THE SYDNEY SUBURB JUST HITTING ITS STRIDE

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.”