Apartments now make up more than 80% of homes in the booming capital of western Sydney.
Their average price has risen by almost 60% in the past five years and shows no signs of falling any time soon.
By comparison, Sydney’s median property price fell by 4.5% in the past year, with the inner west particularly hard hit. Petersham 15.2%, Earlwood, Balmain, Annandale all 8%, were the worst falls.
Other inner city areas with big falls over the past year include Chatswood 11%, Lane Cove 8%, and North Bondi 6%.
The price growth further west is being fuelled by the shift to new amenity filled apartment blocks as well as new infrastructure in the area, with $10B of public works planned.
New apartment blocks with gyms, pools, spas and cafes are drawing buyers to the west, bypassing the traditionally fashionable eastern suburbs and inner west.
Topping the list of apartment sales was a $3.2M penthouse bought off the plan at the 55 storey 8 Phillip St development. It set a new record for Parramatta and was bought by an unnamed local businessman.
The demand is still outstripping supply, according to real estate agents and people are no longer moving to the west as a cheap alternative to the city.
It also signals a dramatic shift to apartment living by first homebuyers who realise the value of investing in this style of property.
They are more affordable way for first homebuyers to move into the market.
The general consensus is people are now moving to Parramatta for its liveability and its growing prestige as a major city in its own right.
