Parramatta records robust sales, bucks overall trend in Sydney

By Gerv Tacadena

The Parramatta region in Sydney is attracting home buyers despite the slowing market

Sydney's Parramatta region is surprising many housing industry watchers after it smashed records with the sale of a three-bedder home in Ermington suburb for $2.12m.

News.com.au reported that the house, which sits at 5 Maple Cres, was put into an auction with 16 registered bidders and four active parties.

It outpaced the area's previous top dog, a two-storey, five-bedder home at Florida Ave sold in February for $2.007m.

This surprised many agents, including NNW Property-Epping's Catherine Lu, who believed the home's land value could be behind the interest of buyers – particularly as the property was sold to a local developer who eyes building a duplex on site.

“That is a crazy price. If it was achieved the year before last when it was a booming market it would have been reasonable, but not in today’s tough market," she said.

Ermington's median home prices jumped eight percent in the year to January 2018, hitting $1.35m. This suburb is 13 kilometres away from the capital city's central business district.

Lu said despite the slowing market in Sydney, higher-end homes continued to attract a high level of interest from buyers.

“The good properties are still holding value — these prices can’t happen if there isn’t any competition,” she said.

Earlier this year, experts projected Parramatta to have a more stable condition this year after a lacklustre 2017.

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