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Straddling the Parramatta River and home to an ethnically diverse population of around 20,000 people, Parramatta is Sydney’s geographic centre and the city’s second major business district with grand plans for expansion.
Parramatta City Council plans to double the size of its CBD over a ten-year period and create a rival to the Sydney CBD. On the drawing board is the $2 billion Parramatta Square project comprising 150,000 square metres of commercial space plus civic space and a residential tower. A further 40 developments worth $8 billion have also been proposed, with a focus on connecting the river to the area’s business heart. On the transport front, $1 billion has been allocated towards a light rail line and the M4 will be widened to reduce travel times to Sydney.
Property buyers are spoiled for choice when it comes to apartment living, with everything from studio apartments, to three-storey unit blocks and prestige penthouses up for grabs. Free-standing houses are less common but include heritage-listed character homes.
According to CoreLogic RPData, the top performing suburb in the Parramatta region in the past 12 months is Dundas Valley, which saw the highest capital growth for houses in the area of 13.4 per cent. Median house prices are sitting at $1.1 million.
This is followed closely by South Granville, of which house prices jumped up by 13.1 per cent to a current median value of $850,000.
Girraween recorded the highest unit price growth of 14 per cent in the past 12 months.
Source: Domain, RealEstate