Parramatta Road Revamp: 8,000 New Homes on the Way — Sydney Auction Clearance Rate at 72%

Week’s Key Focus

The NSW government on Sunday announced plans to rezone parts of Sydney’s busy Parramatta Road in the Inner West, paving the way for about 8,000 new homes. The move is the latest effort to boost housing density and tackle Sydney’s affordability crisis.

The proposed rezoning covers sections of Parramatta Road within the Inner West local government area, including Leichhardt and Camperdown. These areas are close to the Sydney CBD, well serviced by public transport, and near hospitals and schools. NSW Premier Chris Minns said Parramatta Road had been talked about for decades with little action. “It’s time to stop talking and start building. What will transform this major corridor is more homes for people to revitalise this area,” he said.

Planning and Public Spaces Minister Paul Scully said future developments would feature a mix of densities and heights rather than “mega-towers,” while the Committee for Sydney’s Eamon Waterford forecast that most new buildings would range from six to eight storeys. The government said the plan could also deliver affordable housing, active transport connections, new open space, and commercial opportunities along the corridor.

Inner West Mayor Darcy Byrne welcomed the partnership with the state government, saying it would enable more young people and essential workers to live in the area. “Our community is desperate to see more new homes delivered, and locals are telling us Parramatta Road is the right location for higher density,” Byrne said. The Department of Planning will work with local councils and state agencies to progress the rezoning, with no compulsory acquisitions planned.

The announcement follows the Inner West Council’s “Fairer Future Plan” released in May, which proposed large-scale rezonings in Dulwich Hill and Marrickville as an alternative to the state’s transport-oriented development (TOD) scheme. The TOD program seeks to rezone land within 400 metres of 37 railway stations across Sydney for six- to seven-storey apartment blocks. While some community members have criticised the changes as a threat to neighbourhood character, the Minns government remains firm on its housing agenda, aiming to deliver 377,000 well-located homes statewide by mid-2029 under the National Housing Accord.

Auction Results Last Week

Sydney: 989 properties scheduled for auction, 617 results reported, 446 sold, clearance rate 72%, total auction value $496,243,498, median house price $1,595,000.
Melbourne: 1184 properties scheduled for auction, 927 results reported, 659 sold, clearance rate 71%, total auction value $572,793,227, median house price $1,080,000.