Property buyers are setting their sights on Western Sydney, as Parramatta’s CBD undergoes an $8 billion building explosion which will dramatically reshape the city, the local economy, employment and the property market. On top of this, a $2 billion redevelopment of the heritage precinct of North Parramatta has been approved with the region named as a state significant site by NSW Premier Mike Baird.
With already 33 major projects currently in the works, Parramatta could overtake Adelaide to become the nation’s fifth -biggest CBD. The building boom has already started, with council receiving development applications worth $1.6 billion over the last financial year. With the boom in residential apartment buildings driving growth in Parramatta, the area has the greatest growth potential of anywhere in Australia over the next five years.