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John McGrath's Blog

Friday, 02nd December 2011

It's predicted that Western Sydney's population will more than double in the next four decades, as Sydney grows to seven million by 2050. An expanding business district, major new public art gallery, rail network improvements and upgraded sporting facilities are just dome of the infrastructure required to draw the pressure away from our existing CBD and towards positioning the city of Parramatta as Sydney's second CBD.

And there’s a real buzz around Parramatta at the moment and it’s got everything to do with the number of cranes in the sky and a very proactive council that is loudly broadcasting a big picture future for the city. I’m seeing a lot of commercial activity here, which is an important indicator for employment and as a result, an increase in demand for housing. Parramatta’s most significant development to date is the revitalisation of Civic Place. Civic Place is critical to the transformation of Parramatta as it prepares to accommodate over 40,000 new residents and 30,000 more workers in the next 20 years. It will not only provide new apartments and offices but make downtown a more cosmopolitan and exciting place to be. There’s enough momentum already to interest many investors in high-rise residential developments in Parramatta for which there is strong rental demand. And there seems little chance that supply will outstrip demand any time soon.

To read more on John McGrath Blog, go to http://www.JohnMcGrathBlog.com.au/

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