Pyrmont, one of Sydney's star suburbs. Photo: Michele Mossop Pyrmont holds the mantle of Australia’s most densely populated suburb but that isn’t stopping many from trying to gain a foothold in this tightly held neighbourhood.
The inner Sydney suburb is located less than two kilometres from the city’s CBD and while largely comprising units, people are voting with their chequebooks for a chance to live among the plethora of cafes, bars and restaurants dotted alongside great harbour views. The Star casino is a key attraction for visitors to the area as is the famous Fish Market.
There’s no doubting its popularity if you look at how prices have changed over time. Domain statistics show unit prices have risen 57 per cent over five years and the median price is $1,072,500. Over the past 12 months, unit prices have risen 3.6 per cent.
Local resident Lauren Trucksess has been living in Pyrmont for more than four years and says it’s definitely changed over that time.
“We love being so close to the city. It makes it easy to walk or run to work and encourages us to get out and enjoy the city on weekends,” she says. “Recently, there’s been a nice influx of new restaurants and it’s become a great neighbourhood to eat out.”
Trucksess says while Darling Harbour is a “little touristy”, the new shops and stores at Barangaroo have added entertainment within walking distance and there are beautiful waterfront park areas for a weekend run.
If you don’t feel like walking – or running – there are two bus routes and four light-rail stations that take you to most areas of Sydney.
As a renter, Trucksess says her rent – like that of most other areas – has only increased.
“But we love Pyrmont and enjoy being so close to everything, so for now, it’s worth it,” she says.
Domain chief economist Dr Andrew Wilson says Pyrmont is part of the revitalisation of the Darling Harbour precinct.
“It’s really shown how a high-density suburb can work,” he says. “It’s tremendously positioned in terms of its walkability to the city, and has great manicured parks and lands adjacent to the harbour. It has a high level of established infrastructure and amenity so it will only continue to grow in terms of popularity.”
Ged Rockliff, head of residential at real estate agency Savills, agrees.
“Pyrmont is an area that has undergone a transformation going back to when Darling Harbour was created. It used to be the old timber yards,” he says. “In the mid to late-1990s, we started seeing a lot of new developments. You’ve got a village atmosphere a short walk to King Street Wharf and the city.”
Wilson adds Pyrmont comes with an established profile and is popular among young professionals.
“There is definitely room for more development,” he says. “For example, the old hotel in Harris Street is being redeveloped at the moment. While Pyrmont is an example of a suburb that has changed quite dramatically over time its growth is a result of a natural supply and demand flow.”
An artist’s impression of Paragon of Pyrmont’s exterior designA new development being launched in June is the Paragon of Pyrmont located at 108 Miller Street. The project, which is being designed by architects SJB and developed by Thirdi Group, will feature 21 three, five and six-bedroom luxury terraces with private rooftop gardens and 10 one and three-bedroom apartments with a communal rooftop area.
Domenic Nesci, Thirdi’s national sales and marketing manager, says with this development, there was the choice of building a lot of apartments or contributing something significant that offers a point of difference.
“What is missing in this area is premium residences and terraces, so we decided this was a better product to bring to the market. When we began discussing the ideas behind this development, we all agreed that we wanted to create something that complemented Pyrmont’s village-style atmosphere whilst also reflecting the luxuries that surround it,” Nesci says.
“The smart-home automation integrated throughout is unique. For example, when you drive into the underground basement the building will recognise your number plate and open your garage door, turning on the lights. It will also send the elevator down to meet your car.
An artist’s impression of Paragon of Pyrmont’s interior design“The five-level terrace townhouses are another key attraction as are the private rooftop gardens,” he says.
“You’re protected from your neighbours with landscaping screens and there’s a provision for a gas barbecue and fridge. It’s an entertainer’s delight.”
Rockliff, as the selling agent for Paragon of Pyrmont, believes the project benefits tremendously from its location.
“You’ve got this unique opportunity to be in this village atmosphere of Pyrmont, which is incredibly real and raw and not synthetic in the way it’s been constructed,” he explains. “The historical element is there and you’ve got your restaurants and cafes and these now these rooftop terraces. I’m really excited about this one.”