ACT Reports Progress Of ‘Better Suburbs’
The ACT government has delivered an update on its “Better Suburbs” plan, detailing the headway that has been made to...
Property investors enjoyed capital gains of 0.2% over the last 12 months in PARRAMATTA, translating to lower returns compared with its peers in NSW.
Figures from the previous quarter show that capital gains for real estate buyers in PARRAMATTA are high, as opposed to average gains per annum over the past five years.
The suburb posted a 5.32% growth in median prices over a three-year period. This is considerably higher than the gains it recorded over the past year.
This number can mean, real estate investors could earn a rental income of $472.5 based on current median home prices for the suburb.
On average, rents on listings have reached the $472.5 mark, reflecting a 1.95% increase in returns based on the current median price in PARRAMATTA.
PARRAMATTA, 2150 ranks 1280th in NSW in terms of median property value increase and capital gains, based on year-to-date figures.
While it ranks 1051st on the list of best yielding suburbs for rental properties in NSW, posting a 1.95% return.
Being the hometown of the Parramatta Eels makes the suburb of Parramatta a staple on the sports section of Australian newspapers and websites. But this is not the only reason Parramatta is making headlines in recent months. Parramatta real estate has grown at an unprecedented pace, thus catching the attention of experienced property investors, as well as residents for its proximity to Sydney, its array of leisure spaces and contemporary living enclaves.
The median price for homes in the suburb is not for the faint of heart at $1 million, and has soared by a whopping 89.29 per cent in the past five years alone. Units, meanwhile, are facing a similar trend, up by 44.86 per cent. While a buyer will have to fork out $600,000 for a single apartment or condominium unit.
Amenities near Parramatta
Parramatta is replete with amenities to cater to its growing population. Locals can shop for lifestyle necessities at the Westfield Parramatta, a major retail centre in the suburb, and dine at various gastronomic options. As for transportation, the local government council is in talks with developers on constructing a new railway system that will link communities in Parramatta with Maroubra in the south. A new railway project has also been finalised, which will run from Westmead through Carlingford.
|KEY PROPERTY DATA REPORT||HOUSE||UNIT|
|Median 12 month||0.2%||-0.81%|
|Median 3 years||5.32%||-5.38%|
|Median 5 years||30.85%||-9.56%|
|10 years average annual||10.13%||3.81%|
|Weekly media advert. rent||$472.5||$420|
|Time on Market||71.8 days||79.7 days|
|Gross Rental Yield Percent||1.95%||3.55%|