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NSW Parramatta

Discussion in 'Where to Buy' started by JTR, 2nd Aug, 2015.

  1. JTR

    JTR Member

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    Parramatta has been the "second CBD" in theory for a few decades now, however it seems the title is finally coming to fruition with a range of development announcements by Parramatta City Council and official designations by the NSW Government in its "Plan for Growing Sydney" planning document at:
    http://www.strategy.planning.nsw.gov.au/sydney/the-plan/

    I'm thinking of buying a house or older unit in Parramatta to hold for 10+ years for capital gain.

    Although it appears there has been some growth in Parramatta already over the past couple years, for a long term buy & hold strategy, is it still possible to get in near the ground floor, considering the amount of infrastructure and employment planned for the suburb in the next 20 years? And could properties around Parramatta reach the prices that properties around Sydney CBD are at today?
     
    Last edited: 2nd Aug, 2015
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  2. Azazel

    Azazel Well-Known Member

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    How much does a house go for in Parramatta these days?
    How much have they increased in value the last few years?
     
  3. gach2

    gach2 Well-Known Member

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    Depends where in Parramatta - not much houses left unless your thinking
    north parramatta - many of the remaining houses on the parramatta side are r4 zoned so expect 2 mil + or on small lots, the remainder is more towards carlingford and rydlemere which is limited but around 1 mil +,
    Rosehill/Harris park side has houses around 1 mil for a old house on a small block
    Southside of parramatta (inside auto alley - towards holroyd) has some houses again 1 mil +

    I would say these have rocketed 2-3x in past 5 yrs
     
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  4. Azazel

    Azazel Well-Known Member

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    Ah Ok, not somewhere I would be looking at then, being not familiar with it.
    The prices would already take into account the planned infrastructure?
     
  5. gach2

    gach2 Well-Known Member

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    yea but the potential of the properties may 5x what they were 5 yrs ago

    Still a lot of potential though for buying and holding a house with decent land and expecting steady cg parramatta itself may not be the best place.

    Though if you want to buy and develop/ or hold for the purpose developing (whether you do it yourself or not) may be ideal.

    Surrounding suburbs of parramatta is a different story.

    Also i dont buy apartments but if there is one place i would buy it would be north parramatta
    500k for newer (10-15 yrs) 2 bedder - rents for 450k - strata/council/water 1k a quarter)
    15 - 20 mins walk to parra station, westfield
    5 -10 mins walk to church st cafe/nightlife

    Yes there may be an oversupply with the new developments but the prices for a similar sized new apartment in parramatta (5 walk mins closer to parramatta cbd) are going for around 750k - 1 mil
     
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  6. Befuddled

    Befuddled Well-Known Member

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    Yes I would say so. Have a look at the following recent sales in nearby Harris Park

    http://www.realestate.com.au/property-house-nsw-harris+park-119830371
    http://www.realestate.com.au/property-house-nsw-harris+park-119863949

    People are paying overs to snap up anything with land in the area in anticipation of rezoning or being bought out by developers.
     
  7. jins13

    jins13 Well-Known Member

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    Heaps of money being put in Parra. I personally think if you can buy a unit that is located well and has a low strata without the annoying pool, gym, lift, someone on site and etc, than you on a winner. Jamie Oliver restaurant is on Mac Street and they are trying to make Parra River swimmable again.
     
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  8. gach2

    gach2 Well-Known Member

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    I personally dont think jamie olivers restaurant means anything
     
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  9. JTR

    JTR Member

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    Thanks all for your insight, this is a great discussion.

    According to this recent article on http://news.domain.com.au/domain/do...ng-in-sydneys-other-cbds-20150709-gi69py.html, the current median house price in Parramatta is $850,000 and median unit price is $515,000.
    [​IMG]

    Comparing to the other major Western Sydney centres, it appears to me, that the growth over the past couple years has been more due to the current Sydney-wide boom and may not have factored in all of the upcoming developments such as Parramatta Square and new UWS campus, Western Sydney Light Rail, West Connex, Westfield expansion and Auto Alley redevelopment.

    Once these developments start materialising in the next few years, could they potentially act as a further catalyst for price growth long term? For past examples, I look at projects like the Epping-Chatswood rail link, M2 upgrade and the redevelopments of Top Ryde and Macquarie shopping centres and their effect on the surrounding suburbs.
     
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  10. Tekoz

    Tekoz Well-Known Member

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    You can't go wrong investing in Parramatta as lnog as it is not the OTP apartments :cool:
    isn't that right @WinDyz.
     
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  11. teg499

    teg499 Well-Known Member

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    100% Tekoz!
     
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  12. WinDyz.

    WinDyz. Well-Known Member

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    hehehe. as long as you're selective and be very careful, work with your number and budget and don't bring your emotion to it, then it should b fine
     
  13. Azazel

    Azazel Well-Known Member

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    Ah, Ok.
    I even know where Harris Park is now.
     
  14. Steven Ryan

    Steven Ryan Mortgage Broker Business Plus Member

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    If you absolutely have to buy in Sydney, it's probably not the worst place to be grabbing a house (on plenty of land) for a 10+ year hold.

    My investment dollars are Brisbane-bound.
     
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  15. JTR

    JTR Member

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    After a tender process involving Lend Lease, Dyldam, Centuria, Dexus and Leighton, Parramatta council have selected as Walker Corporation as the developer who will build the main skyscrapers (stage 2, 5 ,6) in Parramatta Square. It feels like a long time coming as I remember when Grocon were originally selected to develop the square back in 2006!

    "New designs have revealed a glimpse of how the multibillion-dollar redevelopment of Parramatta's city centre will look when it is completed."
    http://www.smh.com.au/nsw/designs-r...tta-square-redevelopment-20150813-giydyv.html

    [​IMG]
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    [​IMG]
     
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  16. Azazel

    Azazel Well-Known Member

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    Feels like they got the same graphics people as the Queens Wharf/Casino development in Brisbane.
     
    Last edited: 14th Aug, 2015
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  17. jins13

    jins13 Well-Known Member

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    going to be good for the area and more job opportunities for all. Many Government departments have moved to Parramatta.
     
    Last edited: 15th Aug, 2015
  18. Mayjong

    Mayjong Active Member

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    i live in Westmead and we have seen a lot of changes in the parramatta surrounds over the last 4 years..
    - Transport is great into city
    - more security / police presence in the area
    - great shopping
    - no of big name employers setting up shop
    - possible light rail
    - great shopping and restaurants
    - some good schools in surrounding areas
    - lots of professional people moving in

    I would personally prefer to buy in the surrounding suburbs as opposed to the CBD itself. More affordable and also less risk of oversupy.
     
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  19. C-mac

    C-mac Well-Known Member

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    I sold in North Granvilla this year and I think there is some great buying to be had here. I'm talking about the small streets that start at Meehan Street up to boundary street (appropriately named!), where it technically becomes the suburb Parramatta for the streets thereafter, flowing into the auto-alley development.
     
  20. Nick Valsamis

    Nick Valsamis Well-Known Member

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    The main thing is that properties are under the Granville name and Railway St is probably the only one to avoid really.

    I've always liked the last section of Boundary St towards Church St though.

    Was your property on Meehan St Cameron?