Indulge in city luxury in this rare Sydney find | Kanebridge News
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Indulge in city luxury in this rare Sydney find

By Robyn Willis
Tue, Aug 30, 2022 7:30amGrey Clock < 1 min

Your seat for the Sydney New Year’s Eve fireworks is booked – once you’ve signed on the dotted line for this exceptional property in the landmark REVY building at Pyrmont.

With views to the north across Circular Quay to the Sydney Harbour Bridge, the best of both worlds is within easy reach, offering the energy of the city and Star Casino while being positioned on the quieter side of Darling Harbour.

This single level apartment at 8 Darling Island Road is generous enough to accommodate a large family, with five bedrooms, five bathrooms within the 326sqm of floor space, as well as three car spaces. The spacious master suite has the best views of the city, which is in addition to a shared rooftop terrace for entertaining friends. As you might expect, the bathrooms are finished in stone and the kitchen is stainless steel.

Although it’s in the heart of the city, this home also offers a dedicated home office with excellent connectivity for maximum flexibility. 

The apartment is in the heritage listed Royal Edward Victualling Yard (REVY) building, designed by Walter Liberty Vernon and opened in 1907. Constructed from solid brick with a sprinkler system and lifts – considered quite innovative for the time – it was used as a warehouse for the navy before it became an office block in the 1970s. It was eventually converted into luxury apartments and is one of the few surviving examples of narrow warehouses in Sydney. 

This rare offering could be yours for a cool $20 million. 

Address: The Revy Penthouse, 801/8 Darling Island Road, Pyrmont

Price guide: For sale – Guide $20 million

Agent: McGrath Pyrmont – Robert Alfeldi, 0418 982 688

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RMIT expert says a conflation of factors is making the property market hard than ever to predict

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A leading property academic has described navigating the current Australian housing market ‘like steering a ship through a thick fog while trying to avoid obstacles’.

Lecturer in RMIT’s School of Property Construction and Project Management Dr Woon-Weng Wong said the combination of consecutive interest rate rises aimed at combating high inflation, higher property prices during the pandemic and cost of living pressures such as the end of the fuel excise that occurred this week made it increasingly difficult for those looking to enter or upgrade to find the right path.

“Property prices grew by approximately 25 percent over the pandemic so it’s unsurprising that much of that growth ultimately proved unsustainable and the market is now correcting itself,” Dr Wong says. “Despite the recent softening, the market is still significantly above its long-term trend and there are substantial headwinds in the coming months. Headline inflation is still red hot, and the central bank won’t back down until it reins in these spiralling prices.” 

This should be enough to give anyone considering entering the market pause, he says.

“While falling house prices may seem like an ideal situation for those looking to buy, once the high interest rates, taxes and other expenses are considered, the true costs of owning the property are much higher,” Dr Wong says. 

“People also must consider time lags in the rate hikes, which many are yet to feel to brunt of. It can take anywhere from 6 to 24 months before an initial change in interest rates eventually flows on to the rest of the economy, so current mortgage holders and prospective home buyers need to take this into account.” 

 

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