By Graeme Salt
If someone tells you the Australian property market is dead, they could be both right and wrong at the same time.
If someone tells you the Sydney property market is dead, they could be both right and wrong at the same time.
Even in a flat market, certain locations can show stellar growth.
I had a meeting today in Parramatta and could not help but be bowled over by how impressive Sydney’s second CBD is. It feels as impressive as the business district in many US or European cities with excellent transport, offices, recreation, universities and hospitality.
A bit more research showed why.
The City of Parramatta’s Gross Regional Product is about $31 billion.
There’s about 185,000 people employed in Parramatta (almost 28,000 more than in the last decade), driven by public sector relocations and booming demand for health services.
The Sydney region’s economy is rebalancing, with the pole moving from the East – and this is reflected in property market.
According to the Sydney Morning Herald, some neighbourhoods in Sydney’s north-west and south-west registered double-digit population growth rates in 2024-25.
But the number of residents shrank in more than 50 other suburbs, many of them in the city’s most affluent areas.
The north-western neighbourhood of Box Hill-Nelson added 3911 people in the year, one. Meanwhile the population of Hunters Hill-Woolwich is now 7 per cent smaller (-114) than a decade ago.
It’s likely that property in the East will remain Sydney’s most expensive (as it’s closer to the ocean). But, if its growth you’re after, West may be best.
Graeme Salt is an award-winning mortgage broker and successful investor). For a no-obligations consultation on your home loan needs, please contact him on 02 9922 5055.
