NSW Citi names 'blackspot' suburbs - 35% Deposit Needed

Not sure if this has been posted before:
Sydney property prices Citi reveals postcodes where buyers need 35 per cent deposits - realestate.com.au

 

I understand all the other VIC ones...but why Dandenong?

 

Yep pretty much inner cities of all the majors or in hubs whereby units are a plenty. I'm surprised Rhodes is not in the Sydney list. That is massive unit oversupply there but I guess the demand is there from all the people wanting to live there. I knew Epping was going to be on the list. Major unit developments there.

I'm not complaining though. I saw substantial increases in both my units in Rhodes and Wentworth Point last month compared to only a few months ago.

 

This list doesn't surprise me that much - we're just talking apartments.

I would be more interested in the list of all the suburbs that are restricted to 80% for houses

 

35% deposit required by which Bank though ? Citi or all banks ?
If Citi only, who cares

 

TBH, Rhodes has a lifestyle around it. It is on the river with plenty of water views from building/parks/streets. It's just 30 min train to CBD (10km aerial distance), you have miles and miles of parkland around the suburb and a very busy shopping centre. M4 upgrade will improve car access to the city in next 2-3 years.

 

Not that many new builds in Rhodes, across the water at Wentworth point...totally different story.


Let's not even talk about the Alexandria/mascot/Roseberry/zetland area. The amount of stock coming on in the next few years is spine tingling...I know people that have their ppor and multiple ip's in this area, purchased in the last year or two. I'm not religious but I'm praying that it all works out for them.

 

same thing for Botany, Bondi etc....Rhodes probably has the most units in a single suburb I have ever seen alot more than some of the suburbs on the list. Every single road is absolutely packed - there is nothing special there.

Yeah but Wentworth Point doesnt have nowhere near as Rhodes at the current time. Even after the new ones go in and the new shopping complex opens Rhodes will still have alot more units.

What they really need to do is build a bridge across for cars. They have done it for buses and cycles only thus far.

Either way good for me. I have a few in Wentworth Point and Rhodes that I purchased like 5 years ago so I'm laughing either way. LOL

 

It won't only be units..once a suburbs get listed as no go areas it also affects the prices of houses as people put it on the same basket.

Look for bargains in these suburbs over the next 24 months including houses. Funnily enough no Western Melbourne suburbs like Werribee, Melton Sth, etc on it.......

 

Was thinking the same. There is no western Sydney suburbs anywhere on that list except Parra which is understandable as a ******** of units going in there.

 

Lots of Chinese money suburbs in there....

Also Hills districts...looks like 2003-2006 repeating all over again.

Ryde/North Ryde/Epping/West Ryde is also going to be hard hit.....they have gone up too much.

 

They've got New Farm wrong. I think there's been maybe 20 units built over the last 2 years. Newstead on the other hand has built 1000s.

 

It says Seven Hills qld has apartment oversupply. lmao.

 

I wonder how they came up with this list. Might be possible they purely look at the supply side (building approvals, buildings due for completion) with no consideration of the demand side. For example, 2067 Chatswu, bulk of the stock has been completed with a couple of buildings in the pipeline, but this area is very high demand, high owner occupied area, from personal accounts people that own there are not very highly leveraged. Any additional stock or falls in prices would see it absorbed quiet easily imo.

In any case, it's a snowball effect. Even if the banks are wrong it's a self-fulfilling prophecy, making it harder to get finance in these areas will sure reduce demand in some of these high supply areas.

Word on the street is many otp properties are failing to settle...

 

I think it's based on the postcode not the suburb. I know that with many of the Canberra ones there, there are several suburbs with the same postcode and they would all be included in this

 

Last few posts sheds a lot of doubt on the list makeup...
I'd say most of the Sydney postcodes aren't bad places to own apartments.

 

I hope you're right Sash because I'm hoping to buy in the Ryde area in the very near future. The vibe on the ground is that yes it's Asian money, but it's Asians (Chinese, Cantonese, Koreans, Indians) that have been in Australia for years, not offshore Asian money which has dried up, very high owner occupied. Market still very strong, old houses renovated pushing 1.75m, old knockdowns on clean blocks pushing 1.6m, knockdowns on secondary locations pushing 1.45m and newish builds 2.4m+. I'll be happy if I can get a knockdown on a clean block in the 1.4's, that's my aim. Right now that’s not happening but will have to wait and see what happens.

 

Are there many units in Greenwich?

 

I'd agree Linda. Especially around the coastline. Gold areas now and in the future.

 

Whoops ... I meant Longueville ... not my area!