Increased residential development will reinvigorate the residential property market in North Sydney, a local real estate agent has predicted.
Principal of Raine & Horne North Sydney Duncan Grady said almost 1,000 apartments are either under construction or in the pipeline in the North Sydney area.
“Buyer interest in these new developments has been exceptional, with all projects nearly fully sold before completion,” he said.
Traditionally, North Sydney has been a business centre with comparatively small number of residents. Mr Grady said the uptick in residential building was likely to change the area’s image.
“Take a walk around North Sydney between 9am and 5pm on Monday to Friday and it's full of activity,” he said.
“However, it's more like a ghost town after work and on weekends, which seems a massive waste given our proximity to Sydney and the harbour.”
The target market for these new apartments will be young professional couples who tend to eat out rather than cook, Mr Grady predicted.
“As a consequence, it's fair to expect more trade for cafes, restaurants and retailers, and hopefully the re-emergence of North Sydney as an after-5pm destination,” he said.
In Mr Grady’s view, the property market in Sydney would benefit from this shift towards more entertainment and lifestyle options.
“This will result in a lot more life in North Sydney in the coming years and with this should come strong rental demand and good returns for investors,” he said.