Why investors are targeting ALAND's Paramount on Parkes, Parramatta apartments
The general consensus among property investors is that Parramatta, Sydney's second CBD, continues to be undervalued.
Parramatta is a focal point for economic activity; the $27 billion economy ranking as the third largest in Australia, only behind Sydney and Melbourne.
A commitment to infrastructure has made Parramatta a convenient and well-connected location to work and live in, with the number of jobs within Parramatta’s local government area expected to almost double by 2036.
Some of Australia's leading businesses and government branches are making the leap to Parra with NAB, the Department of Education, Western Sydney University and University of NSW among them.
Parramatta is a hub of connectivity with express trains, frequent bus services and upgrades to the M4 as well as the planned Metro West line.
$3.4 billion has already been committed by the NSW government over the next 10 years to the Westmead Health Precinct, currently Parramatta’s largest employment sector.
The investment potential in Parramatta has property investors enquiring on Paramount on Parkes, the new tower developed by the respected local developer, ALAND.
14-20 Parkes Street, Parramatta
Top on a priority list for property investors is the apartment's proximity to transport and local infrastructure.
The 42-level tower of 294 apartments is located just a five minute walk to Parramatta Station, and bordering the well-known horse racing spot of Rosehill which lights up on Saturday's with punters.
Prices start from $573,000 at Paramount on Parkes, less than the $610,000 suburb median apartment price. Two-beds range between $767,000 and $922,000, while three-bedroom apartment begin at $1,083,000.
Parramatta's demographic is younger than the average of Greater Sydney, with 46 per cent of residents aged between 25 and 39 years old, according to the most recent census data.
14-20 Parkes Street, Parramatta
In 2016, 71 per cent of Parramatta locals were renting, with 84 per cent of all residents living in apartments.
Over the last decade to March 2020, Parramatta apartments have seen six per cent capital growth per annum.