]

Any views on buying in Lakemba? ... poor reputation but it seems to have claened up its act & there seems to be quite alot of activity there at the moment .. good yields

 

[ralph wiggum]

Yes lots of activity. I was actively looking to buy in Lakemba 3 months ago. The average 2br unit was 180-190k. Now you will stuggle to get a unit for 220k. The FHBs have pushed it to a point where I feel you aren't getting the yield to warrant the risk.
Just my 2c

 

[singingtheblues]

are you sure they're FTBs & not investors .. i saw a list of the top 20 suburbs in sydney that have attracted the FTB grant & lakemba wasn't one of them

 

[ralph wiggum]

are you sure they're FTBs & not investors .. i saw a list of the top 20 suburbs in sydney that have attracted the FTB grant & lakemba wasn't one of them

I can only relay what I have seen at the auctions I've been to, and young families seem to be getting the properties.
I prefer Belmore to Lakemba in this environment. 2brm units are now around the same money, it's a bit closer to the city, and doesn't have the stigma attached to it like Lakemba does.
Cheers

 

[Nathan]

Lakemba....

another one of those, i remember when they were only $XXX few years ago.

I see the value, not @ 250k mark but when they were 150k last year was certainly a good buy.

Wish i had bigger balls.