Welcome to Parramatta, a city of rich culture, fascinating colonial history and one of the first Sydney suburbs identified as an opportunity market by the Blue Wealth research team back in 2009.
It’s no secret how strong the Sydney property market has performed in the last 36 months. Between 2009 and 2012, over 200 Blue Wealth clients invested in Parramatta property approved by our research model. Parramatta is now considered the heart and forefront of Sydney’s growth and is on its way to becoming a secondary CBD and a significant employer within Greater Sydney.
Parramatta has all the traits that make a sustainable property market; a thriving economy, strong population growth in comparison to Greater Sydney, strong infrastructure investment and a central location.
The dashed line in the figure below shows the median year on year growth of an apartment over the ten years prior to October 2015, with the solid line tracking the median price of an apartment. Blue Wealth approved Parramatta in 2009 and since then the median price of apartments has increased by $215,000 or 61.42 per cent. Since 2013, the median price has experienced an annual average price growth of 11.04 per cent.
Here’s what you need to know about Parramatta:
– The population is expected to increase by 26.4 per cent by 2036 as it continues to grow as Sydney’s second CBD
– Just over 35 per cent of the population rent their dwelling
– Parramatta has a strong economy, a Gross Regional Product (GRP) of $16.8 billion which equates to 15.5 per cent of the total GRP of Greater Western Sydney
What you’ve read above highlights the importance of research when making one of the biggest investments of your life. As always, get educated, get professional support and take action.