Parramatta Road, long known as one of Sydney’s rougher, run-down thoroughfares, is undergoing a radical transformation. What was once a stretch with boarded-up shops and a reputation for being a “no-go zone” is now being reborn as one of the city’s most exciting development frontiers.
The Big Bet on Change
Businessman Babak Moini has staked tens of millions on this belief. Over the past eight years, he’s invested roughly AUD 70 million in properties along Parramatta Road, convinced the decay won’t last forever. Now, with government rezoning plans on the table aimed at increasing housing supply, his long-term vision seems closer than ever to paying off.
What’s Changing
- The government has plans to allow up to 8,000 new homes across a broad stretch that includes Camperdown, Annandale, Stanmore, Summer Hill, and Ashfield.
- Developers will get more flexibility: allowances for building over existing rooftops, airspace developments, and mixed-use buildings combining residential and commercial spaces.
- Existing sites held for years, or even neglected, are being revalued in the minds of investors, homeowners and developers alike.
On the Ground
Moini, for instance, is set to build 103 rooms plus commercial space at Annandale, on land he purchased years ago. He also reports that his “co-living” projects are fully occupied, showing there’s real demand to live in this corridor now.
Another investor, Vincent Turner, shared how ownership in the area, even off the rezoning edges, has suddenly become more appealing.
What Could This Mean Going Forward
- Property values along Parramatta Road are likely going to keep rising—especially for places close to stations and amenities.
- Developers who have held land or neglected properties may finally see returns.
- The suburb mix will likely change: more higher-density housing, more commercial-residential blend, more renovated or redeveloped buildings.
Parramatta Road is shifting from one of Sydney’s forgotten corridors into a redevelopment hot spot. The question now isn’t if the change will happen, but how fast, how well, and whether residents will find the improvements worth the trade-offs. For those who invested early—or who jump in smartly now—there appears to be real potential.
Source:
Australian Financial Review. “The Sydney ‘no-go zone’ turning into a property hot spot” Australian Financial Review, September 14, 2025. Accessed September 17, 2025.
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