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A Billion-Dollar Project
Referred to as “‘a win for the community”, Parramatta’s light rail is one of the most critical developments in Parramatta that is set to support the area’s rapid growth.
Moving ahead with Stage 2, Dominic Perottet, NSW premier, has pledged that his government will contribute $602.4 million towards this significant project for the next four years. Altogether, this project is forecasted to cost around $2.4-billion.
Cr Donna Davis, Lord Mayor of Parramatta, has applauded the NSW Government’s commitment to complete Stage 2 of the Parramatta Light Rail.
“This is fantastic news for the City of Parramatta and the communities who live and work in some of Australia’s fastest-growing suburbs,” Cr Davis said.
“Council has long advocated for the State Government to extend the Parramatta Light Rail line to Sydney Olympic Park, Wentworth Point and Melrose Park, so today’s announcement is pleasing”.
Parramatta Light Rail Stage 2 connection
According to the NSW Government, the Parramatta Light rail will create new communities, connect great places and help locals and visitors move around and explore what the region offers. So we can expect more accessible and convenient travel within the region.
In stage two of the project, the light rail will connect Parramatta to Ermington, Melrose Park, Wentworth Point, and Sydney Olympic Park. Another interesting note is that we can expect a new bridge between Wentworth Point and Melrose Park for faster light rail services.
This second stage will also connect to the heavy rails at Parramatta and Olympic Park, the Sydney Metro West, Sydney Olympic Park and Rydalmere ferry services.
Construction on stage two of the Parramatta Light Rail will begin as soon as stage one is completed in 2023.
Parramatta’s Evolution
Since 2011 both private and government funding have put over $10 billion into the development of Parramatta. Since then, countless notable and significant development projects have been approved, including the Escarpment Boardwalk, Commbank Stadium, Arthur Phillip High, Western Sydney Innovation Hub, and Parramatta Square.
Last month, the long-awaited Parramatta CBD Planning Proposal for constructing a 70-storey building in Parramatta’s CBD was signed off and given the green light by the state government.
The revised planning controls expand the CBD’s commercial core, allowing it to gain more than 1.5 million square metres of new commercial floor space. As a result, it has been projected that more than 11,000 homes will be built, and an additional 16,000 new jobs will be made.
Much like the previously mentioned projects, Parramatta’s Light rail is expected to significantly impact the area. It is forecasted that in the next 15 years, an additional 29,000 new homes and 50,000 more jobs will be created.
“Our City is booming and with 29,000 new homes forecast to be built along the proposed light rail alignment over the next 15 years, infrastructure such as this is critical to support this growth.” Cr Davis said.
A boost in Parramatta’s property market
Due to these exciting projects, Parramatta is positioned to experience a boost for both its citizens and the property market, as speculated by property experts.
Ross Grove, Property Council director of Western Sydney, stated, “The fundamentals of Parramatta are incredibly strong. A shared public and private vision for the city’s future has been supported by an ambitious infrastructure program”.
Steve Mann, UDIA chief executive of NSW, said this project would help growth in the region as Parramatta will experience incredible growth over the next 10 years with “up to 44,000 dwellings that are present in the delivery phase to support an extra 300,000 residents”.
Increasing housing median prices
With Parramatta’s ongoing infrastructure development, the city continues to have exceptional growth. Parramatta’s development has contributed to the notable increases in median housing prices.
In the previous 12 months, houses have gone up an outstanding 120%, whereas apartments have risen 40% in their median price, much higher than Sydney’s median growth of 12.4%.
What does this mean for you?
Being Sydney’s second CBD, Parramatta’s growth is yet to slow down anytime soon. Being a prominent Central Business District, we can expect much more development and growth in the area.
With ongoing infrastructure development, the value of living in Parramatta continues to rise. Therefore, the prices for homes aren’t going to decline any time soon, but instead only go up. So now more than ever is the best time to move into Parramatta.
Parramatta is the perfect place to call home with everything you need, such as great restaurants, shopping centres, entertainment, and parks. With prices only going up, if you purchase your home now, its value is guaranteed to increase remarkably in the upcoming years.
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