Checking out Pyrmont property

 

  • Pyrmont apartments – $650,000 median price
  • Youthful inner city demographic 
  • Cafe culture

Amid some cool looking folks with elaborate tattoos and designer jeans, and the many tourists bobbing in and out of boutique shops, Pyrmont feels like the place to be.

I went for a walk through this harbourside hamlet the other day, and was taken aback by how upbeat and stylish it is, while still retaining its many historic traits.

There were once sandstone quarries in the area, you know, and over time a working class industrial community developed. But Pyrmont fell on hard times in the 19th Century and eventually turned into a slum.

This didn’t surprise me when I read it recently because for anyone growing up in Sydney in the Eighties, suburbs like Pyrmont were never really on the radar. That was the ‘inner city’ and not a lot went on there.

City living

The inner harbour started changing dramatically in the Nineties, though, and with that, neighbourhoods like Pyrmont had a chance to reinvent themselves.

Now, it’s just so attractive and buzzing. On every second corner, coffee is being freshly brewed and pulled pork burgers are slapped together. Lunch-goers lap up the early afternoon sun, admiring the delightful rows of terraces and shiny BMWs.

It’s nice, a trendy spot, yet still with a touch of grit on its outskirts. And so, people have presumably been moving in. Young people. I say this because it’s bustling with them, strolling to the cafe, jogging toward the park, drinking in the pubs and eating in cosy little nooks.

The median price on an apartment is $650,000, says REA Group, which seems quite reasonable given the immediate proximity to the CBD. However, prices suddenly jump to $1m for two bedroom units and $2.7m for 3 bedrooms.

Here are some recent properties sold:

$670,000 | 1 bed, 1 bath | 39 sqm

$852,800 | 2 bed, 1 bath | 74 sqm

$1m  | 2 bed, 1 bath |  105 sqm

The vibe 

It’s youthful, with plenty of renters, many of whom seem to be students. The average age is 20 – 39, according to Domain Group. There are loads of cafes and restaurants, too, like the Union Cafe, where I popped in for a sandwich and juice. It was perfect for a pit stop, but you’ll find others that boast more of a hipster sentiment, if that’s your preference.

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