Money A Sydney suburb few think is 'hot' is facing similar problems to Hong Kong's crazy property market

08:20  13 october  2017
08:20  13 october  2017 Source:   Business Insider Australia

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Bankstown, a suburb 20km from Sydney ’ s CBD, could be the centre of a trend toward unsustainable local market house pricing. This chart shows how Bankstown’ s house price to income ratio is closer to Hong Kong than Sydney : “The high level of rental properties in Bankstown leads us to believe

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  A Sydney suburb few think is 'hot' is facing similar problems to Hong Kong's crazy property market © Provided by Business Insider Inc Bankstown, a suburb 20km from Sydney's CBD, could be the centre of a trend toward unsustainable local market house pricing.

The area in Sydney's south west has taken on the extreme characteristics of Hong Kong's house price to income dynamics.

House prices have risen so fast that hardly anyone who lives their could now afford, on their current incomes, to get a loan to buy in their suburb.

"Bankstown is a typical example of the unsustainability of local market residential property pricing compared to local demographics," says Citi in a research report.

The suburb's median household income is $58,240 a year, 36% below the Sydney average and 22% below the national median of $74,776.

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But the median house price in Bankstown is currently $1 million, just 15% below the Sydney average of $1.2 million and 56% above the national average of $640,000.

This chart shows local incomes compared to local house prices:

Soaring Sydney house prices to spark mass migration north: Macquarie

  Soaring Sydney house prices to spark mass migration north: Macquarie A flood of cashed-up Sydneysiders could inject more than $8 billion into Queensland's economy in coming years as they flee soaring property prices.Macquarie's equity strategy team said the economic fundamentals had aligned, "for another great wave of interstate migration into Queensland".

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  A Sydney suburb few think is 'hot' is facing similar problems to Hong Kong's crazy property market © Provided by Business Insider Inc This places Bankstown's house price to household income ratio at 17.2 times, which is more on par with Hong Kong (18.1 times) than Greater Sydney at 12.9 times average annual income.

This chart shows how Bankstown's house price to income ratio is closer to Hong Kong than Sydney:

  A Sydney suburb few think is 'hot' is facing similar problems to Hong Kong's crazy property market © Provided by Business Insider Inc "The high level of rental properties in Bankstown leads us to believe that the division between house prices and household income can be attributed to multiproperty investors who reside outside the Bankstown local area," says Citi.

This chart and map shows how different Bankstown is to the rest of Sydney in unemployment, ethnicity, rental propensity and religious affiliation:

  A Sydney suburb few think is 'hot' is facing similar problems to Hong Kong's crazy property market © Provided by Business Insider Inc

A new Telopea is coming to western Sydney .
Thousands of public housing homes will be demolished in an overhaul of one of Sydney's most notorious suburbs.Telopea, near Parramatta, is in line for a complete redevelopment as the NSW Government released a rezoning proposal.

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