20 years ago if you’d suggested Parramatta would have water front house prices to challenge the Eastern suburbs or the North Shore people may have laughed at you.

The prestige of the Parramatta River waterfront homes is set to break the $3.8 million mark very soon.

The Global Financial Crisis [GFC] hasn’t affected Parramatta like the North Shore property values as the North Shore is full of bankers, who have lost jobs and their share portfolios.

A Connells Point waterfront sold for $3million after it was passed in at $2.5million at auction.

A five-bedroom two-storey Cabarita home with views of France Bay and a huge 973 square metre resort-style grounds. ”We are hopeful buyers will offer more than the current $3.8 million record price,” its listing agent, Joseph Georges, from George Ellis Real Estate, said.

Joseph said “the uniqueness of the Cabarita property is that its north facing [the best aspect for property for sun in summer and winter] and its on a peninsula, so you get water views from both sides.”

The property is at 23 Phillips St Cabarita http://www.georgesellis.com.au/ Contact Joseph Georges 0417280288

Check it out in Google http://maps.google.com/maps?q=23+phillip…