Big plans for Parramatta and Westmead
According to an article by The Daily Telegraph, whilst most of Sydney is expected to plateau out in terms of price growth, several suburbs will see their prices soar.
The said key suburbs may see an increase in their median house prices by over 20% thanks to improvements in transport, education and medical facilities.
We look at two of the most exciting ones- Parramatta and Westmead.
Parramatta and Westmead property growth
The standout is Parramatta. According to the article, around $8 billion in residential and commercial construction projects are in the works which means billions are being invested in the public infrastructure.
Experts note that Parramatta is in “serious turbocharge” at the moment. It has started finding its way to be Sydney’s new core when it comes to transport.
It is also now dubbed as the “new Central.”
Additionally, the $15 billion WestConnex road project and a proposed high-speed rail line to Badgerys Creek Airport are also expected to create more jobs in the area which will drive the demand for local housing.
Following close to Parramatta is Westmead. Take for example the $900 million expansion of the local hospital which is expected to offer 7,000 new jobs.
This will establish the region as Australia’s biggest medical hub.
So how does this impact you? As a homeowner, you need to decide where to live, invest and not lose out in a market when some suburbs are growing more rapidly than others?
Here are our tips to getting it right:
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Research suburbs carefully
Do your research on the average property prices in a suburb and compare that to its surrounding areas. Understand what is happening in a particular suburb – are there infrastructure changes planned, new shopping centres and transport facilities underway. All of these are “signals” of a potentially high growth suburb.
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Engage local service providers that know the area
An experienced real estate agent can help you understand what suburbs are growing and and proposed area plans.
A mortgage broker can help you work out what you can borrow, meaning you can narrow your search to properties within that range.
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