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

Discussion in 'General Property Chat' started by C-mac, 23rd Nov, 2015.

  1. C-mac

    C-mac Well-Known Member

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    ... 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.
     
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  2. Gockie

    Gockie I'm an ISTP-A female, so I might be a bit quirky! Premium Member

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    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...
     
  3. EN710

    EN710 Well-Known Member

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    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 :p
     
  4. euro73

    euro73 Well-Known Member Business Member

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    CBA isnt the only employer at Parramatta.
     
  5. Tekoz

    Tekoz Well-Known Member

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  6. euro73

    euro73 Well-Known Member Business Member

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    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.
     
  7. jins13

    jins13 Well-Known Member

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    And Parramatta River being swimmable again with lifeguards.
     
  8. 2FAST4U

    2FAST4U Well-Known Member

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

    Azazel Well-Known Member

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    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.
     
  10. larrylarry

    larrylarry Well-Known Member

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    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.
     
  11. C-mac

    C-mac Well-Known Member

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    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!
     
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  12. Gockie

    Gockie I'm an ISTP-A female, so I might be a bit quirky! Premium Member

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    Yes... but you have to hope there will be employers wanting to make the move to the West.
     
  13. JDP1

    JDP1 Well-Known Member

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    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..
     
  14. Gockie

    Gockie I'm an ISTP-A female, so I might be a bit quirky! Premium Member

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

    Azazel Well-Known Member

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