NSW 15 New Priority Precincts for Sydney

On the 1/06/17, The Department of Planning announced 15 new priority precincts, some within major infrastructure upgrade corridors (namely Sydney Metro).

The list include

- Belmore and Lakemba
- Burwood, Strathfield and Homebush
- Campsie and Canterbury
- Cherrybrook
- Frenchs Forest
- Glenfield
- Leppington Town Centre
- Randwick
- Riverwood
- Schofields Town Centre
- Seven Hills and Wenthworthville
- St Leonards and Crows Nest
- Telopea
- Turrella and Bardwell Park
- Westmead

From attending consultation events for the Sydenham to Bankstown corridor and the St Leonards/Crows Nest urban renewal precincts, I have gathered that these areas will experience the largest transformation. For example, Frenchs Forest (without train access) will have lower density compared to Campsie and Canterbury earmarked for 20-30 storey towers.

Randwick and Telopea have some ambitious visions ahead.
Seven Hills and Wentworthville have some big projects underway and into the future.
Belmore and Lakemba have gentrification knocking on their doors.

 

French's Forest has the new hospital under construction, crowy has the new metro station.

 

A link to the article:

New priority precincts - Department of Planning and Environment

 

I don't understand the obsession with 30 storey buildings - such a lack of imagination

 

Let's get creative, they're actually 32 storeys but there's no level 4 or level 13 which are plantrooms.

 

This is the very start of the Lakemba gentrification. Such massive potential in this pocket

 

Do you think Lakemba can truly gentrify while the remains predominately an Islamic demographic. I find it hard to believe Lakemba will ever gentrify considering the only mosque in the immediate region is located there and the region itself is 50%+ Islamic population wise.

Or do you think when the 2nd generation comes around, the area will begin to slowly gentrify that way?

 

Have you counted how many mosques are there?

 

No idea, i know there's a couple of smaller Islamic gathering centres here and there but as far as i know about 'true' Mosques i only know of the Lakemba one, maybe one in Bankstown too?

 

Having reviewed the demographics it would appear that the Indian subcontinent (India, Pakistan, Bangladesh) makes up over 20% of those born overseas with few from identifiable Muslim countries - so presumably the 51% who identify as Muslim are 1st generation.

There's also a mosque over at Auburn, 6 in Bankstown, Punchbowl, Belfield etc. Plenty to choose from.

 

Do you reckon this will fight against forthcoming slowdown in Sydney market?

 

Yep, i'm struggling to understand how Lakemba and Wiley Park will gentrify with those demographics, this despite the cache of infrastructure projects which have been earmarked for suburb in the coming decade.

I think long-term there is definitely potential in the region when 2nd Gen kicks in and earning potential in the region picks up.

 

Same can be said for any area which has gentrified however time is one constraint ie generational change the other is the driver for increased density but this will serve to densify the current racial mix with new residents taking up digs in the newer, more expensive buildings.

 

I think Sydney's market could continue to rally, particularly with the new first home buyer legislation set to be introduced on July 1st. I just picked up a unit in Punchbowl because i believe it's slightly undervalued when you compare it with the surrounding regions + future infrastructure spending earmarked for the region. Yields are okay as well compared to the Sydney average.

I would apply the same logic to Lakemba as well.

 

The Lakemba Mosque is not the only one around, there are loads of them in the vacinity. Greenacre, Bankstown, Chester Hill, Auburn, Granville etc. There are loads more churches in Lakemba than there is anything else anyways, more than 10 active churches. I look at places in London that have similar demographics and I can see the turn around and how quickly things change. Look at Londons east end in Brick Lane and tower hamlets and you see the places gentrify and property values rise. Part of it is the children of immigrants being more educated and building the place up but also they move out to surrounding areas and others move in. The location of Lakemba is absolutely ideal and with the investment in renewal and infrastructure, it's gonna move

 

Very interesting to see Tower Hamlet's demographic distribution and even more surprised to see such high median flat prices. I guess the only difference between the two is the fact that Tower Hamlet is geographically a true 'inner city' suburb but then again, the city of Sydney is fundamentally different to London.

Wikipedia reckons that Bengali immigration started in the 70's so there's at least a generation that established themselves there. I would say the Bengalis in Lakemba would've immigrated in the 90's or later. I think the long-term signals in general for that pocket is definitely positive. Surprised more people aren't getting in there.

 

Tower Hamlets is not a true inner London suburb, it is out on the docklands and a good half an hour from central London. So a similar commute to Lakemba. Its traditionally as working class as you can get but Its prime real estate these days. Don't worry about the heard, they won't invest in Lakemba until its too late. Many people can't get past the stigma to see the potential but don't worry about them. The same people would have told you that you were mad if you bought in Redfern 15 years ago or Newtown 20 years ago.

 

What's happening in Belmore and surrounding suburbs?

 

You mean from when they last shot up the police station?
Its gentrifying... but it's still got a long way to go.

There was another raid last week on the same houses in Punchbowl... happens about once a month

Only 6 marked + 2 unmarked vehicles
Don't usually get a chance to count them, but it was day time this time.

 

And the drivers in Punchbowl / Wiley Park.... those guys are f-ing idiots.
Dropping off my sister in to school this morning, waiting in a queue of lights to turn right onto King Georges, this idiot decides to drive on the wrong side of the and then stops and tries to merge into me.