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For the price of an apartment, a two bedroom terrace is on the market in one of Sydney’s highest growth areas, Pyrmont.
“Between 2007 and 2012, the Pyrmont-Ultimo area saw employment surge by 46 per cent. Pyrmont is an area where housing has remained more affordable because, historically, the area has been seen as an industrial and warehouse district,” says Joel Hollis, selling agent at Ray White Concord.
“In the current market people know that Pyrmont is not an industrial area, but they don't think to look for houses because it has become synonymous with high-end apartment living.
“The reality is there aren’t enough houses in the area to fill a morning of inspections, in fact, this terrace is the only one in Pyrmont currently on the market.”
The 1994-built, two bedroom terrace at 21B Pasternoster Row Street, Pyrmont last sold in 2008 for $595,000 and is now on the market with price expectations around $750,000.
“Comparative sales in the area indicate this is a value-for-money property. What you would pay for an apartment in the area, can get you a three storey terrace home.
“This residence showcases a low-maintenance, city-fringe lifestyle. You get the ease of apartment living without the quarterly strata fees attached.
“The property is offered with dual zoning for either residential or commercial uses
and comes with two parking permits allowing unlimited free residential parking anywhere in Pyrmont.
“This is a rare opportunity to secure an affordable terrace in a marketplace that is predominantly made up of apartments,” Mr Hollis concludes.
21B Pasternoster Row Street, Pyrmont goes to auction on 22 March 2014 if not sold prior.
