Suburbs within City of Bankstown

[azzae89]

I've searched through the forums about the Bankstown region with only a few very old threads popping up from around 07 - 09.

Considering western areas of Sydney have been experiencing decent growth and improved infrastructure, what's everyone's thoughts on suburbs that fall within the City of Bankstown LGA?

At first glance, most of these suburbs tick a lot of boxes for me - diverse economy and employment opportunities, only about 25 mins to CBD, trains nearby, University of Western sydney campus and TAFES nearby, and it's the 6th most populous LGA in NSW with a density of around 22 people per hectare. Supply and demand is about 14 people per dwelling.

There may be other areas in Sydney that tick these sorts of boxes but not at these sorts of prices - 2 bedroom units for under $290K renting out at around $350 p/w? 3 bedroom units for around $350K renting out at around $450 p/w?

I know a lot of people have their opinion on the Bankstown area as it has a stigma attached to it of being a rough part of Sydney, so I'm wondering if anyone on here either has an IP in the area and can share their experiences, or just in general what everybody's thoughts are on investing in one of these 2 / 3 bedroom units?

Cheers!

 

[Made_Man]

We have our PPOR in Greenacre right next to centro Bankstown. CG I would say is excellent, we purchased for $435k in 2010 and with a few renovations its now worth $550k +
We are friends with one of he local agents in Bankstown and have been advised that rentals are on the market for less that 2 weeks and getting quality tenants is easy.

 

[azzae89]

We have our PPOR in Greenacre right next to centro Bankstown. CG I would say is excellent, we purchased for $435k in 2010 and with a few renovations its now worth $550k +
We are friends with one of he local agents in Bankstown and have been advised that rentals are on the market for less that 2 weeks and getting quality tenants is easy.

Nice to hear you're having success, and thanks for your reply.

Considering you live there, is the stigma of being a rough/dodgy area overplayed a bit? I live in Menai, which is only 20 minutes away, and every time I've been through there I've thought the area wasn't too bad at all.

Out of curiosity, is your PPOR a unit or house, and how many beds?

Thanks!

 

[Made_Man]

i have been living here for over 10 years and i must say the media over plays the area being rough/dodgy. eitherway over the last 5 years there has been a drop in crime

http://myboot.com.au/2200/Bankstown/crime.aspx

My PPOR is a 3bdr house.

 

[C-mac]

I have an IP in the neighboring Canterbury council area.

When I was looking for that one, I did some research on the Bankstown council area. My tip would be to look at suburbs that are more eastern parts of that LGA (so, Belfield/Belmore). They are well connected, and offer lots of older blocks that have later renovation potential. Belmore and Belfield could also gentrify quicker than Bankstown itself; due to these suburbs being in close proximity to all of the shopping/services of Bankstown, whilst also carrying less 'stigma' than Bankstown itself.

 

[Made_Man]

I have an IP in the neighboring Canterbury council area.

When I was looking for that one, I did some research on the Bankstown council area. My tip would be to look at suburbs that are more eastern parts of that LGA (so, Belfield/Belmore). They are well connected, and offer lots of older blocks that have later renovation potential. Belmore and Belfield could also gentrify quicker than Bankstown itself; due to these suburbs being in close proximity to all of the shopping/services of Bankstown, whilst also carrying less 'stigma' than Bankstown itself.

i do agree with you however for the price azzae89 wants to pay it would be hard for him to purchase in the LGA of Canterbury unless he goes for Lakemba or Wiley Park. im my option i would have to say Wiley Park is under valued if you compare to the surrounding suburbs

 

[ozmale42]

Nice to hear you're having success, and thanks for your reply.

Considering you live there, is the stigma of being a rough/dodgy area overplayed a bit? I live in Menai, which is only 20 minutes away, and every time I've been through there I've thought the area wasn't too bad at all.

Out of curiosity, is your PPOR a unit or house, and how many beds?

Thanks!

That could be because the riff raff have moved from Bankstown to the Menai area if the Menai McDonalds is anything to go by based on my visit there last Sunday.

 

[azzae89]

That could be because the riff raff have moved from Bankstown to the Menai area if the Menai McDonalds is anything to go by based on my visit there last Sunday.

hahaha.. Yep just down the road from where I live.. Full of young gromets and troublemakers.. I was in drive thru last year on Anzac day and witnessed a 20 - 30 person all in brawl there.. I just sat in the car and watched haha..

Sometimes I think stopping in for a quick cheeseburger could cost me my life lol

 

[sydneyinvestor]

lakemba or wiley park are best choices, trustme ive lived in this region of sydney 30 years !!

personally Bankstown is like a whole city to itself, but i cant stand the type of people there, and the price is more expensive then lakemba and wiley park probably cos the shopping centre, other then that it is not a place id live at , to be honest and thats from a person who knows this area inside out and everyone here too!

dont listen to media, greenacre is actually very nice, but also getting pricey kinda ... but its got not much transport other then a few buses, no train stations

 

[Made_Man]

lakemba or wiley park are best choices, trustme ive lived in this region of sydney 30 years !!

personally Bankstown is like a whole city to itself, but i cant stand the type of people there, and the price is more expensive then lakemba and wiley park probably cos the shopping centre, other then that it is not a place id live at , to be honest and thats from a person who knows this area inside out and everyone here too!

dont listen to media, greenacre is actually very nice, but also getting pricey kinda ... but its got not much transport other then a few buses, no train stations

I Live in Greenacre and i cant fault it at all. prices have not stopped climbing. i also know of alot of places that have sold over the $1m mark. although Greenacre does not have its own train station it does have 3 stations that souround it.

In regards to Bankstown it has its own Large shopping center, train station, Major Bus interchange right next to the train station, Hoyts, Tafe the list just goes on.
i was also just checking one of the local RE to see how the rentals are going and they only had 9 listings. all of them had applications. so i would have to say in terms of rental demand its really good.