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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:   businessinsider.com.au

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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

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

  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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A Sydney suburb few think is ' hot ' is facing similar problems to Hong Kong ' s crazy property market . In costly quest for security, U.S. schools face law of diminishing returns. NKorea says Pence remarks were 'stupid,' willing to not meet.

Hong Kong residents forking out millions for homes the size of ‘shipping containers’. But small apartments are likely to remain a feature of Hong Kong ’ s real estate market , and Mr Knight hopes his apartment will The Sydney suburb where residents face an ‘obstacle course’ just to get a bus.

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:

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In general, in Singapore, I found the rental properties to be of higher quality, I preferred the weather even though it' s hot , I I am hard pressed to think of a more subjective question, and why limit Asia to Hong Kong , Tokyo or Singapore? Which city has a higher cost of living: Sydney or Hong Kong ?

In this ‘ crazy town’, there were no shortage of buyers. “The problem of skyrocketing property prices has dragged on for 20 years, and the government’ s policy to curb house prices has not worked,” Andy Kwan Cheuk-chiu, who runs ACE Center for Business and Economic Research, a Hong Kong think

  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

Median house price to hit $1M in five Western Sydney suburbs .
Five suburbs in Western Sydney are expected to reach a median house price of $1 million as early as this month. Homeowners in Lakemba, Colebee, Auburn, Condell Park and Chipping Norton could soon be sitting on properties with million-dollar price tags as the suburbs experience strong capital growth, realestate.com.au has revealed today.The median house price for a property in Lakemba is forecast to hit $1 million as early as this month, followed by Chipping Norton in December.

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