One property market has experienced almost perfect auction clearance rates in recent weeks, as buyers flock to the suburb in a bid to take advantage of upgrades to development.
According to director of auction services for Raine & Horne, James Pratt, auction clearance rates in Sydney’s inner-city suburb of Pyrmont have neared 100 per cent in the past few weeks, following a number of upgrades to Sydney’s infrastructure including continued development in Barangaroo.
“The Sydney metropolitan market is enjoying a strong run with 80 per cent 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,” Mr Pratt said.
“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.”
Raine & Horne City Living sales agent Matthew Misfud agreed that Barangaroo was helping attract business to nearby suburbs such as Pyrmont.
“Barangaroo will increase Sydney’s commercial capacity by 30 per cent, 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,” Mr Mifsud said.
“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 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,” he said.
Mr Mifsud believes that the lower Australian dollar, historic low interest rates and share market volatility are combining to boost buyers’ appetite for apartments in Sydney’s inner city.