Sydney’s booming suburb of Barangaroo is gaining increasing international attention, and is fast becoming established as a stand brand in its own right, according to James Pratt, CEO of the James Pratt Auctions Group.

Pratt, who has been involved in numerous high profile sales in Barangaroo in recent years, says Barangaroo is now the premium brand for overseas investors looking at Sydney and Australia.

“Barangaroo’s international status continues to grow and grow, with many of my overseas clients consistently seeking to invest into the area, sometimes without even setting foot in the country,” said Pratt.

“Many of these clients are investors from China who have heard the stories of investors making significant profits from selling off property in Barangaroo, and now want to follow a similar path.

“This just shows how much Barangaroo has developed into its own brand, similar to the Gold Coast in the 1990s and early 2000s.”

Pratt says the name Barangaroo has now become synonymous with desirability for Chinese investors, with the prestige attached to the suburb stemming from its combination of world-class development, big business and premium lifestyle offerings.

“Barangaroo is set to be supported by the infrastructure going up around it, which includes a train station and modern ferry wharves, while big commercial players such as HSBC and PWC have already taken up residence, and the area’s retail and dining precincts are now coming into their own,” he explained.

When you add in the casino, which is due to open in 2021, plus internationally designed public parks and the increasingly popular Harbour foreshore walk, and you have a perfect recipe for investment.

“This is creating a sense of urgency that is forcing buyers to act, and as a result, sales have played a big role, with many investors buying properties off-the-plan in 2014 and 2015, and then auctioning them off to the highest bidder a few years later and making profits of $1 million, and sometimes more.”

Even with new FIRB conditions introduced in 2016, and recent restrictions imposed on lending, the level of overseas interest in Barangaroo hasn’t slowed, says Pratt.

“This year alone one of my colleagues Matt Mifsud has sold three above market sales to international buyers in Barangaroo, including the highest price paid for a 1 bedroom apartment for over 1.8million dollars,” he said. 

“Ultimately, Australia is very appealing to the Asian market, and with the bonus of brilliant weather, a great education system, and unparalleled food and dining, new apartments in the city and areas around Barangaroo are riding an unprecedented wave of popularity.”

But it’s not just Barangaroo that is reaping the benefits, says Pratt.

“The property growth in Barangaroo is having a ripple effect, which has seen both interest and prices spike in areas that hug the foreshore adjacent to Barangaroo.

“Suburbs such as Pyrmont and Jackson Landing have already seen the effect of having such a well-designed and luxurious neighbour,” he said.

Read more about Barangaroo:

Barangaroo’s evolution

Barangaroo Reserve extends Sydney

Renzo Piano designs Sydney’s Barangaroo South