Four reasons to have Parramatta on your investment radar
An increasing number of people are looking to Sydney’s west for investment opportunities.
It’s often noted that Parramatta is the geographic heartland of the city of Sydney. Located around 20 kilometres west of the city’s CBD, it’s become a second business district in its own right, specialising mainly in the health and education industries. As calls continue to move even more industry to the Parramatta CBD – along with the infrastructure to match – we look at why this thriving area should be on the radar of property investors.
A growing population
In recent years this Greater Sydney region has shown serious growth, with the area currently home to more than 250,000 people, according to population experts at .id. This is only set to grow, with the statisticians predicting that Parramatta will see a 53.89% increase by 2036, at which point the population is predicted to be almost 400,000.
This strong growth is supported by the 2016 Census, which notes: “The number of dwellings in the City of Parramatta is forecast to grow from 86,683 in 2016 to 121,872 in 2026.”
A thriving local community
Parramatta residents are happy with their surroundings, too. It’s regularly voted one of the most liveable suburbs in NSW, thanks to vibrant retail and restaurant scenes, regular community events and close proximity to reliable transport options (see below). The local arts scene is also well catered for, thanks to the Riverside Theatre, Parramatta Arts Studios and other happenings.
It’s close to transport
Sydney “second CBD” is well connected to the first, with express trains to and from Parramatta every few minutes; the journey typically takes less than half an hour. Travelling further afield will soon be easier, too, with the Western Sydney Airport set to open in 2026 and an easy drive away. According to WSA Co, the government-owned company responsible for building the airport, the project is expected to support almost 28,000 direct and indirect jobs by 2031, five years after the airport opens.
It’s relatively affordable
Budget-savvy investors looking to get more bang for their buck may find what they’re looking for in Parramatta. The difference can be significant, too – for example, the medium price of a two-bedroom unit in Parramatta is around 50 per cent less that one of a similar size in an inner-city suburb.
Suburbs, that are minutes away just outside Paramatta, such as Westmead and Mays Hill also offer great value for apartment buying.
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Always seek independent financial advice before making investment decisions.