The ‘Second CBD of Sydney’ that is a FHB hotspot
Hotspot in Focus: Parramatta (often referred to as the ‘Second CBD of Sydney’)
The Parramatta area, which is now covered by City of Parramatta Council represents one of the most exciting and dynamic parts of Sydney. The area is currently home to over 240,000 people, and over the next 5 years another 41,000 people are expected to call Parramatta home.
PARRAMATTA AT A GLANCE
DISTANCE TO SYDNEY CBD
City of Parramatta
Parramatta High School, Our Lady of Mercy College, St Patrick’s, Kings
Bus, Train, Car (Freeway), Ferry
MEDIAN DWELLING PRICE
Disclaimer: This article is general nature and should not be relied upon. FHBA is not qualified or licensed to recommend locations for your first home. If you do not know where you want to buy your first home you should speak to a licensed professional.
Why the Parramatta area?
Whilst Parramatta may not offer a perfect lifestyle for families, Parramatta is a hotspot for young couples looking for high rise & low maintenance living. Paramatta, with an average age of 30, is a relatively young city when compared to other parts of Sydney. Parramatta and the surrounding suburbs are very popular with first home buyers due to all the amenities including employment, education and entertainment. Some reasons why first home buyers might find Parramatta as a suitable first home choice include:
Variety & Lifestyle – One of the key features of Parramatta is the fact that it has its own CBD which offers almost everything that the Sydney CBD has available. The Parramatta area has a lot to offer for first home buyers:
- One of Australia’s biggest Westfield Shopping Centres
- Ability to work in the local area
- Multicultural – offering plenty of variety and food choices
- Major businesses, arts, sports teams, alfresco dining, markets and an automobile precinct
- A range of specialty, café, restaurant, pubs, food and service outlets
Therefore, first home buyers in Parramatta can enjoy all the benefits of inner city living but with easy access to everything the area has to offer. It is ideal for couples as it is an established area, yet there is still plenty of room for growth in the area.
Transport & Location – Parramatta CBD is easily accessible by train, bus and the ferry, while the Parramatta Transport Interchange provides a gateway to Western Sydney by linking rail services with the Western Sydney Network, local buses and other transport services. The Parramatta Train Station connects residents with people looking to travel on the following lines:
- Western Line (Clyde, Granville, Harris Park, Parramatta, Westmead, Wentworthville)
- Blue Mountains Line (Granville, Parramatta, Westmead)
- Cumberland Line (Westmead, Parramatta, Harris Park, Merrylands, Guildford)
- Carlingford Line (Clyde, Dundas, Rydalmere, Telopea)
Over 50 different bus services connect through the Parramatta Interchange with services to local suburbs including Castle Hill, Hornsby, Ryde, Sydney, Strathfield, Bankstown, Hurstville, Sutherland, Liverpool and Rouse Hill.
Parramatta residents can even travel by ferry from the Sydney Harbour along Parramatta River to Parramatta Wharf or Rydalmere Wharf.
Schools – There are plenty of child care and early learning centres in the city of Parramatta & surrounding suburbs, assisting those first home buyers with young children. As the population in the suburb continues to grow with more high rise development, more child care centres are opening and capacity in the schools is being increased.
There are a number of primary schools and several secondary schools, both state and specialised schools servicing the area of Parramatta. The most popular schools in the region include:
- The King’s School (Australia’s oldest independent school)
- St Patrick’s Primary School
- Parramatta Public School
- Our Lady of Mercy College
The Parramatta City has it all; high rise buildings, commercial buildings, shops, river and even Sydney CBD views
The Parramatta economy
Parramatta has already attracted a long list of multinationals, national companies and government departments which are moving their headquarters, and thousands of jobs to Parramatta. Within five years, it’s forecast that an additional $430 million will be spent by workers, residents and visitors on retail each year in the Parramatta economic region.
A massive pipeline of infrastructure development is happening in the area:
- Light rail network
- Redeveloped stadium for Parramatta
- New Museum of Applied Arts and Science (Powerhouse Museum)
- New high rise residential developments
- Creation of a greater number of commercial buildings
By 2021, it is expected that Parramatta’s economic growth rate will nearly double from 2.4% to 4.6%. This will mean that 22,000 jobs will be added CBD will grow significantly in size.
It is indeed an exciting time for the community as well as for anyone looking to buy their first home in Parramatta!
Parramatta first home buyer housing
Whilst Parramatta may not offer affordable options for those looking to be freestanding/detached dwellings with a median price of $1,300,000 (according to APM Data), Parramatta does offer affordable apartment/unit & townhouse living options for first home buyers who are looking to live close to or within the CBD for lifestyle and convenience purposes. There are plenty of established and brand new apartment options for first home buyers looking to buy in this region.
According to APM Data, the median house prices are as follows (as of April 2018):
Parramatta (Units) – $658,325
Parramatta (Houses) – $1,300,000
The median prices mentioned prices mentioned above are significantly lower than Sydney’s median unit price, especially for those looking to buy within a close proximity to the Parramatta CBD and for those looking for easy access to the Sydney CBD. For first home buyers looking to buy a townhouse or unit, there are considerably cheaper options with the median unit price at $658,325 (as of April 2018) – an option for first home buyers looking for entry-level housing. One bedroom apartments and some two bedroom apartment options are still available well below this median price.
A boom in the construction industry (mainly of high rise apartments) in the Parramatta region has also resulted in a greater number of units becoming available in the area and allowing first home buyers take advantage of the $10,000 FHOG in NSW (for a total purchase price below $600,000 for units). This means there is plenty of supply for first home buyers to take advantage of when buying their first home in the region. More importantly, for those looking to buy an established property, the NSW Government offers stamp duty exemptions for properties that are priced below $650,000.
Looking to determine if you have saved enough for your first home in Parramatta? Click here to use our Eligibility Estimator.
How can FHBA help secure your first home in Parramatta?
Buying your first home can be quite tricky. That’s why at FHBA, we are with you every step of the way, even as far as helping you move into your first home!
First Home Loan
Your FHBA Coach will explain all the steps, determine your borrowing capacity, offer suitable loan options, compile your loan application paperwork and even assist you with applications for the FHOG in NSW. Click here to get pre-approved with a no-charge assessment!
FHOG eligible brand new home
We have access to a range of brand new property opportunities for aspiring first home buyers looking to buy in Parramatta and surrounding areas (all with FHOG eligibility + the FHBA 50 Rebate!). Be sure to complete the form at the bottom of this page if you are interested and want to know more about the exciting apartments, townhouses and house & land packages we have access to. Alternatively, search our large range of properties by clicking here.
FHBA assists first home buyers looking to buy an established home – regardless of budget, property type, or property location, we will not rest until you have successfully settled on a property you have chosen & you have comfortably moved into your first home.
If you are looking for more information or if you have any questions, please complete the form below to speak with an FHBA Coach.
First Home Buyers Australia