Parramatta Blog

PARRAMATTA PROPERTY MARKET UPDATE – NOVEMBER 2024: A HOTSPOT FOR BUYERS AMID RATE CUTS

The Parramatta residential property market continues to surge, with house prices up 14% over the past year. In November alone, 38 property transfers occurred, reinforcing the suburb’s growing appeal. The median house price now sits at $1.7 million, while properties are spending an average of 72 days on the market.

But it’s not just the property values grabbing attention—lenders are making bold moves too. ANZ has joined NAB and the Commonwealth Bank in cutting variable home loan rates, despite the Reserve Bank of Australia (RBA) holding firm on its cash rate. New ANZ customers can now access rates as low as 6.09% on the ANZ Plus loan, solidifying the bank’s position as the most competitive of the Big Four.

These rate cuts are creating a pre-Christmas buzz in the market, with more buyers actively exploring their options. For investors and first-home buyers alike, Parramatta presents an enticing opportunity. The suburb has long been known for its proximity to Sydney’s CBD (just 19 km away) and its vibrant mix of amenities, making it a prime choice for families and professionals

Why Parramatta?

Parramatta isn’t just about numbers—it’s a community with a growing population, now over 30,000 residents, and a lifestyle that balances urban convenience with suburban charm. With a median weekly rent of $630, it’s also attractive to investors seeking steady returns.

If you're thinking about buying or selling, now might be the perfect time to jump in. With interest rates falling and demand heating up, the market could see even more growth as we head into 2025. Whether you're a first-time buyer, an investor, or looking to upgrade, Parramatta is definitely a suburb to watch.

Written by Allana Kazzi