NSW Parramatta the hot spot of property in Australia

My posts are still around this forum about Parramatta and now it is showing great signs to do even better. It is set to almost double it's GDP in the next 4 years, thats a pretty big number.

Why investors have their sights set on Parramatta

 

Yes, it does look good but the scary thing at the moment is the number of apartments coming through at the moment. Dydalm is going to build that massive one where the dealership.

 

I will tell you in 6 months time when I know the impact of further tightening of finance

 

The GDP of the area does not translate into house prices as it is

 

Thank you You have been telling that for the past few years but I have put in a calendar entry for 6 months from now.

Meanwhile how is the "belt line" of Atlanta going?

 

Been telling what exactly??
Its a property forum and you will receive many comments/opinions, some you wont like but you may have to suck that one up.

I hope Parra keeps booming, and my comment is a fair call? Considering current environment, have you read any of the threads on financing, interest rates rising, budget, etc.

Atlanta is going great guns at the moment, still booming in the Beltline, still buying

MTR

 

Speaking of the "current environment", this just came to mind.

From $136,000 to $3.35 million: Massive pay day for Rosebery home owner

 

fantastic, I hope it continues to boom, good on them for making pots of money and those in Melb that did the same

 

Booms don't last forever unfortunately, I wish they did. But seriously what a brilliant run Syd has had, I pulled the pin in late 2015, a little too early, damn it, still cant complain

 

Come on, over 35 years. The past is not indicative of the future.

 

GDP of parramatta doubling in 4 years does not necessarily mean house prices there will follow as it is. compare that GDP to the GDP of sydney CBD. What is the difference between apartment prices?

 

What is the difference, no idea? but I expect massive gap?

 

Sure - Parramatta has upcoming infrastructure developments and good GDP growth outlooks but it's also an investor heavy market.

With the gov/banks aiming to slow down investors, I think you will see it taking greater effect on suburbs like Parra over the coming years - especially with all these OTP settlements (or lack of).

I do recall that a developer was offering $30k cashback for their apartments in Parra - which doesn't smell great.

It's probably a different story with houses but you still have to suffer inflated prices and low yields in the years to come.

 

Problem is the oversupply of apartments can impact on housing market as well. This is what is happening currently in the Brissy market

 

I dont think we have hit the peak on houses yet as I am seeing them being snapped up around us (PPR) and each one going for a bigger price but they are still being sold to developers and will be knocked down for even more apartments being close to the river and the light rail.

I havent been doing this for long enough to know how that market for land value houses compares to the rest though and will be watching closely as we will eventually get developed out and have to move. Its been a very interesting time watching this city change in front of our eyes.

 

While I agree there is quite a bit of apartments going up in and around Parramatta I see the supply easily being taken up by demand. The fact apartments are going up makes land many folds more valuable to own.

Uni of Western Sydney just went up, all of these students will need accommodation, add to that the light rail infrastructure, Parramatta Square project, Hills shire projects which is right north of Parramatta, the new military and airport contracts of Western Sydney and the list goes on.

And to those who cant see the correlation between GDP and housing, well higher GDP means higher income and therefore higher affordability. It also means better employment options and much lower unemployment which means more demand for property both to buy and rent.

 

You're joking, right? Badgerys Creek is closer to Perth than it is to Parramatta!

 

What will be will be . Sit back, smell the roses and keep listening to the sounds of Ka-ching!

 

I've been saying this for years now. Parra is the next big thing. Its an awesome place, great multiculturalism, great restaurants and food, great Westfields and heaps of businesses moving there. New proposed light rail (I think oaks hotel on Church St is getting demolished for this).

Also entire of Chruch st mall is undergoing massive transformation. More shops, cafes, food and the bus interchange is awesome. Very efficient.

New developments happening now on the corner of Church and Great Western Hwy. New 5 star hotel + luxury apartments + multiple shopping complex's and restaurants under them. Not to mention Westmead hospital is expanding which is literally 5mins away.

The west is growing at an exponential rate and the biggest CBD is Parramatta which is feeding it. I love Parramatta actually. Grew up there my entire life when I was younger.

If I only I had more money when I was younger. I bought my first ever apartment in Parra full double brick solid one for under $330k. My next door neighbor sold almost 1 year ago for over $600k. (this is a 2 bedder). I reckon now easily close to $700k and this is a fairly small place.

I wouldn't pay premium for the newer places though like the one near the Bavarian beer cafe (Lennox developments I think its called) - or anything at Crown UNLESS it was for me to personally live in but even then its quite exy.

 

Right this gets the hype thread of the year. The award will get posted out shortly.

If I was a betting msn Atlanta beltline is a no brainer compared to pazzamatta.

The prices there are insane....anyone who is developing there now and planning to flip or hold is nuttier than squirell with nuts.