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Parramatta write up

Discussion in 'Real Estate' started by Jacque, 20th Jul, 2007.

  1. Jacque

    Jacque Team InvestEd

    Joined:
    16th Jun, 2005
    Posts:
    1,885
    Location:
    Sydney
    Interesting to see a big article in this month's API promoting Parramatta and surrounds as having better future cg prospects. According to some experts, such as John Edwards (Residex) this area is set to grow, due to several factors that include economic dvpt, future employment and industry movement as well as CBD gentrification (in particular the riverfront).

    I'm still not a fan of some of the suburbs immediately surrounding Parra on the western side, but do believe that others on the northside do represent good value for money in this market that's basically been stagnant for 3-4 yrs now in the region.

    Talking to a few agents during the week, however, I learnt that 6mths ago the market started to pick up, especially in the $350K freestanding house bracket. In Mays Hill, for example, a 3bedder was easily achievable for that price, but no longer. Wentworthville and Pendle Hill (further out) produce something in that price range but closer in to Parra it's getting quite tight.

    Having been a nearby local resident of this area I look forward to some transformations occurring- especially the beautification of the river. Perhaps they could add some Blue Loo to make it look less like the Yarra :D
     
  2. caz

    caz New Member

    Joined:
    25th Apr, 2007
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    3
    Location:
    in dream world
    We had a look around in the Parramatta area in late may and everything on our shortlist was sold by the end of the week we spent looking.
    It seemed well priced places were moving quickly.
     
  3. tony

    tony Well-Known Member

    Joined:
    20th Jul, 2007
    Posts:
    46
    Location:
    sydney
    Hi

    I think Parrramatta should provide growth in the next few years. However a couple of things:

    I wish Council would stop spruiking the Civic Place project and actually do something. It started out (possibly 7 years ago) as being touted as the largest urban renewal project in the Southern hemisphere. Latest news is that the commencement date has been dropped and replaced by statements to the effect that the project will be completed in 2013.

    Other Councils - Ryde, Hornsby, Chatswood - have raced ahead with larger projects in half the time.

    The river - I agree with the statement by Broger in the API article that Council have squandered this resource - prime real estate, and it used for parking ?. And yes, Council should clean it up since it looked like a mud stream yesterday.

    And the large waste ground at the corner of Victoria and Church - I recall years ago this being mentioned as the site for the "Italian Forum". I suspect that area will remain vacant for a few years yet.

    Overall Parramatta has potential but is sadly let down by lack of effective decision making by Council.


    Tony