Freya,
Are you able to buy an older property? Or are you a foreign buyer? If you are a foreign buyer, OTP Parramatta isnt so bad - you are restricted to new builds only. If you are local then i'd buy something older because its less risky, higher uniqueness factor and you can make improvements (eg. Kitchen and bathroom updates) to improve its value.
btw I was looking to buy in Parramatta second half of last year I was keen on buying a ~1980's style on the quiet north side of the River but these properties rarely come onto the market, and I considered 450k for 2br a lot to pay for Parramatta (a year or so earlier they'd be selling for mid 3's so I got a rude shock as to the price!) The market had moved so much now they were selling high 4's when I was looking which is a far cry from mid 3's. They'd probably be somewhere low 5's now. As an alternative I ended up buying a 1br apartment late 1990's near the city... I was less conscious of any recent price jumps previously for near the city and for me the price difference between the locations seemed to point to the city one (a bit over 2km from the city centre) represented much better value. Happy with my decision. Somehow the Parramatta market seemed hotter than the near city which is weird in my mind!
They are building lots of apartments in Parramatta and I like the area (I work there). I still think older small block apartments are better to buy though. If you've ever had to pay a special levy due to a lift replacement (127k was the bill we got for replacement of 1 lift) or if your building suffers from a bee infestation half way up the outside of the building... fixing things so many floors off the ground comes with additional expense.
Are you able to buy an older property? Or are you a foreign buyer? If you are a foreign buyer, OTP Parramatta isnt so bad - you are restricted to new builds only. If you are local then i'd buy something older because its less risky, higher uniqueness factor and you can make improvements (eg. Kitchen and bathroom updates) to improve its value.
btw I was looking to buy in Parramatta second half of last year I was keen on buying a ~1980's style on the quiet north side of the River but these properties rarely come onto the market, and I considered 450k for 2br a lot to pay for Parramatta (a year or so earlier they'd be selling for mid 3's so I got a rude shock as to the price!) The market had moved so much now they were selling high 4's when I was looking which is a far cry from mid 3's. They'd probably be somewhere low 5's now. As an alternative I ended up buying a 1br apartment late 1990's near the city... I was less conscious of any recent price jumps previously for near the city and for me the price difference between the locations seemed to point to the city one (a bit over 2km from the city centre) represented much better value. Happy with my decision. Somehow the Parramatta market seemed hotter than the near city which is weird in my mind!
They are building lots of apartments in Parramatta and I like the area (I work there). I still think older small block apartments are better to buy though. If you've ever had to pay a special levy due to a lift replacement (127k was the bill we got for replacement of 1 lift) or if your building suffers from a bee infestation half way up the outside of the building... fixing things so many floors off the ground comes with additional expense.
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