New Developments in Parramatta: 4 Reasons Why This City Keeps Booming
Parramatta is known to many property developers in Sydney as the state’s second central business district. This, alone, can explain why property developers are flocking to the area. There’s much more to the city of Parramatta than its bustling streets. Parramatta’s growth has been exponential in the last few years, making it a prime destination for new property developments and popular with investors.
Parramatta’s significant history
For some context regarding Parramatta’s development, let’s take a look at the city’s history. Parramatta was founded by the British in 1788 and was Australia’s first inland European settlement. It has seen waves of migration and business developments over the years, eventually becoming the economic capital of Greater Western Sydney.
Parramatta is also important to Australia’s history because it is the home of the oldest surviving Government House in the country, was the site of the pioneering of the Australian wool industry and is the location of the Experiment Farm which now houses one of Australia’s longest-standing residences. We’ve mentioned just a few, however, Parramatta is home to many other heritage-listed sites.
In 2000, government agencies such as the NSW Police Force, the registry for federal courts as well as Sydney Water relocated to Parramatta, demonstrating the emerging power of the area.
Now that you have some insight into the history of Parramatta, let’s now take a look at current factors driving the increase of new property developments in the area.
4 reasons why Parramatta is experiencing an influx of new property developments
First, when it comes to new developments, whether it be commercial or residential, there must be a demand. Parramatta has no shortage of demand, especially with a population projected to increase by 75% over the next 20 years. This indicates that for the next two decades, there will be a solid demand for residential developments.
The demand for commercial developments also seems to be solid as the city’s employment is set to increase this year, paving the way for an influx of companies, many of whom will require commercial space. Additionally, the city’s economic growth will double, positioning the city in an attractive light for future companies in the coming years.
2 — Convenient location
The convenience of Parramatta’s location is forgotten by many. Though Sydney is the top central business district, Parramatta is actually located in the geographical centre of Sydney. Because of this, it is a short 30-minute train ride to the Sydney CBD and very accessible to the eastern and western parts of the city.
This is important because it means that Parramatta is accessible for commuters from around the city and even state, in some cases. This also makes it an attractive area for owner-occupiers as well as buy-to-let investors who would rather be located close to the property but not live in the centre of Sydney.
3 — Excellent connectivity
As it is located in the centre of Sydney, it’s no surprise that Parramatta is extremely well-connected and accessible. Commuters and residents can access Parramatta via rail, bus, ferry and car. With a car, you’ll be able to get to Parramatta via a motorway ring-road and the newly launched WestConnex. The Parramatta Light Rail which is set to open in 2023 will connect Westmead to Carlingford via the Parramatta CBD. The future Sydney Metro West will connect Parramatta with the Sydney CBD.
The Western Sydney Aerotropolis, located in the Western Parkland City will connect Greater Parramatta and the Harbour CBD. Located near to the aerotropolis will be the new Western Sydney International (Nancy-Bird Walton) Airport (due to open in 2026), making it easier for international travellers to visit Parramatta.
4 — Budding new developments
In addition to infrastructure developments which will lead to improved connectivity, there are many developments in Parramatta which will encourage economic growth as well as increase property sale and rental value.
The Parramatta Riverbank is set to undergo a $1.2 billion urban renewal to create a globally-recognised riverfront precinct which, once completed, will become the city’s core. It will also be the location for the Museum of Applied Arts and Sciences which is projected to bring in millions of visitors every year.
Parramatta Square will become a major landmark in the city. It will comprise 6 new buildings as well as a refurbished Town Hall. This area will primarily be for shopping, dining, learning, celebrating and connecting with people.
Interested in the upcoming developments in Parramatta?
Cite Group has a range of developments surrounding the area of Parramatta as well as a range of others in some of Sydney’s most popular areas.
Investing or just curious? Contact us today to find out more.