Parramatta suburb profile report – now & future developments

Parramatta Suburb Profile 

The size of Parramatta is approximately 6 square kilometres. It has 18 parks covering nearly 23% of total area. The population of Parramatta in 2006 was 16,721 people. By 2011 the population was 19,761 showing a population growth of 18% in the area during that time. The predominant age group in Parramatta is 25-34 years. Households in Parramatta are primarily couples with children and are likely to be repaying between $1800 – $2400 per month on mortgage repayments. In general, people in Parramatta work in a Professional occupation. In 2006, 32.7% of the homes in Parramatta were owner-occupied compared with 35.8% in 2011.

Currently the median sales price of houses in the area is 2,850,000.

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Sydney house prices increase by 16.2% over the financial year

Sydney House Prices

Sydney house prices lead the charge as Australian housing values continued to increase throughout 2015 taking the average value across the capital cities almost 10% higher for the financial year. The rate over the second half of the financial year for capital cities was 5.1% compared with the first half which was 4.5%. This highlights the momentum gathered in the housing market during 2015, particularly after the RBA reduced the cash rate to a record low in Australia of 2% , pushing capital gains higher.

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Auction clearance rates at record highs

Auction clearance rates at record highs

This week 2,207 properties went to auction across Australian capital cities and the combined clearance rate was 77.7 per cent. These current auction clearance rates remain at levels much higher than the same time last year when only 65.4 per cent of homes taken to auction were sold. The auction clearance rate for Sydney remains at levels higher than the other capital cities at 83.9 per cent this week.

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