Far out !!!
That's way too much mate. for Parramatta apartment. Hopefully you are recovered now with the profits from elsewhere.
On side note: after reading this today http://www.smh.com.au/nsw/parramatt...ter-demolition-approvals-20150518-gh3ydx.html
You can't go wrong investing in Parramata. Any existing apartment non OTP (to avoid high Strata) will be a profitable IP.
Parramatta has a high risk of oversupply in the future with all the high rise development is coming in the next year or so.
If I'm investing, i would look at the next suburb (Westmead, Wentworthville, etc).
I see Westmead will be a better option for the following reasons:
1. There're no plan for high rise development.
2. Vacancy rate is very low 1.5%
3. Major Health precinct - Currently being upgraded
4. Major train-line
5. Light Rail is coming
6. CLose to Parramatta park