Pyrmont is an inner-city suburb of Sydney, located just 2km to the south-west of the Central Business District and adjacent to the world-famous Darling Harbour development.Although the suburb has a range of transport links including the light rail, buses and a Monorail, in reality many residents prefer to take the short 10 minute stroll across the Pyrmont Bridge on Darling Harbour into the heart of the city.
Pyrmont has a median house price of $1.7 million and a median unit price of 1 million. These figures represent a suburb with only a limited availability of houses and a predominantly apartment-dwelling lifestyle.
Formerly a part of Sydney’s industrial waterfront, with wharves, shipyards, factories and wool-stores, Pyrmont has undergone a remarkable transformation over the past 25 years. Many industrial buildings including the woolstores were redeveloped into residential dwellings and the suburb is now extremely popular with city professionals.
In spite of seemingly tempting entry prices investors and homebuyers should be particularly wary of buying in to some of the older industrial redevelopments which may attract painful strata fees and inadequate sinking funds. Those investing in apartments in the suburb should be careful to concentrate only on quality properties of sound build-quality.
Recently successful new developments in the suburb have included the popular Jacksons Landing apartment development.
The suburb stands to benefit from a huge range of infrastructure capital over coming years as Darling Harbour sees a dramatic overhaul.
The city has already seen the birth of a new Westfield Shoppingtown and a range of developments are either completed, underway or are earmarked, including a $50 million redevelopment of the fish markets, a stunning $800 million re-vamp of The Star Casino and the $6 billion Barangaroo project, to name but three.