Parramatta suburb profile
Parramatta, located in the heart of Greater Western Sydney, is a bustling suburb known for its rich history and rapid urban development. As a major business and commercial hub, it offers a dynamic blend of modern skyscrapers and heritage sites, including the historic Parramatta Park and Old Government House. The suburb is well-connected with efficient public transport options, including trains, buses, and the upcoming light rail. Parramatta's vibrant dining scene, diverse shopping precincts, and cultural attractions, such as the Riverside Theatres, make it a lively destination for residents and visitors. Its strategic location and ongoing infrastructure projects continue to enhance its appeal as a key metropolitan centre.
Parramatta property market performance
Parramatta's property market has shown varied performance over the past 12 months. House values have increased by 6.2%, with the median house price reaching $1.46 million. In contrast, unit values have remained relatively stable, with a slight increase of 0.2%, bringing the median unit price to $610,000.
Sales activity has been more robust in the unit market, with 151 units sold compared to just 9 houses over the past three months. Units are selling faster, with a median of 44 days on the market, while houses are taking longer at 68 days, indicating stronger demand for units.
The rental market in Parramatta has seen a notable increase in unit rents, which have risen by 6.3% over the last 12 months, while house rents have remained unchanged. This suggests a growing demand for rental units in the area.
Median price - houses$1.46MPast 3 months
Median price - units$610KPast 3 months
Change in value - houses6.3%12 months
Change in value - units0.2%12 months
Houses sold9Past 3 months
Units sold151Past 3 months
Median DOM - houses67.5Past 12 months
Median DOM - units44Past 12 months
Average rent - houses$620Past 12 months
Average rent - units$670Past 12 months
Change in rent - houses-2.4%Past 12 months
Change in rent - units6.3%Past 12 months
Parramatta demographics
Parramatta, located in the heart of Greater Western Sydney, is a bustling suburb known for its rich history and rapid urban development. As a major business and commercial hub, it attracts a diverse population, including young professionals and families. The median age of 32 reflects its youthful and dynamic community, with many residents drawn to the area's employment opportunities and vibrant lifestyle.
The suburb's housing landscape is predominantly rental-based, with 71.8% of properties being rented. This high rental rate underscores Parramatta's appeal to those seeking flexible living arrangements, particularly young professionals and students. The suburb's family composition is varied, with couple families with children making up 45.7% of the population, followed by couple families without children at 40.1%. This diversity contributes to a lively and inclusive community atmosphere.
Parramatta's strategic location and excellent transport links make it a key destination for both work and leisure. The suburb is home to a mix of modern apartments and heritage buildings, offering a unique blend of old and new. With a median household income of $2092 per week, residents enjoy a comfortable lifestyle, supported by a range of amenities, shopping centers, and cultural attractions. As Parramatta continues to grow and evolve, it remains a vibrant and sought-after place to live and work in Sydney.
Parramatta infrastructure, key developments and investment opportunities
Parramatta is undergoing significant development that is reshaping its urban landscape and property market. The completion of the first stage of the Parramatta Light Rail in December 2024 has enhanced connectivity within the suburb and to surrounding areas. This improved public transport infrastructure is likely to boost property values along the light rail corridor and increase the suburb's appeal to both residents and businesses.
The ongoing development of Parramatta Square, a major civic precinct in the heart of the city, is transforming the area into a thriving commercial hub. With the addition of multiple office towers attracting major tenants like National Australia Bank, Westpac, and Deloitte, the precinct is creating thousands of new jobs and driving demand for both residential and commercial properties. These developments, combined with Parramatta's status as Sydney's second CBD, are positioning the suburb for continued growth and investment in the coming years.
Parramatta rental market trends
The rental market in Parramatta has shown stability for houses, with rents remaining unchanged at $620 per week over the past year. In contrast, unit rents have experienced a 6.3% increase, reaching $670 per week. As a key commercial hub with ongoing infrastructure developments, Parramatta continues to attract renters and investors seeking growth and convenience.
Suburbs near Parramatta
Some popular suburbs near Parramatta include: