I knew Sydney was getting a lot of apartments...

... But I didn't realise the sheer scale of stock coming to completion in the next two years, until I read this article this morning:

8000 apartments to be built along Parramatta River corridor

And this is just in Sydney's west, alone!

Is there really this much latent demand for apartments in this area?

After Parramatta failed to secure CBA as their much-needed 'anchor' tenant, I am left to wonder just how many people will be moving into the Parramatta/Olympic Park areas, upon completion.

 

I'm sure if the reporter was to be honest, she'd probably think like you (and me).... but because it's really advertising for a lot of developers and they are trying to sell homes... well, it had to be written in a certain manner...
She wants to keep her job i'm sure...

 

Hmm.. why not? Parramatta is not for me, but how about others?
There are still a lot of office around, proximity to CBD is still good. Lots of food around

 

CBA isnt the only employer at Parramatta.

 

I also heard that PWC will not be moving to Parramatta as well (from @See Change ), however this news said the otherwise: Balmain to Baulkham Hills commute worth it, says new PwC partner Keenan Muir

 

You've got significant commercial office space coming on line. Significant residential coming online, including importantly, much needed riverfront development. A very large and very well established retail precinct. A large and well established restaurant precinct . An already upgraded station and bus interchange. Light Rail coming. Australia's largest medical precinct next door at Westmead. UWS aggressively expanding its Westmead campus. Legal Precinct migrating from the CBD to Parramatta. Plenty to like about Parramatta over the 10-15 year outlook.

 

And Parramatta River being swimmable again with lifeguards.

 

Depends on how affordable the apartments are. There is still plenty of demand in Sydney.

 

There's so many getting put up on the border of Lewisham and Summer Hill at the old mill site, bit of a shame. The train is going to be packed when they're all finished.

 

Hey it's possible but not sure I will jump in. On serious note, Parramatta will change as development continues. Already it's expensive to buy an apartment in or near the Parramatta CBD. Time in the market is important.

 

I don't doubt that long term parramatta will be a sure-thing, but the years of 2017-2020 might be a bit painful for some OTP purchasers, no?

Keep in mind that many areas within a 10km geofence of Parramatta are also building their apartment towers concurrently. There will be a lot of competition to win tenancies.

All I'm saying is that there could be great buying opportunities for 2-year-old apartments, come 2020!

 

Yes... but you have to hope there will be employers wanting to make the move to the West.

 

I don't know much about Parramatta... But 8k sounds like a huge number, especially when you consider the supply going to come online in Sydney in the next 3-5 yrs..

 

The market will take all the oncoming volume but I think it will dampen down the capital growth somewhat.

 

All you need to know is the Parramatta Eels usually lose to the Broncos a couple of times a year.