NSW Parramatta the hot spot of property in Australia

Just found this thread which has been quiet for a while & thought I'd check in to see how people are feeling about Parramatta now?

I was there for the first time in about 4yrs yesterday & was really surprised at the high level of development going on - seems like it's gearing up to be the 'second CBD' like the NSW Gov wants it to be

Is this still a good place to get into? I know there's a lot of risk buying a unit with all the oversupply, but what about buying one of the old houses 800m or so from the station (eg western part of Harris Park or southern part of North Parra just over the river), knocking it down & doing a rebuild or duplex?

 

The OP who did this post is probably crying into his beer about now.....no way would I touch anything in Pazzamatta....at the moment....there is no gravitas to make the market move....for at least 5-6 years.

 

If you are trying for a old house there, many people won’t sell to you unless you pay a huge premium. A friend has a house in Parramatta and is just waiting for a developer to buy their house because the understanding is that the land is highly developable. You could try mailbox dropping but you may struggle to buy.

 

Yes in some cases but I have seen much more stock on the market the last few weeks. In the peak there was 1 or 2 houses which got snapped up fast but now many more. Im waiting for a developer too but luckily in no hurry as there is no way we would get offered enough to make it worthwhile at the moment.

 

If worried about GDP I’d but Shenzhen or HK. Why buy in Aus to begin with