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Suburbs in Sydney’s west dominate a recently released survey of 13 “no go” zones for residential investors, prepared by property punter Terry Ryder.
His report says Parramatta, Bankstown and the Blacktown and Mt Druitt region are bad investments because of rising ethnic tensions, high crime rates and aircraft noise.
“Imagine living in an area where there’s an arson attack on a home ever second day,” Mr Ryder said.
He also cites housing repossession levels and high, and likely to increase in the future.
In Victoria, the south-east suburb of Lyndhurst – a collection of new housing estates – is considered a no go zone, he warns.
Mt Isa in Queensland tops the survey, joining Dinmore as the only other entry for the State.
“As well as being the most polluted population centre, Mt Isa has inflated prices and low rental returns.”
Other no-go zones, according to the survey, are the northern suburbs of Darwin and the Northern Territory’s Katherine because of a mix of “defence induced inflated property and social problems.”
He also encourages buyers looking at flood prone Giru in far north Queensland, crime-ridden Shepparton in regional Victoria, and polluted and over-priced Kalgoorlie and Esperance in Western Australia.
His survey says Chippendale, in inner-west Sydney is the best suburb to invest in, largely due to a $2 billion redevelopment of the former CUB brewery.
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