Strong growth in Parramatta for property sellers: HTW

Strong growth in Parramatta for property sellers: HTW
Strong growth in Parramatta for property sellers: HTW

The November report from valuation firm Herron Todd White shows strong growth within the residential sector in Parramatta, especially over the past year.

The HTW report suggests the vision of the suburb becoming Sydney’s second CBD has seen construction boom within the region, with unit development the main driver and overseas investment acquiring off the plan purchases one to two years in advance.

"The past 12 months have been very good for dwelling investment returns compared to the rest of NSW, giving investors a capital gain of 13% to date with the median price for a house in Parramatta being $772,000."

The report also showed that advertised rent reached $490 giving a gross rental yield for property investors of 3% according to CoreLogic RP Data and APM.

"The high level of interest in apartment living in Parramatta from both local and overseas investors was reflected with the strong sale transactions over the past 12 months with the suburb becoming a focal point for economic growth and increase in population."

The HTW report concluded by showing the median price for a unit in Parramatta is $541,000 with a capital gain of 12% to date and advertised rent reaching $460 giving a gross rental yield for property investors of 4%. 

 

Joel Robinson

Joel Robinson

Joel Robinson is a property journalist based in Sydney. Joel has been writing about the residential real estate market for the last five years, specializing in market trends and the economics and finance behind buying and selling real estate.

Tags: 
Parramatta Property market

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