Originally a harbourside industrial hub, which contained only 530 residential dwellings in 1991, Pyrmont has undergone a significant transformation over the past decade.
Following a number of government initiatives, redevelopment rejuvenated the area attracting new residents and companies. 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.
Paragon of PyrmontSavills Head of Residential Research Sophie Chick said property prices in Pyrmont 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 percent. More recently, the rate of growth has slowed with median values rising by 7.5 percent and 7.1 percent over the year to June 2017 for apartments and houses respectively," she said.
Chick said Pyrmont is also a popular location for young professionals. The largest household types are couples without children and lone persons, which account for 57 per cent of the population compared to 43 per cent across Great Sydney. There is a significantly higher proportion of the population aged between 25 and 34.
“The area boasts a 1.2 percent vacancy rate compared to 2.2 percent 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.
Many developers have acknowledged these new elements that make up Pyrmont, like Thirdi Group who is selling Paragon of Pyrmont, a development offering just 32 homes boasting sophisticated design and home automation.
Located at 108 Miller Street, Paragon of Pyrmont has an estimated completion date of mid to late 2019 and offers three one-bedroom apartments, eight three-bedroom apartments, 18 three-bedroom terraces, one four-bedroom terrace and two five-bedroom terraces, with internal space ranging between 57 square metres to 183 square metres.