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NSW Bankstown to Sydenham Urban Renewal

Discussion in 'Where to Buy' started by Inov8ive, 2nd Nov, 2015.

  1. Inov8ive

    Inov8ive Well-Known Member

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    I think that this is going to be a really great initiative for the Canterbury council along this particular corridor. http://www.planning.nsw.gov.au/en-A.../Sydenham-to-Bankstown-Urban-Renewal-Corridor
    There is significant infrastructure that exists in many of the stations along this line yet it has been very poorly maintained in certain parts and this is an area that I think will see the demographic start to evolve over the next decade. 2 bedroom apartments with LUG regularly sell for under 400k in suburbs that are only 15kms from the CBD and have rail, shopping, hospitals, schools and roads in proximity. Yields are still around the 4.5 to 5%. Got to be one of the few areas in Sydney with growth still in it.
     
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  2. Scott No Mates

    Scott No Mates Well-Known Member

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    Some of these areas are reminiscent of 3rd world countries. It'll probably take the best part of 20 years to change.
     
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  3. Inov8ive

    Inov8ive Well-Known Member

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    I wouldn't disagree with the part about the 3rd world country, but just remember what Redfern was like only 10 years ago? And Redfern hasn't even undergone an urban renewal, it is just in such a good location.
     
  4. neK

    neK Well-Known Member

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    But with Redfern you could relocate those people.
    Not sure about relocating people here.... possible but would cost a lot more to buy them out.

    Growing up in the area its definitely changed.... but it has taken a fair about amount of time.... about 20 years.

    Other areas have changed much more rapidly in the same time period.
     
  5. Steven Ryan

    Steven Ryan Mortgage Broker Business Plus Member

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    Prices/Rent go up, demographics shift.
     
  6. Gockie

    Gockie I'm an ISTP-A female, so I might be a bit quirky! Premium Member

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    It will all become more desirable... I can imagine it being just like the inner west, just a little bit more south...
     
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  7. neK

    neK Well-Known Member

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    When was the last time you visited Lakemba - Wiley park - Punchbowl @Steven Ryan ?

    For me it's about 3 times a week. Not a lot of change over a course of 15 years.

    Prices have gone up, rents so so, people much the same. Not much change in demographic. Some streets have cleaned up, but only because the people got locked up.

    Definitely agree with @Scott No Mates , it will take the better part of 20 years. Don't get me wrong, there will still be growth, just probably not at the rate of other suburbs like marrickville.

    At least with marrickville it was viet ghetto 20 years ago, it's now something a lot more vibrant. Lakemba still yet to rebuild that shopping mall at the end of haldon street that burnt down in 2007. Meanwhile houses are being demolished everywhere else to make way for development and nothing has happened on this site at all.

    http://www.theage.com.au/news/natio...ng-centre-blaze/2007/12/03/1196530523274.html
     
    Last edited: 2nd Nov, 2015
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  8. Inov8ive

    Inov8ive Well-Known Member

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    I think you are missing the point a little bit. We all know that these suburbs are not by any means desirable at the moment, absolutely nobody is arguing that point with you. The point is that an urban renewal strategy is planned (as per my initial post) to revitalise this corridor, which I believe will kick start the gentrification process.
     
  9. neK

    neK Well-Known Member

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    The areas have already gentrified from what it was before, they aren't as bad as they use to be and yes they will continue to improve. However they will take longer than most (as scott said, 20 years or so), even with the urban renewal strategy.

    Also depending on the rate in which they do it, it might work, or it might just turn it into a slum. It could go either way.

    I was chatting with the pest control guy over the weekend as he was doing some termite barrier rectification work for me, he was telling me how filthy those "Euro" towers at Bankstown are and how its such a slum.
     
  10. Gockie

    Gockie I'm an ISTP-A female, so I might be a bit quirky! Premium Member

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    I think.... too much high rise for my liking! But the public transport frequency gets a big tick.

    Hmmm... on balance... not sure if its good or bad for the desirability of the area...
     
  11. WattleIdo

    WattleIdo renovating Premium Member

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    Not the right place for high rise. Agree with Innov8tive and Gockie. I d9n't think it's 20 years off though 20 years will see good times. Everything is changing. The good people will stand up, the educated kids will come back to buy in, they will find a way to borrow money without going against their consciences.
    But there's one more downturn for the area left. Shhhhhh :mad:
     
  12. Inov8ive

    Inov8ive Well-Known Member

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    Good point about the educated kids buying into the area. The second generation is already coming through and as is always the case, they will be much better educated and assimilated and these kids will be the future of the area.
     
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