CoreLogic RP Data have released figures that show the median house values in Parramatta have jumped 47.6% in the last 12 months.
This growth in house values places Parramatta as one of the top suburbs in Australia for growth.During this time the median house price rose over the million dollar mark for 8 months, whilst in the month of June the median house price was up at $2,250,000.
Steven Fan of Ray White Parramatta said, “The booming market has now stabilised and now we will see steady growth.” Mr Fan believes that vendors will have to check their high expectations as the market sets in for an adjustment period.
Although, the housing market is slowing down in Parramatta it should still constant as such urban renewal projects like the $35 million redesign of Parramatta Square takes place. Mr Fan said, “People are attracted to Parramatta because it is well priced and affordable as compared to the inner west, while offering a range of amenities and job opportunities. There are new infrastructure projects including Parramatta Square and light rail in the works.”
If you are looking to purchase a home in Parramatta, you need to have all of the facts about the property. Our experienced inspectors can perform a building & pest inspection and provide you with a comprehensive report on the true state of the property so that you can make an informed decision on your purchase.
Photo by John Cowper