Australia continues to draw attention from overseas investors, but is Parramatta becoming Australia’s fastest growing CBD?
The combination of infrastructure improvements, development activity and population growth have transformed Parramatta into a vibrant city, which is popular with renters, first time buyers, young families and investors alike.
Parramatta is the second oldest colonial town in Australia, founded shortly after Sydney. The city was initially established as a farming settlement and the population grew rapidly as new settlers arrived by river and subsequently road and railway. Since then, Sydney has expanded and today Parramatta is located in the centre of Greater Sydney.
Forecast to be vital to Sydney’s future, Parramatta is now a city in transition with significant residential and commercial development activity taking place. The centre of Parramatta is already considered Sydney’s second CBD with an extensive commercial centre with substantial retail amenities.
The suburb has benefited from a number of government agencies and private sector companies relocating or opening new offices in the area. These moves mean there is a greater number of high earning professionals, not just working, but often living in the area as well as utilising the retail, dining and leisure facilities. Parramatta is a culturally diverse city and has an international community. The residents ancestry are more mixed compared to greater Sydney with 21.3 percent ancestry described as Indian, 21.2 percent as Chinese and 19.3 percent as Australian or English. As such, this cultural community attracts the international buyers who provide an important source of demand for the housing market as both owner-occupiers and investors. In addition, the population of Parramatta is forecast to increase by 75% over the next 20 years which will contribute towards increased demand for residential properties.
Aside from the ongoing development activity and popular dining precinct, Parramatta will continue to evolve due to the infrastructure improvements taking place. The State Government has committed $10 billion to infrastructure investment for Parramatta and Western Sydney, which includes the new Sydney Metro West, Light Rail network, integrated and upgraded roads, rail, buses and ferry services.
Content courtesy of Savills: http://www.savills.com.au/blog/article/152446/aust...