Recently completed Parramatta apartment prices edge downwards: HTW

Recently completed Parramatta apartment prices edge downwards: HTW
Recently completed Parramatta apartment prices edge downwards: HTW

Apartments purchased off-the-plan four years ago for about $670,000 in Parramatta, are now selling for around $630,000, according to the valuation firm, HTW.

The market commentary comes as Parramatta ranks has having the largest apartment future supply pipeline of Sydney.

Urbis director of property economics and research, Princess Ventura, highlighted Parramatta is a prime candidate for a Central City, exhibiting trends found in other apartment hotspots such as a high proportion of overseas-born apartment residents and young families, as well as transport amenity, population growth and housing growth.

Young families are occupying 35 percent of Parramatta apartments.

The majority of the apartment dwellers at Parramatta are overseas born.

Parramatta would receive the most substantial supply of new apartments with 11,000-plus new dwellings scheduled with two-bedroom apartments making the majority of the future supply.

An off-the-plan three-bedroom, four-bathroom penthouse in the 8 Phillip Street development holds the Parramatta apartment record selling mid-last year for $3,325,000.

 

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Parramatta Htw

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