NSW What's wrong with Lakemba?

Nah...mate....the locals are more scared of everyone....they probably view outsiders with suspicion rightfully so...given the number of ASIO implants there.....maybe that is why they are so noice...when I bought Baklava there...they bloody gave me far more than I paid for? The funny thing is every bloody shop was overly generous...never experienced that in any other suburb.

Now the 64k question...usually...when people post with such passion...something unfortunate happened to them...care to explain if anything like this 'appened to you guv?

 

Time to chill out. No one is saying that there isn't amazing warmth and generosity to be found.
The question has been asked and opinions and experiences are being offered.
To deny that Lakemba has a character of its own is just that - denial. Or naivete. Or one-up-man-ship 'cause you're good at the bro thing - which is kinda fake, innit?
I cetainly have my eye on the place. If and when I buy there I will seriously consider living there depending on whether or not I feel it's safe enough for me and my pets. Not on whether some big burly extroverted coffee coloured bloke gets treated well.

 

In Lakemba....they say..

صلى الله معك
salla alllah maeak

 

Does anyone know how lakemba has done cg wise in comparison to neighbouring suburbs? same, more, or less and the rationale for it.

 

Really. Campsie back in the 1970s /80s is just like Lakemba now.

 

Wa'alaykum s-salam

 

nice way to finish off this thread.

 

Hi Ozzie

What the ROI you are getting on both of these - both gross and net (after expenses but pre interest) on purchase price + on current valuations?

Also if you don't mind, how long have you owned them and what's the longest either of them were vacant?

 

You wont have long vacancy issues in Campsie, nor any of the Canterbury/Bankstown areas, I would think, just need a good PM to screen properly. We had one in Campsie that decided to lower all door handles, and bolt all furniture down on polished floors, so quite a bit to repair, not malicious, just plain stupid/ignorant.

Would buy in Campsie before Lakemba, and Campsie is better place to live, but not without some issues as well.

 

Interesting. I can't comment much as I wasn't born then.
But looking through google, I can't find the following things happening in Campsie in the 70's / 80's

These are the things I recall about Lakemba / Punchbowl area over the last 20 years

Drive by shooting at Police station
Prolific drug dealing
Constant raids on a specific street
Regular shootings in public areas over disputes (eg the Petrol station on Punchbowl Rd)
Murders on public streets of people who aren't even known by the perpetrator

During the same period as i mentioned, Cabramatta was the drug capital of Sydney. Look at it now.

My aunty bought her 2 bedder unit in Lakemba just after the Police station drive by in 1998.
Picked it up for $95k or so, probably worth $350-$450k now.... after 18 years or so.

 

New Metro Line passing Lakemba can be a game changer for the area.

 

Bankstown line conversion will see 25,000 commuters forced onto buses for months

 

The fundamentals in this area are too strong to be ignored. The local demographic is obviously stopping FHB and investors but all of the fundamentals for growth are there so it will not be long.

 

I don't understand why the new train line is a "game changer".
What am i missing?

There is already an existing functional train line and that train line runs to the City.

So now its going to be a metro and it runs across the harbour... don't see what is special about it.

Or are we banking that the masses are ignorant fools who like new shiny stuff?

 

Not the new line alone but the idea is that the demographics will "eventually" change, slowly. As the existing residents will sometime be able to afford to move to better areas and developers will buy existing stock to build new high rises and new immigrants coming in will end up in cheaper areas further away than bankstown. It will gentrify like all other areas but probably not as quick as ashfield or strathfield

 

The new line would have fast train every 4-5 min in peak time an 10 min off peak as opposed to every 15 min in peak and every 30 min in off peak . Also the changes means that zoning in all suburbs on the line would change and we saw new development across the line . So it is a game changer specially for people commuting to city on frequent basis. What's special about Lakemba is the low entry point as compared to other suburbs before and after Lakemba People that can not afford to buy in inner west and don't want to move far west would start buying in Lakemba .

 

I think the benchmark for Lakemba is Auburn that 5-6 years back people wouldn't pay 400 K for a house in Auburn now the same house would go for more than a million in less than a week.

 

All i know about Lakemba is great food kebabs Biryani yum !

 

@Shahin, how many houses in Auburn where the zoning has not changed from R2 to R1/R3/R4 were worth $400k 5 years ago and are now worth over $1m now?

I still have my doubts about how a "frequent" train service will change anything.

 

WTF? Strathfield has never been working class. If anything, it's just an expensive melting pot of Indian sub-continent, Asian and Arabic cultures. Ashfield has gone from euro/southern Mediterranean blue collar to Asian blue collar. Neither of which demographers would classify as gentrification.