NSW What's wrong with Lakemba?

best investment mate lol

 

Evz. It's just what I learned about why many don't buy while I taught English for 10 years at Bankstown TAFE. You're from Sydney so it's your duty to find a way to be offended. But I nearly married a Muslim guy in another country and I have a lot of respect for Islam and also agree with people who seek to pay as little interest as possible. Barking up the wrong tree I'm afraid.

Demystifying Muslim Mortgages

 

I think many ethnicity groups, for many decades, have been using the 'pooled family funds' to buy houses outright. Whether religiously motivated or not, it is certainly a clever method to avoid paying interest!

Logistically though, I can only imagine that method to be a complete nightmare. Who has the ownership deeds to the property, out of all the funds contributors? Lets say a property is bought for $500k. Feasibly, how much could each partyy contribute in cash savings? $50k? $100k? Assuming these numbers, that means there would need to be at least 4 sets of contributors to the purchase, no?

Now, in Sydney, $500k will only buy you a 2-bed (3-bed if you are lucky) apartment, not a house. If there are say four sets of cash-contributors, then who gets to live in the 2-bed property out of all contributors? Some of them are missing out; paying rent to live elsewhere whilst giving their savings to this other purchase..

 

Might have been the way in 'those days' in Sydney

Im pretty sure the population you taught English to at tafe would not at that particular stage of their lives be someone that would have the ability to purchase a PPOR or IP.

Was never offended or questioned your respect for islam or people of the background, just stated your observation is incorrect in 2016 and im still trying to find a bargain in SW Sydney which seems to be impossible

 

Atleast the nightmares within the family (blood)
Gets even worse when people are friends (or so called friends)

 

Agree with you that friends would be even harder. Still, I disagree that keeping it in the family is any sort of good thing.

I dont know about you, but I'd much rather have 'bad blood' with a bank than with a family or friend!

 

As I said, there's one more bargain basement left in Lakemba - clearly not now. After that, the opprtunity will be gone because of changes to demographic. You really need to read my original post again. You have a lot to learn. Be careful with your timing - now is not the right time - and good luck with your search.

 

What about Narwee or Beverly hills? same distance to the city by rail and closer to the M5 if you need to drive.

Might be at the higher end of your budget though.

 

buy on the belmore side of lakemba.......you can't go wrong.

 

Having some Muslim friends and acquaintances, I agree with @WattleIdo . Sharia law doesn't allow borrowing money and paying back with interest. Though the law is not practised here in Australia, it is still followed. Buying outright with family is not the only option. There are Islamic bank that help then buy a property without them paying interest. It's either a lease back method or buying from the bank at a premium.
It still is pretty prevalent.

 

Another proof that 'mainstream' advice on this forum is completely wrong.

This is how 'poor' Lakemba has recently performed versus one of the 'jewel crowns' of Sydney.

 

What's wrong with the opinions on this forum? You meant Lakemba or generally?

 

What are you using to compare them?

 

C'mon .....never had issues there........the place is now being taken over by Bengalis....the Middle Easterners are being pushed out...

Your white boy should have told the bloke that he would put him in a orange jumpsuits and do the Jihadi John. What did he do?...they are always nice to me...they keep call me "bruther" ...maybe I look like of one of them......

 

The forum has always been pro-investment there. PPOR had issues which is understandable.

Regardless of the ethnicity, people move out of the place when they can afford to do so... the government should answer why they let ethnic pockets flourish like this

 

But... not always. Cabramatta does well being where Vietnamese want to be.
Eastwood, Hurstville, Chatswood is all Chinese and doing fine. There's areas around Blacktown that does well because of religious temples.
In Canterbury-Bankstown, people are happy and want to be with other people just like them. They have food they like to eat, they have shops that sell things that they want to buy. Local schools that they want to send their kids to. It's actually fairly well located too. Why not stay there?

 

There is a lot of difference between Canterbury-Bankstown and Lakemba. There are nicer areas in and around Bankstown if you like that way but even they leave Lakemba when they can.

As @sash said middle eastern people are being pushed out. Why? Because they are next gen migrants they can afford bigger blocks in nicer areas like roselands, greenacre etc. It is the first gen migrants of Bangalis who are buying up there now

 

At least there's a group who's buying it!
Good on the Bengalis.

 

Absolutely. The only reason not to buy in an area is proximity and infrastructure. If someone tells you not to buy because of crime and demographics don't listen to them again If they are not buying someone else is

 

Yep. It has infrastructure and location. Good on them.