Hi,
I am looking to purchase a PPOR in Parramatta. I have been following REA's websites + realestate.com.au & realise that units in Parramatta do not last long. In some cases, it is sold in 2-3 days. My observation was confirmed by 2 REAs yesterday, they advised average selling time for units in Parramatta is 1-2 weeks only. Why is Parramatta buzzing with such activity while other areas around Parramatta are getting quieter.
Anyone bought units/houses in Parramatta recently ? How much you could knock off the asking price ?
Comments are appreciated.
How much can you knock off? – not much if they are selling quickly.
Parra council has just lauched its new website: http://www.newworkcity.com.au
Decent commercial property is quite tight.
Fuel costs are increasing (hence need to be near a good rail line)Absolutely !!!! Considering the rising fuel costs, it is getting very essential to buy near a good train connection. Parramatta superbly connected with Sydney CBD & other major suburbs of Sydney.
Previously, I thought of buying a decent 3 bedroom house in blacktown or Doonside. Yesterday, took a decision NOT to buy there as Capital Growth would be minimal.
vish wrote:Absolutely !!!! Considering the rising fuel costs, it is getting very essential to buy near a good train connection. Parramatta superbly connected with Sydney CBD & other major suburbs of Sydney.Previously, I thought of buying a decent 3 bedroom house in blacktown or Doonside. Yesterday, took a decision NOT to buy there as Capital Growth would be minimal.
Hi vish,
on what basis do you consider that cap growth will be minimal in Blacktown?
I would have thought that buying a house (with some decent land content) would have more potential in an area that has been in the doldrums for so long. Plus some upside potential for future development on the land.
Don't get me wrong, I consider Parramatta to have great fundamentals and own property there myself. Just curious (as I don't live in Sydney) on why you consider cap growth to be minimal in Blacktown and over what time frame.? Don't expect prices in Parramatta to go gangbusters any time soon with current sentiment. It will happen but not in the near or medium term.
Micheal,
I have lived in Parramatta for about 5 years now. And I like you strongly believe that Parramatta has all fundamentals for a nice capital growth in future as soon as present sentiments improve even slightly.
A lot of large companies are moving their offices from Sydney CBD to Parramatta (Water Board, Deloitte, Robert Walters to count just a few). RTA Office in Parramatta is moving to another place. Why ? A 26 story Residential Apartment coming to its place (A friend of mine advised this, I have not confirmed yet with anyone)…Parramatta remains the obvious choice after Sydney CBS & North Ryde for business to move in…
Anyways, Blacktown – to understand the place, you actually need to see it yourself. I do not see any developments coming there, no good employment opportunities ( more people travel to City or Parramatta or other areas). I believe that any Suburb goes higher in value when people like you and me desire to live in the area. I do not see many desirable people around me.
Doonside – A good friend of mine lives in Doonside & does not rate this suburb as safe.
On top, fuel costs make it more difficult to travel to city.
Thanks.
Blacktown/ 7 Hills etc are all on the trainline – maybe they won't have the employment prospects of Parramatta but they are short commuting distance to Parra compared to the CBD. These areas have taken a big hit with the current correction so should have a greater rebound or at least allow you to get more bang for your buck.
Block sizes are pretty good and council has allowed numerous granny flats giving you potential access to additional income.
we know theres a big push for redevelopment of parra so as far as units are concerned theres a real chance of over supply in the near future, id be careful with the type of stock you buy..id be looking at high quality design by leading architects (stear clear of generic developer stock) or quality old stock with good period architecture if your considering a unit investment. If I had a 300ish -budget id rather look at blacktown houses with large land as recommended by someone above, something you can add value to…. but thats just me.. good luck .
Is buying an investment apartment in Parramatta next year a good idea?Interest rates keep dropping, and they should drop to about 4% by mid-next year. There are apartments in Parramatta just 200 hundred metres from the CBD selling for under $300K, and Parramatta's growing faster than most parts of Sydney. Am thinking of buying one while taking advantage of the first home owner's grant & no stamp duty payable + the $3,000 bonus. Is it a good idea?
Bought strata commercial in Parra back in 1993. Back then there were new council plans showing the new growth. About the only thing here that grows, is the Council plans, always something new. Those new Family Law Courts will transform Parra they were announced what 3 years ago, no must be 5…
Parra always planning never building.
In 15 years here, I can only remember 3 commercial building of note going up and one of those is the Police complex. Lots of residential towers though. The eating strip is growing, the old DJs complex is dead, the old Church St mall is becoming a collectrion of $2 shops.
And all these business moving here sounds like the ones who moved out. In recession they bail out of town when things improve they will move back.
Parra is dominated and totally stuffed by Westfields. Think it is a good place to buy, but, it could be much better.
Oh and our building now has around 17% vacant space we were 100% occupancy for years.
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