Sydney waterside living is generally all about the harbour, but apartment buyers with limited budgets are pushing further up the city’s Parramatta, Georges and Cooks rivers for a slice of riverfront action.
The Rose family’s sprawling Breakfast Point apartment development went up by the Parramatta River in the 1990s, and several riverside residential developments followed.
MacroPlan Dimasi chief economist Jason Anderson reckons there will be more projects developed along the upper reaches of the rivers of Sydney’s outer west.
“Councils are recognising it’s time to get some of the older riverfront sites along the Parramatta and Georges rivers rezoned to residential,” Anderson says. “Riverside apartment development in Sydney is long overdue. If you go back five years there was more council resistance to this type of development.”
Infrastructure projects such as the western Sydney airport at Badgerys Creek and WestConnex are helping raise the profile of apartment development in western Sydney.
“In particular, access to local rivers and waterways can lead the redevelopment process, due to the premium placed on water views,” Anderson says.
“Our analysis has shown that water views, in their varying forms, can raise pricing by 20 to 30 per cent.
“The value boost from water views has been clearly evident along the Parramatta River, with the primary growth precincts at Breakfast Point and Rhodes. These areas sustained development in Sydney during the lean times of 2005 to 2010, but are now close to capacity. Apartment development is moving further up the river, into Ermington and Rydalmere, and into the Parramatta CBD.”
But suburbs such as Chipping Norton and Lansvale are areas where Sydney needs to attract more housing.
In the south, Anderson says, the Sutherland Shire has suffered from a low rate of apartment development, despite value potential from the incredible waterways of the lower Georges River.
He says that from Milperra through to Moorebank there are many industrial sites ripe for redevelopment as the river runs east of the Liverpool central business district.
“Apartment projects near the Georges River are likely to become the new growth frontier.”
About the author: