Suburb Profile Parramatta

Summary

The size of Parramatta is approximately 6 square kilometres. It has 18 parks covering nearly 23% of total area. 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. 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. 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 1,325,500.

Development Plans for Parramatta

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.