Hi guys looking at parramatta for an entry base into a 2 bedroom unit max price $270k . Any thoughts on the area and its unit market . Some people tell me its very oversupplied others say great long term growth possiblities because it is the 2nd biggest CBD in sydney, 7.8% long term growth reported by australian property monitors (units). Redevelopment of civic place etc. All thoughts and info would be greatly appreciated.
Cheers
Hi Young cant comment on the location but happy to run a Residex report or two for you if you have a property address in mind.
Will certainly provide you with some useful statistical information. I use it all the time for all of my IP purchases.
Drop us an email with a security address and i can email the report back to you.
Richard Taylor | Australia's leading private lender
Hi young investor,
Here's my .02 cents worth…………..with some bias as I own IP's there.
Fundamentals in Parramatta are good. The government (local and state) and private interests have some 2 billion dollars investing there. Also the civic place redevelopment will add to the appeal of the hub. Consider the amenity of the suburb. It is an employment node, transport hub and the gateway to Sydney's west (where 10 % of Australia's populace live), and Parramatta is approx 20 km from Sydney CBD
I purchased a "four-pack" in 2007 on an initial yield of 5.9 % and they were under-let. Since that time my units are now positive cashflow. I should of bought more.
At the time I purchsed Sydney property was on the nose. With affordable properties Parramatta, you will always have tenants willing to pay median priced rents and in case of a liquidation being necessary, the masses can afford to buy. Not as sexy as the eastern suburbs and other blue ribbon locales, however Parramatta is within the price range of many more customers and has a far better yield. Better to be a small fish in a big pond than a big fish in a small pond.
As well as Parramatta and Parramatta North, do not totally discount Granville or Harris Park. There may eventually be more upside potential in the latter suburbs as they are more the ugly ducklings although, that may take time. Your tenants are also likely to be of a higher calibre outside these areas at present. Less risk Parramatta itself.
It is a strong apartment/unit suburb, so do not be put off with the amount on the market. Don't rush however, there is (and always be) plenty to choose from.
Good luck
We have a few units in Granville, Parramatta and Rosehill – I sold one recently that was renovated, freshly painted, and had about 30 people at the first open and it sold no issues for 299k- it was 30 yrs old, small block, walk to all
If I was buying again there I would buy in Rosehill, Harris Park- small block, and the main thing people want there is parking, nice kitchen, bathroom, walk to transport, maybe one that was unrenovated so I would give it a fresh coat paint, new carpets, timber blinds, change power point covers, put in an aircond- little things really make the difference
My units I receive about $320- 345 per week in rent and mainly all rented to single professional women or young couples saving up for their first homes and have had very good long term tenants.
My property mgt company is Ray White Parramatta and have used them for 9 yearsI have never been to Parramatta but i'm starting to seriously look into purchasing a property there – purely based on the figures and future potential.
Does anyone know which are the better streets/areas and which ones to steer clear off??
What is the crime rate like around these suburbs these days?
Cheers,
KI finally went for a drive around the parramatta area today – i was quite surprised actually! Only stumbled upon a few dodgy streets but there were some nice wide tree lined streets. Leaning towards buying a house or townhouse though – seems to be a lot of units so not much scarcity –
Any opinions?
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