THE SYDNEY SUBURB JUST HITTING ITS STRIDE
There’s still good value to be found in this former industrial hub set for a new wave of revitalisation and renewal.
2 min
It wasn’t that long ago that the inner Sydney suburb of Pyrmont was best known for its industrial past. Once a site for ship building, iron works and other maritime activities during the 19th century, until the end of last century it was considered one of Sydney’s least desirable places to live.
Given its waterside position, it was only a matter of time before the potential for residential development was recognised. In the 1990s, the area was slated for renewal under the NSW Government Better Cities initiative, which saw the numbers of residents increase to 13,000, which in turn drew more businesses into the area.
But while developments such as the architect-designed Jacksons Landing marked a significant step forward, the harbourside locale, which is just a stone’s throw from the city, Darling Harbour and the inner west, the area languished under rapid development that saw values stall.
Fast forward 20 years, and confidence has well and truly returned to the area, with the arrival of the inner west light rail service a few years ago and the NSW Government’s Pyrmont Peninsula Place Strategy announced in 2020 to deliver up to 4,000 homes and community facilities such as a harbour foreshore walk. Next summer, there will even be a swimming spot at Pirrama Park, with a water monitoring system installed to check water quality.
Not bad for a site that was once the location for abattoirs and industrial waste.
Principal of Ayre Real Estate Adrian Wilson has serviced clients in Pyrmont for 20 years and is just about to open a new office in the suburb. He said while early oversupply of housing stock initially slowed down capital gains, there’s been a distinct shift in recent years.
“There was a significant push to rejuvenate the area with the Jacksons Landing precinct, which was a redevelopment of the CSR site,” he said. “That brought about a lot of the buildings over a short period of time so almost overnight there was a huge amount of stock.
“When you have all that stock in any one market, you will find there is more choice and values don’t increase as much as they should.”
However, Mr Wilson said in the past seven years, the residential marketplace has gone ‘from strength to strength’.
“The desirability of properties has increased 10 fold and the level of stock has remained consistent,” he said.
While median apartment prices in Pyrmont now sit at a healthy $1.095m that’s not all that has changed. Mr Wilson said the profile of the typical Pyrmont buyer has shifted from the inner west in the early years of redevelopment to buyers from the north shore and eastern suburbs.
“All the developments are definitely catering to the prestige market, as well as city commuters and executives,” he said.
The latest offering is Paragon by Pyrmont by developer third.i, a prestige development close to the Pyrmont village, offering 31 exclusive residences with luxury appliances, wine storage at garage level and private rooftop spaces (see gallery).
Mr Wilson said it’s typical of the kind of luxury residence now being offered in a suburb with everything on its doorstep.
“In Pyrmont you are in immediate proximity to the city but you have a village feel with a lot of parks, it’s pet and family friendly, surrounded by water with amazing restaurants and access to the casino,” he said. “There’s literally nothing it doesn’t offer.
“You can walk to the city or get a water taxi to the opera house. It’s an incredible location, which is why it’s so sought after.”
Consumers are going to gravitate toward applications powered by the buzzy new technology, analyst Michael Wolf predicts
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Nothing stays these brokers from the swift completion of their appointed showings
3 min
What is the worst weather you have ever had to contend with while showing a home?
Justin Fox, broker/owner, Re/Max Professionals, Cottage Grove, Minn.
In the summer of 2011, I was driving some buyers—a mother from out of town with her two young daughters, each under 6—to look at homes. The first two showings were uneventful, but as we headed to the third, we encountered a giant wall cloud on the road. I see wall clouds all the time, but for those not familiar with them, it’s a giant tower of clouds, and it’s very dark and ominous-looking, so it can be scary. My buyer, who claimed to have been some sort of weather watcher, started freaking out, saying things like, “That’s a wall cloud! It’s dangerous! We’re going to have a tornado!” That in turn caused the daughters to start screaming and crying hysterically. They were kicking so much in the back that they caused the threading of my leather seat to come loose. I did my best to calm them down, but then the torrential rain and thunder started, and that led to more screaming from the kids. Thank God we made it to the next house within 10 minutes. I pulled my car into the garage to avoid the hail, and we sheltered in the basement for 25 minutes until it lightened up outside. Then we went on with our showings like nothing ever happened.
Victoria Rong Kennedy, associate broker, the Corcoran Group, New York, N.Y.
I wouldn’t say this was the worst weather, but it was definitely the weirdest. On June 7, 2023, I had three private showings lined up at 2:30 p.m., 3 p.m. and 3:30 p.m. to show my listing on the Upper East Side, which was a duplex penthouse with three terraces listed for $3.3 million. That morning, Canadian wildfire smoke was blowing through the sky of Manhattan. They were telling everyone on TV and radio to stay home all day, and I kept watching my emails and texts, hoping that all three groups of buyers would cancel their showings, but no one did. By 1:30 p.m., the sky was really dark. There was almost no visibility, but, still, there were no cancellations. At 2 p.m., I searched for an old Covid mask, put it on and walked out like a hero to go on the combat field. I could barely see anything a half block away, but I walked 11 blocks and two avenues and managed to get to the building. Well, all three groups of buyers and their brokers showed up on time. We all chatted about how strange the weather was. We put our masks back on when we stood on the living room terrace, which overlooks Billionaires’ Row, but we had no visibility. The sky was red and black, and all we could see was a small circle of light in the sky. It looked like the moon behind heavy clouds. It was like a scene from a movie.
Jeffrey Decatur, broker associate, Re/Max Capital, Latham, N.Y.
Living in upstate New York, I have experienced all kinds of bad weather—snow so deep it was up to my thighs and rain so hard that I wished my shower had that much pressure. However, the worst took place in April 2017, when I was showing a home in Waterford, N.Y., a suburb of Albany. It was during a late-season blizzard that came on fast, and there had to be about 2 feet of snow. The home had a normal-size driveway, but it was a foreclosure and was not shoveled. So, my client and I trekked up the crunchy, snowy driveway and eventually got into the house. As we were walking around, complaining about the Arctic blast and blizzard, I heard the sound of babbling water. I thought it was a fountain, so my buyer and I continued to walk around the house. As we moved toward the garage and family room, the babbling got louder, and as we headed for the basement, we saw that the pipes had frozen. The basement ceiling had fallen, and water was pouring in from the ceiling and the walls. The floor had about 3 inches of water and ice. I called the listing agent and left a message, but I couldn’t just leave the water running, so I waded through the freezing cold water in the basement and turned the water off. I didn’t really think that through, because I was drenched and then had to make my way back through the house and out into the blizzard again. When I opened the front door, I nearly froze immediately, and by the time I got to the end of the porch, I was crunchy and icy. When I got to my car, parked at the end of the driveway, my hair was frozen to my face, and I could barely bend my legs or feel my hands. I was walking like the Tin Man. It took me several hours to thaw out.
——Edited from interviews
Consumers are going to gravitate toward applications powered by the buzzy new technology, analyst Michael Wolf predicts
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
