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NSW Go Parra!

Discussion in 'Where to Buy' started by teg499, 9th Jul, 2015.

  1. teg499

    teg499 Well-Known Member

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    devank, Tekoz, WinDyz. and 1 other person like this.
  2. WattleIdo

    WattleIdo renovating Premium Member

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    Always with the Dad-jokes. :)
     
  3. Tekoz

    Tekoz Well-Known Member

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    Somehow I've been advised here by the property experts not to buy the existing apartment or even OTP in Parramatta due to the possible oversupply issue when those units have been fully built.

    My friends who work in R/E agent for those OTP (Off The Plan) apartment told me the initial release stage for those aparmtents are for the foreign buyers first with overseas address, and then the remaining units that are already expensive will be opened or auctioned to the General Local Public in Australia.

    I have inspected lots of existing apartment unit but somehow still lost it because I can only put +$50k on top of their asking price which is $500k+, so if you are looking for existing unit in Parramatta, prepare to pay more than $560k+ for existing 2 bedders units which decrease your yield for this year until you increase the rent rate.
     
  4. ej89

    ej89 Well-Known Member

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    Damn not this again JH lol
     
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  5. C-mac

    C-mac Well-Known Member

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    Wow interesting piece from Yahoo on Parramatta
     
  6. WinDyz.

    WinDyz. Well-Known Member

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    This info has been in channel 7 News every night for the past week or so. Changing of Sydney Siders and emphasising on the new CBD Parramatta!
     
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  7. larrylarry

    larrylarry Well-Known Member

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    I live near Parramatta and I ain't going near it. LoL.
     
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  8. Tekoz

    Tekoz Well-Known Member

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    @ej89: :eek: no mate, my conclussion is that Parramatta is already expensive place to invest this year and the upcoming year where are those OTP apartments are fully build.

    I guess due to lots of high rise apartments in the area, the rental yield can be struggling or hard to increase the rent due to plenty of stocks available for the tenants to choose.


    Why is that Larry ? are you serious or just being sarcastic ;-)
     
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  9. WinDyz.

    WinDyz. Well-Known Member

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    I live near Parra, and I love it!
     
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  10. teg499

    teg499 Well-Known Member

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    There is no doubt that prices have increased in Parramatta over the last 2 - 3 years, as in most parts of Sydney.

    Anyone that bought in Syd back then obviously made easy capital gains.

    While prices have increased a lot in Parramatta, there is so much emphasis on infrastructure and development in this area that I can see prices hold their ground in this area if there is a widespread downturn in Sydney.

    I'm not talking about OTP stock, but good quality older style apartments . say 10-15 yr old 2 - 3 bedroom units in nice complex with reasonable strata. There are nice established complexes in Nth Parramatta that I can see hold there value or even increase as Parramatta continues to expand.

    At the end of the day its about infrastructure and location...lots of people are choosing Parra and surrounds to live and invest in.

    Next 5 - 10 years Parra Skyline will change dramatically.... Maybe 2015 prices will be seen as affordable compared to the next 5-10 years...
     
  11. Propertunity

    Propertunity Exclusive Real Estate Buyers Agent Business Member

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    If that's really a fair dinkum comment, I'd suggest you are making a common mistake that people make by not valuing the area they live in - because you are too close to it to see what others see.
     
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  12. WinDyz.

    WinDyz. Well-Known Member

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    Not Only infrastructure. There are many financial industry have an eye on opening up an offices in Parramatta. With population growth strongest in the west, no doubt prices will hold in the downturn.
    Imo, there still plenty of growth in that area!
     
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  13. The_good_life

    The_good_life Active Member

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    Agree, commbank will be moving out of their olympic park office to Parra I hear..
     
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  14. WattleIdo

    WattleIdo renovating Premium Member

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    Values were able to hold their own after FHB stopped buying in 2010. While values elsewhere dropped, they were stable in this area.
    Great to see all the infrastructure going in to accommodate the enormous number of people who live in and are moving to the area.
     
  15. devank

    devank Look, lets just get on with this, ok? Premium Member

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    I used to live near Parra and worked in Parramatta. I would buy a house in surrounding railway suburbs.
     
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  16. larrylarry

    larrylarry Well-Known Member

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    I live near it but avoid shopping there. Getting overcrowded. Investment wise, perhaps good if you're willing to pay for high prices but there are already alot of apartments plus upcoming ones. I prefer to shop at Macquarie at the moment.
     
  17. larrylarry

    larrylarry Well-Known Member

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    You're right. I'm probably disregarding what others see in Parramatta.
     
  18. jins13

    jins13 Well-Known Member

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    I work in Parra for the last 8 years and have seen many changes to the area. Actually feel alot safer now but didnt help when the news about that poor lady who was murdered near Parra Park.
    Heaps of things happening to the Parra River, development near the old Hungry Jacks and more units popping up. Should be interesting but think I pass because as the others mentioned the price for one off the plan is just plain silly.
     
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  19. ej89

    ej89 Well-Known Member

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    Increasing population but still the worst roads in Australia around it. Victoria rd, parra road, windsor rd, woodville rd and great western are going to be disgusting when more people live and work in parra. Seems like the infrastructure and changes to parra are already shown in its price... At this point I reckon it doesnt matter too much what more is happening cause everyone realised a little while back the whole place was transforming into a city..
     
  20. Befuddled

    Befuddled Well-Known Member

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    I go to Parramatta Westfield weekly. The bottlenecks from the shopping centre entrances and exits back up onto surrounding roads and causes traffic congestion. The shopping centre car park itself is disjointed and confusing to navigate. How this issue is addressed is vital for the area IMO in terms of alleviating overcrowdedness etc. If and when Parramatta Westfield gets its next upgrade hopefully this is on their agenda because they would have to expand up.
     
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