An artist’s impression of the new 30,000 seat stadium in Parramatta.
HOUSE and unit prices in Parramatta are set to soar as the new Western Sydney Stadium nears completion.
Property experts predict the $300 million, 30,000-seat facility could boost values by five per cent in the CBD.
Apartments could cost more in the coming months thanks to the new stadium.
However, price jumps will only be felt once the stadium is finished next year, when “people can visualise and understand its benefits”.
“Its completion will help beautify and bring traffic to the area which will bring with it more buyers and renters,” Adam Denina of Starr Partners Parramatta said.
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“This is great infrastructure, paired with new restaurants, the light rail, the hype around being Sydney’s second city and with the new pool going in,” he said.
Prices are already three to five per cent higher than those in North Parramatta, simply due to better infrastructure, the agent said.
Buyers are set to flock to the Parramatta region.
CoreLogic figures reveal the median house price in the suburb of Parramatta has risen 16.9 per cent in the past three years to $1.172 million. The current median unit price is $648,000.
The region continues to prove a popular choice for buyers from areas such as the Hills and the inner west, who are chasing value for money.
An aerial view of Western Sydney Stadium in September. Picture: Cameron Spencer
REA Group’s chief economist Nerida Conisbee said Parramatta was on track for success with everything pointing to future growth.
“If we compare this to the last big stadium built, which was Perth Stadium, that had a really positive impact on pricing in the area even though other parts of Perth saw declines,” she said. SIGN UP FOR THE NSW REAL ESTATE NEWSLETTER
“What also happened was a lot of young people started moving into the area as they often like to live near places with great entertainment — and a stadium typically has that attached to it.”
The stadium’s completion is slated for mid-2019. It forms part of the NSW Government’s $1.6 billion investment in upgrading sporting infrastructure.