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Property author Terry Ryder lists top no go home zones
Posted on 2010-06-11
THE Sydney shire that is home to
the head of Australia's central bank has been named as one of the worst
areas in the nation to invest in real estate.
Sutherland
Shire south of the city offers poor road links to the central business
district and poor capital growth, according to a list of the worst
places for property investment complied by analyst Terry Ryder.
Mr Ryder's latest annual No Go Zones report names ten places investors shouldn't venture in NSW, Queensland, Victoria, Western Australia and Tasmania.
"These
are the places that I believe investors are better off avoiding - there
are better and safer places to put their money," he said.
For
inclusion on the list, areas need to reflect overheated prices,
volatility, oversupply, lack of affordability and poor track record, as
well as wider issues such as pollution, noise and environmental
concerns.
"Investors need to be vigilant because the detrimental features
which can harm property investment strategy are not always readily
apparent - particularly in these days when investors are increasingly
buying property in distant locations via the internet," Mr Ryder said.
In
NSW there are three areas named including Sutherland Shire, where
Reserve Bank governor Glenn Stevens lives, the inner west peninsula
suburb of Breakfast Point and the beachy, hippy paradise of Byron Bay.
Bryon Bay's inclusion may surprise but the list also includes Queensland's Sunshine Coast and Gold Coast.
"One
of the least known factors in Australian real estate is that iconic sea
change locations tend to have poor capital growth records," Mr Ryder
said.
"In reality, such locations often deliver inferior gains for investors.
"The
Gold Coast and Sunshine Coast are perfect examples of areas that are
not prime real estate, with their capital growth rates among the worst
in Australia."
Mr Ryder's list also includes Lyndhurst, southeast
of Melbourne, prestige Melbourne suburbs, Mount Isa in Queensland,
Kalgoorlie in Western Australia and the Roseberry/Zeehan area in
Tasmania.
Mr Ryder, a specialist property writer, is the author
of four books about real estate and compiles the no go zones list each
year for his website.
DISCLAIMER: Every care has been taken to verify the accuracy of the information contained herein, but no warranty is given or implied and prospective purchasers/ tenants are advised to carry out their own investigations. Details herein do not constitute any representation by the vendor. Lessor or the agent and are expressly excluded from any contract.