Stronger Economy in Pipeline for Parramatta
Parramatta's already strong economy is set to improve over the years, after a new master plan was announced to revitalise the city and turn it into a more attractive place to live and work. This could lead to lucrative opportunities for home buyers and investors alike, while providing attractive conditions for commercial real estate investment in the future.
In a March 8 statement, New South Wales Planning Minister Matthew Guy announced the urban renewal project will be undertaken by UrbanGrowth NSW. This firm is expected to provide the master plan for Parramatta, which will include expanding much-needed community services such as healthcare, transport and schooling.
"Parramatta North will be the icing on the cake, probably giving Parramatta an unbeatable lead as the most liveable place in Sydney," commented Mr Hazzard.
The urban renewal master plan will also focus on Parramatta's existing rich heritage and historic assets, while also providing improved infrastructure and facilities for residents now and into the future. One of the city's largest draws for tourism surrounds its many heritage buildings throughout the city, which the urban plan aims to take into consideration.
As the region is expected to see a significant rise in population over coming years, it's crucial that Parramatta is able to accommodate for this change. According to UrbanGrowth NSW Chief Executive David Pitchford, Parramatta's population is forecast to rise to 2.9 million by 2036.
However, Mr Pitchford noted that there needs to be a plan crafted to cater for population changes in the future that also respects the cultural heritage of the city.
A stronger economy for Parramatta
Buyers looking to secure real estate in Sydney for investment could look towards Parramatta, as the city has recorded very strong rates of economic growth recently.
A whitepaper from PricewaterhouseCoopers titled 'Australia Uncovered' found Parramatta experienced a higher rate of economic growth than Sydney over the last financial year.
Commenting on the release of the whitepaper, Parramatta Mayor John Chedid said the city's growth rate of 1.6 per cent is a "strong result for Parramatta and the wider economy of the region".
"This result confirms Parramatta and Western Sydney's place as an economic powerhouse, finding that growth in Western Sydney has outstripped that of Greater Sydney and the Sydney CBD for much of the past decade," Mr Chedid said in a March 7 release.
With the new master plan on its way, Parramatta's economy will only increase in strength over time – offering many opportunities for investors of all kinds.