With Parramatta growing rapidly and set to become the next Sydney CBD, there are many reasons to consider this suburb as the location of your next investment property in Sydney. But what exactly is it about Parramatta apartments that makes them a great investment?
With the Parramatta population set to increase by 75 per cent over the next 20 years there will be a huge demand for housing. According to an article by Domain, the city’s employment is set to almost double by 2021 to an estimated186,000 and a $2 billion renovation to Parramatta Square is set to support this by at-tracting countless new companies to the area.
Parramatta is already a huge business hub which is likely to see economic growth for years to come. With a shortage of rental options and exorbitant property prices in Sydney causing an extremely low number of first time buyers, buying to let in Parramatta yields fantastic returns on investment.
Although dubbed Sydney’s second city, Parramatta is actually the geographical centre of Sydney and is only a 30 minute train journey from the Sydney CBD.
Located at the crossroads between the eastern and western sides of Sydney, it is a fantastic location for various commutes. This makes it an ideal locale for owner occupiers as well as a great buy to let invest-ment.
As well as being geographically central, Parramatta is easily accessible from various parts of Sydney via rail, bus, ferry, and car. It will also benefit from a new light rail, fast train connection between CBDs, Western Sydney Airport at Badgerys Creek and the Westconnex Road project which will likely increase house prices and property value in future.
There are several major developments occurring in Parramatta and the greater Sydney area over the next few years which stand to encourage economic growth and increase property value.
Construction started on Badgerys Creek Airport last month. With a $5.6 billion investment from the Fed-eral Government, Sydney’s second international airport will create 11,000 jobs during construction and will support 28,000 direct and indirect jobs five years after it opens in 2026. And with a new light rail con-necting the airport to Parramatta, properties are likely to increase in value and the demand for short and long term rental accommodation will also increase.
The Parramatta Riverbank is also facing a $1.2billion urban renewal project. The 20,000sqm site on the banks of the Parramatta River will be home to major retail, dining, heritage and cultural facilities. It is also set to house the new Museum of Applied Arts and Sciences which has the potential to draw up to a mil-lion visitors a year.
Parramatta is enjoying an exciting period of development and economic growth which is set to continue for several years. Developments to roads, rail and infrastructure are connecting Parramatta to other busy hubs and suburbs which makes it the ideal location for commuters. Meanwhile, major construction and commercial projects in the city itself are creating jobs and increasing the population which is creating a serious demand for housing.
Choosing Parramatta apartments as your investment property in Sydney is therefore a no-brainer. With serious buying to let potential and significant value increases forecast for the coming years, there is no better time to look at Parramatta apartments for sale!