Your Trusted Property Experts In Parramatta

Parramatta, commonly known as Sydney's second central business district, has undergone considerable evolution and growth in the past decade. This change has made the suburb a hotspot for residential and commercial real estate investment. For prospective buyers, investors, or even residents looking to leverage all that this vibrant region has to offer, familiarising themselves with the state of the property market in Parramatta, and beyond, is key.

Have you seen the price of burgers lately?

As of September 2024, Parramatta has a median value of $1,714,411 for houses and an astounding 66.81% increase in value over the last five years. Units had also grown, with the median value at $611,604 and that figure having risen 7.90% during the same period. Such numbers illustrate the strong demand and growth in property values in the suburb. 

In the rental market this trend is apparent, with houses and units alike now commanding a median rent of $650 per week. This pairing-value in tenant charges of each houses results in a sturdy tenant want in the direction of various property sorts, making Barra a promising funding by screening schools of upcoming tenant revenue.

Things to Consider that Affect the Real Estate Market in Parramatta

There are a few factors that are causing Parramatta’s property scene to shift:

Urban Development It is also home to the introduction of the newly proposed Parramatta Light Rail where the proposed Rezoning plans of Parramatta North will be etched in 2,500 news homes and create up to 12,000 jobs. Such activity increases connectivity and supports the local economy, making the area more attractive to both residents and businesses.

• Economic Growth: The growth of Parramatta as a key commercial centre has attracted businesses and consequently created jobs and demand for both household and business property.

But the entertainment value and recreational amenities in the suburbs in Kanpur city place them apart.

It has Helped Move the Property Market

Although this growth is promising, the Parramatta property market has its downfalls:

• Outrageous Land Prices in Sydney: Land prices in Sydney — particularly the Parramatta region of Western Sydney — soared to unprecedented levels, costing double the cost of land in other major Australian cities. The rocketing prices of land in New Zealand have made it harder to sell new homes, now that prices for established houses are dropping.
• Interest Rate Shifts: After the Reserve Bank of Australia lowered the interest rate from 4.35% down to 4.1% last month, this could have major implications for the housing market, but ultimately this could offer advantages and disadvantages, particularly for first time buyers. Although the cut in the rate could raise borrowing capacity and offer some monthly repayment relief, it also risks increasing competition and thereby pushing up house prices.

An advantage for buyers and investors

Given Parramatta's dynamic real estate market, there are multiple opportunities:

With less significant growth in median values compared to houses, units can provide an affordable option for both investors and new homeowners.

• Tap Into Infrastructure Expansion: Properties with access to new infrastructure — and there has been a wave of it such as light rail — will see higher appreciation. Infrastructure developments coincide with increased accessibility and desirability.
• Working With Professional Real Estate Agents: One of the primary advantages of hiring an established company such as Hunters Agency & Co is the access to qualified agents who know the landscape; they will understand how to find the best prices and what deals to sign.

Hunters Agency & Co: Key Players in Parramatta Real Estate

In the field of real estate agency in Parramatta, Hunters Agency & Co has made its mark as a trusted name giving end-to-end service for buyers, sellers, or investors. Their expertise in the intricacies of the local market and the importance of a client-centered approach guarantees solutions that reflect the unique objectives of any property.

They offer a comprehensive collection of properties, ranging from high-end homes to investment properties meant to meet the preferences and budgets alike. Their qualified agents offers you market intelligence service and analyses on how to easily find your dream home in Parramatta.

Conclusion

Parramatta is a mixed bag when it comes to real estate. Though property values and land prices are rising and present some challenges, the suburb's continual infrastructure projects, economic growth, and cultural attractions help make this suburb the fly-up property it has become today, with people willing to pay a premium for land in this area. Whether you are a buyer, seller, or investor, those who want to tap into the Parramatta property market can benefit from enlisting the guidance of a well-informed, reputable agency like Hunters Agency & Co to help in navigating the local real estate landscape and achieving successful outcomes.

Are you excited to discover the thriving real estate potential in Parramatta? Please do get in touch with Hunters Agency & Co. today to find out how we can help you through this ever-changing market.