THE SYDNEY SUBURB JUST HITTING ITS STRIDE
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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.

By Robyn Willis
Fri, Dec 16, 2022 11:32amGrey Clock 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.”

 



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‘Are There Any Parisians Left?’ The Olympics Have Residents Fleeing the City.
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As Paris makes its final preparations for the Olympic games, its residents are busy with their own—packing their suitcases, confirming their reservations, and getting out of town.

Worried about the hordes of crowds and overall chaos the Olympics could bring, Parisians are fleeing the city in droves and inundating resort cities around the country. Hotels and holiday rentals in some of France’s most popular vacation destinations—from the French Riviera in the south to the beaches of Normandy in the north—say they are expecting massive crowds this year in advance of the Olympics. The games will run from July 26-Aug. 1.

“It’s already a major holiday season for us, and beyond that, we have the Olympics,” says Stéphane Personeni, general manager of the Lily of the Valley hotel in Saint Tropez. “People began booking early this year.”

Personeni’s hotel typically has no issues filling its rooms each summer—by May of each year, the luxury hotel typically finds itself completely booked out for the months of July and August. But this year, the 53-room hotel began filling up for summer reservations in February.

“We told our regular guests that everything—hotels, apartments, villas—are going to be hard to find this summer,” Personeni says. His neighbours around Saint Tropez say they’re similarly booked up.

As of March, the online marketplace Gens de Confiance (“Trusted People”), saw a 50% increase in reservations from Parisians seeking vacation rentals outside the capital during the Olympics.

Already, August is a popular vacation time for the French. With a minimum of five weeks of vacation mandated by law, many decide to take the entire month off, renting out villas in beachside destinations for longer periods.

But beyond the typical August travel, the Olympics are having a real impact, says Bertille Marchal, a spokesperson for Gens de Confiance.

“We’ve seen nearly three times more reservations for the dates of the Olympics than the following two weeks,” Marchal says. “The increase is definitely linked to the Olympic Games.”

Worried about the hordes of crowds and overall chaos the Olympics could bring, Parisians are fleeing the city in droves and inundating resort cities around the country.
Getty Images

According to the site, the most sought-out vacation destinations are Morbihan and Loire-Atlantique, a seaside region in the northwest; le Var, a coastal area within the southeast of France along the Côte d’Azur; and the island of Corsica in the Mediterranean.

Meanwhile, the Olympics haven’t necessarily been a boon to foreign tourism in the country. Many tourists who might have otherwise come to France are avoiding it this year in favour of other European capitals. In Paris, demand for stays at high-end hotels has collapsed, with bookings down 50% in July compared to last year, according to UMIH Prestige, which represents hotels charging at least €800 ($865) a night for rooms.

Earlier this year, high-end restaurants and concierges said the Olympics might even be an opportunity to score a hard-get-seat at the city’s fine dining.

In the Occitanie region in southwest France, the overall number of reservations this summer hasn’t changed much from last year, says Vincent Gare, president of the regional tourism committee there.

“But looking further at the numbers, we do see an increase in the clientele coming from the Paris region,” Gare told Le Figaro, noting that the increase in reservations has fallen directly on the dates of the Olympic games.

Michel Barré, a retiree living in Paris’s Le Marais neighbourhood, is one of those opting for the beach rather than the opening ceremony. In January, he booked a stay in Normandy for two weeks.

“Even though it’s a major European capital, Paris is still a small city—it’s a massive effort to host all of these events,” Barré says. “The Olympics are going to be a mess.”

More than anything, he just wants some calm after an event-filled summer in Paris, which just before the Olympics experienced the drama of a snap election called by Macron.

“It’s been a hectic summer here,” he says.

Hotels and holiday rentals in some of France’s most popular vacation destinations say they are expecting massive crowds this year in advance of the Olympics.
AFP via Getty Images

Parisians—Barré included—feel that the city, by over-catering to its tourists, is driving out many residents.

Parts of the Seine—usually one of the most popular summertime hangout spots —have been closed off for weeks as the city installs bleachers and Olympics signage. In certain neighbourhoods, residents will need to scan a QR code with police to access their own apartments. And from the Olympics to Sept. 8, Paris is nearly doubling the price of transit tickets from €2.15 to €4 per ride.

The city’s clear willingness to capitalise on its tourists has motivated some residents to do the same. In March, the number of active Airbnb listings in Paris reached an all-time high as hosts rushed to list their apartments. Listings grew 40% from the same time last year, according to the company.

With their regular clients taking off, Parisian restaurants and merchants are complaining that business is down.

“Are there any Parisians left in Paris?” Alaine Fontaine, president of the restaurant industry association, told the radio station Franceinfo on Sunday. “For the last three weeks, there haven’t been any here.”

Still, for all the talk of those leaving, there are plenty who have decided to stick around.

Jay Swanson, an American expat and YouTuber, can’t imagine leaving during the Olympics—he secured his tickets to see ping pong and volleyball last year. He’s also less concerned about the crowds and road closures than others, having just put together a series of videos explaining how to navigate Paris during the games.

“It’s been 100 years since the Games came to Paris; when else will we get a chance to host the world like this?” Swanson says. “So many Parisians are leaving and tourism is down, so not only will it be quiet but the only people left will be here for a party.”

MOST POPULAR
11 ACRES ROAD, KELLYVILLE, NSW

This stylish family home combines a classic palette and finishes with a flexible floorplan

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Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

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