If you're still harbouring a mild hope of ever breaking into the Sydney property market, you might want to ignore this bit of news. A new apartment in Parramatta, that is yet to even be built, has sold this week for a whopping $3,325,000, according to Domain. Granted, the apartment is a luxury penthouse — but it has broken the price record for an apartment sold in the suburb, marking a new tide for the Parramatta property market. The eye-watering $3 million-plus figure is more than five times Parramatta's median apartment price, which typically sits at $626,500. Maybe it's time to move to Canberra.
The apartment was sold to a couple from the Hills District, who are supposedly 'downsizing' to the new pad. The couple's new not-so-humble abode will be built on the 53rd storey of the new 8 Phillip Street development, which will also house a new locations for Rockpool and Sake. Due to be completed by 2020, 8 Phillip Street will act as an expansion to Church Street's existing 'Eat Street' precinct and will also be home to Sydney's highest rooftop venue, Studio 54 — a 600 pax, 54th floor space with a fit-out inspired by the rooftop bars of Bangkok, New York, Shanghai and Singapore. A grand ballroom, multiple event and meeting spaces will also exist within the hub.
While apartments now make up more than 80 percent of homes in Parramatta, this is the third time within eight months that a penthouse in the development has set a new unit price record for the suburb. The first penthouse, which sold in 2016, pushed Parramatta's record to $3 million, while the second apartment sold for $3.2 million just two weeks later. 8 Phillip Street will join the new 28-storey V by Crown complex and the changing face of Parramatta. .