Large numbers of former industrial sites in these areas have been turned into residential premises in recent times and real estate services firm CBRE believes neighbouring St Peters is set to see a similar makeover.
“Over the past 12-18 months, South Sydney suburbs like Alexandria have experienced a flurry of development activity, with buyers swooping on industrial sites that have residential potential,” Mark Silva from CBRE said.
“The insatiable appetite for residential property in Sydney is driving the trend and, as a result, more and more areas across South Sydney and the inner-west are undergoing transformation.
“St Peters remains a relatively untapped market for mixed use development, however that is changing with more developers looking to gain a presence in the area, which is surrounded by great amenities.”
Chief executive officer of real estate investment agency Positive Real Estate, Sam Saggers believes the suburb is a prime target for something of a makeover.
“It’s been a bit off the radar, it’s one of those suburbs that’s been a commercial, industrial and transport hub,” Saggers said.
“It’s been a suburb of pretty heavy industry and I think it’s one of those places ready for your sort of typical urban renewal.”
With neighbouring inner-west suburbs such as Marrickville and Erskineville having become trendy in recent years, Saggers said he would be using those areas as a pricing comparison.
“I’d be looking for something off the Princes Highway and I’d be looking at the prices in Marrickville and Erskineville, if there was something going for less than the prices in those areas then there’s probably some value there.”
While developers may be looking for existing buildings they can convert to housing, which Saggers believes would likely be one or two-bedroom apartments, there is some existing residential stock that may be worth investigating.
“There is some existing housing market there,” Saggers said.
“There’s some older, terrace style houses that you could buy second hand and look at refurbishing and it’s really close to the main shopping area in Marrickville as well."
