The majority of Australia appears to be experiencing unprecedented high vacancy rates due to an oversupply in the number of buildings available for rent. However, this is not the case for Parramatta. The development and demand for facilities in this area continue to thrive, and the following reasons make it easy to see why Paramatta has become the perfect place to either build or lease any kind of facility.
There’s no doubt that Paramatta is a highly sought-after area for both property developers and those looking to rent a home or building space.
The Commission is currently campaigning for all Sydney residents to be able to reach a “metropolitan centre” in half an hour by public transport. As one of these centres includes Parramatta, this has led to an increase in demand for housing in this area. Despite new buildings being developed in this area, the office vacancy rate remains at its lowest level of 2.7%. As the rate of development will begin to struggle to keep up with demand, developers are unlikely to find it challenging to fill this new space.
Return on investment
The high competition for buildings in Parramatta has driven up rent prices, which is excellent news for developers looking for a return on their investment.
In June, Parramatta’s annual rent per square meter was $460. This means that building in Parramatta is likely to result in high profits. Despite these costs, this has not deterred individuals from looking to rent here. There is still a range of options to suit almost every budget, so renters and builders should not be deterred on the basis of cost alone.
Although Parramatta has an approximate population of 250, 000, there is no denying the sense of community here. The city council is passionate about keeping their residents safe and its Crime Prevention Plan for 2019-2023 demonstrates how they intend to make the city a safer place. This emphasis is particularly appealing for families, as who can feel assured that their children will grow up in an area that actively tries to reduce crime and antisocial behaviour.
Building management system
Parramatta becomes even more appealing for managers and residents alike with the assistance of our building management platform which uses technology to help manage daily duties. Our apps, MYBOS Resident and MYBOS Building Manager, provide remote access to the management system. This system allows residents to connect with the staff that work in their facility or enables managers to improve residential communication by uploading invoices and providing feedback on building inspections, to name just a few benefits. These services can also be accessed via web login and all documents are securely stored on a single network for easy access.
As you can enjoy a 30-day free trial with no commitment, there’s no excuse not to try out MYBOS.
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