Hi Everyone, I was wondering if anyone has any recent experience or opinions on suburbs within the Canterbury council catchment. Areas like Wiley Park and Lakemba are really well priced for such a booming Sydney market. These areas are around 15km from the CBD, they have train stations, low rental vacancies, schools, good roads into the city, plenty of shops, schools etc. And I am wondering why these areas are still so cheap in relation to the adjoining suburbs. Everything stacks up for me as relatively experienced investor but are there some underlying factors I am over looking? Looking forward to your comments.
Have you checked out ABS data on things like incomes, ages, education levels, transport times to city etc? Might be some useful stuff in there to see the prospects for prices growth in the area. If incomes are trending up, levels of education are trending up, ages are trending down, that's a good sign. Following the Bankstown train line, the ripple effect has swept through Marrickville and Dulwich Hill (part of Marrickville Council who are excellent with fast approvals, pro-active and very community-oriented) into Canterbury and Campsie so the ripple may swell out further in the future. There is a bit of a stigma with those areas at present, but not doubt that won't last.
I have looked into the demographic data in these suburbs and there is nothing too alarming in there to be honest. I am definitely more anticipating the 'ripple' effect for capital growth along with some gentrification over time. The stigma is always one of the hardest things to change with these types of suburbs but the benefits will no doubt be substantial when it does.
The stigma will go as prices rise and demographics change. What's drawn you to look in Sydney as opposed to other places?
I don't see the demographic in Lakemba changing for a quite a while. That said, it won't stop prices from moving up. Parents in law live in the area, area has changed a bit over the last 15-20 years, but in comparison to other areas, its changed a lot slower.
Seems to be a bit more development happening in the LGA. Demographics are typical of the area (Read Bankstown). It may take a good 50 years for the religious demographic to change but probably longer. This area has not become an Asian market but is shifting towards Bangladesh rather than African migration.
