NSW Lakemba - Who has bought an IP here?

I have been looking into buying an IP for the last year and I keep coming back to Lakemba even though so many people are pushing me to go regional ( I am wanting to stay within NSW ) due to the fact the yields are higher but I just don't see the same CG potential in regional areas.
Distance to the CBD is so minimal, I don't think there is anywhere as close cheaper, transport is great also. Of course many people would never buy there due to crime rates etc
Has anyone bought there this year? How is your property going, have you had any issues with vacancy etc?
Would love some feedback. I am looking at 2-1-1 apartments
I have read all past Lakemba threads already
Thank you all

 

Mmmm, if I was about to buy there, I wouldn't be broadcasting it on a property forum. Actually, I do want to buy there so ....

 

I doubt crime rate is that bad. It's just the ethnic/religious concentration that gives the area a bit of stigma. In the long run, proximity to city will help raise the prices and drive out people who mainly live there because nobody else wants to live there.

Not so good in terms of finding quality tenants though.

 

Still got choppers and police raids....
Positive is that is reduced a fair bit.
Only had two instances where coppers and choppers showed up this year.

 

I have an IP on the border of Lakemba and Wiley PArk. Had it for nearly two years now and have had no problems at all, in fact the tenants are up there with the best I have across all my properties. Your research keeps bringing you back to Lakemba for a very obvious reason, it ticks nearly every single box you would require or desire for an IP and the prices are simply unbelievable. These areas have previously been very neglected by the councils for years but things are changing now and they will change rapidly with the new urban renewal that is coming through the entire area. Here is a link to the plans for Lakemba

 

That

that report was good but there didn't see to be any concrete plans...

 

whats your budget? i doubt there will be any CG now in lakemba on appartments. the green sq project is about to be finished with ~ 20K units, then waterloo, then paramata... but i am pretty sure that for same price as 2-1-1 unit in lakemba u can buy nice house in newcastle area

 

The Bankstown to Sydenham rail line upgrade is concrete. The specific details on land zoning and planning for each area are only proposed at this stage. We have already had two sets of developers express in interest in our block of 12 townhouses as it is in the precinct scheduled for high density.

 

Can I ask what your reasoning is that Lakemba will not have CG? And what Lakemba has to do with Waterloo or Parramatta?

 

well, if people choose to live in a unit, they will first occupy the ones closer to the city, and there is quite a bit of them coming up. botany is full of cranes that make high rises, and then tempe, sydenham, etc... so by the time we reach lakemba seemsunlikely. but again, that is just personal view. offcourse if you have the entire block of units, and sell it in 10 years to make high rise - thats big $$$

 

I have IPs in that area also 1 tenants been there for 8 years and no problems at all (touch wood). There was even a fire in the unit bellow which caused minor damage to my property and the tenant had to move out for 4 weeks in with friends and they still kept paying rent. The other one rents pretty easily and had no problems. @Inov8ive can I ask would you recommend your property manager?

 

My thoughts... Sydney's southwest is a huge area. And the Canterbury - Bankstown part of it is relatively well located. Not far from the inner west. Lots of people live in the south west and it's a growth centre.
Canterbury - Bankstown had good transport and it's set to be even better with trains every 4 minutes.

Let your dislike or fear of certain ethnic or religious populations be to your peril.... This area of Sydney still has a lot of potential. I don't have a crystal ball but I reckon in 5 or 10 years time anybody who thought of buying in this part of Sydney but didn't do it may end up regretting it. My opinion only though.

 

Knapton manage my property. At first i was not very impressed with them because I felt they were not very thorough or polished. But after dealing with them for the past year and a half or so I have found them to be pretty good. A bit old school but they have done a good job and have actually exceeded my expectations

 

Thanks I use ralph real estate although there management fees are quite low, I think it's the case you get what you pay for. I don't recall ever getting any property inspection reports. I was thinking about knapton earlier on in the year. I might makes some inquiries next year. Cheers @Inov8ive

 

Thank you all for your input it is very much appreciated! Its all looking good to me I suppose my only concern now is when newer units get built in the area am I going to have to reduce my rent to attract tenants or do new units rent for significantly more than older ones? I would be looking at purchasing an older unit

 

I highly doubt you will need to reduce rental prices. Vacancy rates are very low in the area as it is and yes the newer builds will command a premium price. Older units in well located blocks are the way to go. Look for good access to train and shops and look for something big.

 

Nothing wrong with 2195. I have an older unit in Wiley Park which performs very well. Owned it for 2 years and it is positively geared even with a total loan of 100% purchase price plus stamp duty. Buy wisely and you will do well.

 

I have 1 . bought in 2012...so far going good (knock on the woods)

 

Lakemba is a different suburb in the inner west for those who are not familiar with the area. It has a very high concentration of Muslims there, and it is home to Australia's biggest mosque which I believe is the reason why most do not even think about living or investing in this suburb. The neighboring suburbs are very different and no one has an issue with living in them. When you walk through the main strip of Lakemba, you will feel like you've been in a time machine back to the 90s.

 

I wish I had bought here a few years back. I was looking at apartments and they were going for 190-200k. The same ones are now 400k. That profit would've covered half my ex-PPOR/now IP mortgage.