Barangaroo development and downsizers driving demand for Pyrmont apartments

Media release - 11th July, 2016

With auction clearance rates nearing 100% in recent weeks, the inner city suburb of Pyrmont, which includes the Jacksons Landing precinct, is in hot demand, according to James Pratt, Director Auction Services, Raine & Horne.

“The Sydney metropolitan market is enjoying a strong run with 80% clearance rates in recent weekends, however, clearance rates are even better in inner city suburbs such as Pyrmont, which are within walking distance of Barangaroo and other related city infrastructure improvements,” said Mr Pratt.

“In fact, many Pyrmont apartments are not even making it to auction, with downsizers, overseas investors, young professionals and local investors snapping them up fast, given the suburb’s prime location to the city and Barangaroo.”

Matthew Mifsud, Sales Agent at Raine & Horne City Living, agreed that Barangaroo was helping attract business to nearby suburbs such as Pyrmont.

“Barangaroo will increase Sydney’s commercial capacity by 30% and many buyers recognise this will help generate more jobs, while Google’s expanding headquarters in Pyrmont is proving a massive boost for the suburb,” said Mr Mifsud.

“It also helps that Pyrmont is within walking distance to Barangaroo, has access to public transport and has a vibrant café culture, which is attractive to many buyers.”

In the Jacksons Landing precinct, premium 3-bedroom apartments with harbour views are selling for $2.8 - $3.3 million, while 2-bedroom apartments are selling for between $1.8 and $2.2 million, according to Mr Mifsud.

Raine & Horne City Living recently sold a large, 3-bedroom apartment at 601/40 Refinery Drive, Pyrmont for $2.85 million with water and Harbour Bridge views.

“In addition to cashed up downsizers from Sydney’s North and North West, we have overseas investors, local Chinese and young professionals seeking to upgrade into Pyrmont to be closer to work,” said Mr Mifsud.

“Apart from Barangaroo, the lower Australian dollar, historic low interest rates and share market volatility are combining with FIRB demand to boost demand for apartments in Sydney’s inner city.”

For all your real estate sales and property management needs in the Sydney’s inner city, contact Raine & Horne City Living on 02 8586 7800.

-ENDS-

For further media information contact:

James Pratt, Director Auction Services, Raine & Horne on 0427 754 276

Matthew Mifsud, Sales Agent, Raine & Horne City Living on 0419 414 184

Andrew Harrington, National Communications Manager, Raine & Horne on 02 9258 5400