These are challenging times, which provoke the thought; how will COVID-19 affect the property industry?
Fortunately the Sydney Property Market is one that has withstood many crisis and challenges; environmental change, shifting political climates, volatile markets, rising mortgage rates, the list goes on.
In today’s market, we know, there are buyers, there are sellers & there will always be renters.
Since COVID-19 was classified as a pandemic, there is no doubt, the real estate industry has shifted. The way real estate operates has changed, maybe for good….virtual open homes, electronic document signing and online auctions could be with us to stay.
To put things in to perspective, Raine & Horne Parramatta in Residential, this March we leased 29 properties – almost one per day. In Commercial Markets, we have seen businesses adapt to the restrictions and some showing an increase in revenue.
Construction is strong and continuing within Sydney and in particular the Parramatta Region.
In fact, Infrastructure NSW has just announced community feedback, Parramatta’s Powerhouse Museum, being one of the largest cultural investments made by State Government since the Sydney Opera House and the First State Cultural Institution located in Western Sydney, the geographical heart of Sydney.
The new Museum will drastically change the experience for visitors, creating large-scale, immersive experiences. Covering 18,000sqm along the Paramatta River, it will become the largest Museum in NSW.
In addition to this exciting news, lodgement for the Parramatta Aquatic and Leisure Centre is now underway for proposed completion by Summer 2023.
Parramatta is growing at almost twice the pace of Australia, and by 2021 the population is expected to grow by 41,000 people.
To support this growth, The NSW Government is investing in a Metropolis of three cities; the Central River City, Western Parkland City and Eastern Harbour City.
As part of this plan, several government and cultural centres will be relocated, the new Powerhouse Museum being one of them.
For further information, please visit: http://www.infrastructure.nsw.gov.au/powerhouseparramatta?fbclid=IwAR0eaW-2i_iW6GHuHvtmB1j9C4HSFX18GQ9f7SmG3vgQAhwFGST6AZ-nl18