Parramatta is 23km west of the Sydney CBD and 29km to Sydney Airport and is considered Sydney’s second CBD.
Parramatta is mostly comprised of units. Residex reports 73% of all housing is units, only 5% is semi-detached and 12% are houses. 10% is commercial/other. Age mix for the area is 0 to 29 yo 37%, 30 to 49 yo is 33%, 50 & above is 30%.
According to Residex, Parramatta experienced market growth of around 21.7% from February 2015 to January 2020. With so much growth in the recent decades in the west of Sydney, Parramatta is now the true centre of Sydney geographically. Because of this Home buyers are attracted to Parramatta for its proximity to amenities and it being within 30 minutes of most of the rest of Sydney. Investors are attracted to its strong fundamentals.
Parramatta has its own share of great cafes and restaurants. Circa Espresso is considered one of the best serving modern Australian Farm to table cuisine. Or if it's entertainment you’re after walk down to the riverside theatre and take in a live show. The CBD hub of Parramatta has been dramatically revamped with a large number of new eateries and retail outlets.
Parramatta is blessed with natural beauty and open spaces whether it be Parramatta Park or go for jog along the river itself at River Foreshore Reserve. Of course, Parramatta has its share of great gyms and sporting facilities too. Genesis Health and Fitness is considered one of the best so is Zubin Weightlifting Club.
Parramatta has its own public school and a selection of religious schools close by. It is also close to James Ruse High School which is consistently ranked the highest academically in the state and country.
Price growth in recent years has been good in Parramatta for units with prices increasing 16.7% in the five years to now and 26.8% for houses. Residex notes 0.65% of properties in the suburb are currently on the market with an average time of 39 days on the market.
Residex notes the median house price now sits at around $1,193,000. Median unit price is $581,000 in Parramatta.
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