26 Nov Beyond the Fish Market: Sydney’s Harbour Precinct Set for Major Revival

The Sydney Fish Market’s move to the head of Blackwattle Bay has dominated headlines. But the quieter — and arguably more impactful — story is what happens to the former site and neighbouring industrial waterfront land once the market relocates. Spanning over 10 hectares of prime harbourfront land, the redevelopment marks a major urban renewal opportunity for Pyrmont, Glebe and the wider inner harbour that will reshape the local residential landscape.

From seafood hub to housing precinct

The Blackwattle Bay site will deliver more than 1,500 new homes, alongside retail and community spaces, after the NSW Government approved rezoning in 2023. This rezoning was fast-tracked to help address Sydney’s housing shortage and aligns with the state’s broader housing supply targets. The development will transform the working waterfront into a mixed-use precinct, integrating apartments, green space and a more pedestrian-friendly harbour edge.

Why this matters for property

• New supply in a tight market – Adding 1,500+ dwellings on the Pyrmont – Glebe foreshore is significant given how limited housing turnover is in this area. The stock will broaden options for buyers wanting proximity to the CBD without being in the city core.
• Amenity uplift – The new residential precinct will sit alongside the upgraded Fish Market and its continuous harbourfront promenade, giving future residents walkable access to world-class dining and public spaces.
• Longer-term value creation – Well-planned waterfront precincts in Sydney (think Barangaroo) have historically lifted surrounding property values. While Pyrmont and Glebe are already tightly held, this new chapter could reinforce demand and support steady price growth over time.

Flow-on effects for nearby suburbs

• Pyrmont – Already known for high-density apartment living, Pyrmont may see stronger buyer interest as new homes modernise the stock profile and attract younger professionals and downsizers.
• Glebe – With its heritage terraces and village feel, Glebe could see increasing demand from buyers who want harbourfront proximity but prefer character housing over high-rise.
• Rozelle & Balmain – Just across Anzac Bridge, these suburbs are likely to benefit from improved amenity and transport connections to the precinct, further strengthening their lifestyle appeal.

Key considerations for buyers and investors

• Timing matters – Large-scale precinct redevelopments take years to complete. While the new Fish Market will open first, the housing delivery on the old site will be staged.
• Supply vs demand – A sudden influx of apartments could moderate short-term rental yields, but strong long-term demand for inner-harbour living is expected to underpin capital growth.
• Transport and infrastructure – Watch the roll-out of promised ferry and light-rail upgrades, as connectivity will be central to the success of the precinct.

Takeaway

The move of the Fish Market is not just about seafood and tourism — it’s unlocking one of the largest new housing precincts in inner Sydney. For buyers, investors and owners, the transformation will create new opportunities and shift the dynamics of Pyrmont and its neighbours for decades to come. We’re closely monitoring this development and the ripple effects on surrounding properties – feel free to reach out if you’d like to discuss what this means for your property search.

Feature Image: A render of new residential towers that will sit on top of the old Sydney Fish Market site. Infrastructure NSW