Despite ongoing speculation that the Sydney market has reached its peak, one suburb is set to grow and grow.
Dubbed ‘Sydney’s second CBD’, Parramatta is forecast to bring more and more people further west.
Nathan Sahyoun, principal for LJ Hooker, said the years of planning and investment in the region are starting to come to fruition with new developments springing up and investors and owner-occupiers alike taking interest.
“Over the last couple of years we’ve seen a lot of large development applications put through council, like the Meriton Tower, V by Crown, and the riverside development, which has just been approved in the past month or so,” he said.
Parramatta City Council also aims to make the Parramatta River swimmable by 2025 as part of the city’s urban renewal plan.
People of Sydney have already begun migrating west towards Parramatta, especially in light of the affordability crisis that has hit the country’s most populous city, according to Mr Sahyoun,
“We’re seeing people east of here being pushed out of their property through increased rents and high sale prices. People migrating are from the inner west, coming down the train line,” he said.
State and local government have been pouring massive amounts of resources into making Parramatta a viable alternative for residential and commercial development in Sydney.
“I think traditionally Parramatta was seen as western Sydney, whereas now it’s the centre of Sydney,” noted Mr Sahyoun.
The development of Parramatta is also driving growth in surrounding suburbs such as Westmead, Wentworthville, Blacktown, and Mount Druitt.
This has been furthered by the ongoing construction of the North West Rail Link, which will connect Rouse Hill to the Epping line via Castle Hill.
“In the past, that north west corridor was never an option from a transportation point of view, but when that connects into the system, it’s going to add a new dimension of opportunity and selection to potential tenants,” said Mr Sahyoun.