Now a popular, inner-city location, Pyrmont has undergone a significant transformation over the past decade, with the suburb well situated to benefit from Sydney’s growing population, given its close proximity to the CBD and a lifestyle surrounded by an array of retail and dining options, harbour views and pet friendly parklands.

Hard to imagine now, given the stylish cafes, bars and restaurants, ultra-modern offices and high quality residential stock, but the suburb was originally a harbourside industrial hub. As industry moved out, the area declined and by 1991 contained just 530 residential dwellings.

However, following a number of government initiatives, redevelopment has rejuvenated the area attracting new residents and companies. The number of residential dwellings has increased by a multiple of 12 and Pyrmont is now one of the densest suburbs in Australia.

According to the Spotlight on Residential Property in Pyrmont research report by Savills Australia, the rate of development has slowed over the past decade with residential stock in the suburb increasing by just 9.1 percent over the decade to 2016. This is set to change with the redevelopment of the current site of the Sydney Fish Market, which is earmarked for residential development aiming to transform the site and the surrounding areas into a prestigious residential destination.

According to Sophie Chick, Head of Residential Research, Savills Australia and author of the report, property prices in Pyrmont have experienced strong growth over the past decade. The median value of houses has nearly doubled over that period while the median apartment price has increased by 120 per cent. More recently, the rate of growth has slowed with median values rising by 7.5 per cent and 7.1 per cent over the year to June 2017 for apartments and houses respectively.

Chick went on to say that Pyrmont is a popular location for young professionals. The largest household types are couples without children and lone persons, which account for 57 percent of the population compared to 43 percent across Great Sydney. Correspondingly, there is a significantly higher proportion of the population aged between 25 and 34.

“The area boasts a 1.2 per cent vacancy rate compared to 2.2 per cent across Greater Sydney and the transformation of the Bays Precinct is anticipated to improve the quality of life for existing residents and attract new buyers to the area with eight new waterfront destinations, as well as the six million visitors per year that are forecast to visit the relocated Sydney Fish Market” she said.

Click here to view the Spotlight on Residential Property in Pyrmont research report.

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