Westmead is an established suburb in New South Wales within the Parramatta local government area (postcode 2145). With a population of 16,555, the suburb has a mix of young professionals and families with a median age of 33. Households earn a median income of $111K per year, with an average household size of 2.6 people. Recent annual estimates show population movement staying broadly stable across the broader catchment, with population growth running at +1.3% year-on-year at the LGA level. NSW employment has moved +0.3% year-on-year in the official Jobs and Skills Australia NERO series, which provides the broader jobs backdrop for this suburb. NSW also had 37 Commonwealth-backed major projects under construction, 5 underway, and 75 in planning as at 2 October 2024, which is useful as a broader delivery backdrop rather than a suburb-specific project count. The most common occupations are professionals, clerical & administrative, managers. Employment in the area leans toward healthcare and professional services. The top ancestries reported are Indian, Chinese, English.
Median house prices in Westmead stand at $2.0 million, having climbed sharply by 22.3% over the last twelve months. Units have a median price of $612,000 (+5.5% YoY). The current median weekly rent is $680. This gives a gross rental yield of approximately 1.8%. The median monthly mortgage repayment is $2,000.
Westmead is served by 9 schools, including 4 primary, 2 secondary, 3 special. The average ICSEA score is 1091, which is above the national average of 1,000. Public transport access includes 2 tram stops, 30 bus stops. Healthcare facilities include 3 public and 4 private hospitals. The crime rate in the Parramatta LGA is below average at 3,255 incidents per 100,000 population.
From an investment perspective, The gross rental yield works out to roughly 1.8%, which reads as low yield. Property prices are above the state median ($2.0M/$1.5M), placing it in the premium segment. The price-to-income ratio of 17.9x is considered stretched. House prices have moved +22.3% year-on-year. Population growth of +1.3% year-on-year points to stable demand fundamentals. Building approvals have changed +0% year-on-year, indicating steady development activity.