Nowadays the types of residents of the peninsula have changed significantly due to the transformation of the peninsulas facilities and its close perimeter to the City Business District. Younger residents have replaced older residents. With 20-29 year olds now representing 55.3 per cent of the population and people over 65 represent just 1.4 percent of Pyrmont-Ultimo, with the lowest of the population is those aged 5-9 years, at 0.9 percent. Some 24 percent of these new residents have university degrees compared with 16 percent in 1999 and 24 percent of households earn more than $78,000 a year in comparison to only 10.5 percent in 1991. Therefore, in conclusion to these facts we can derive our own hypothesis. As Pyrmont-Ultimo’s’ structure has changed in terms of its commercial industries, educational institutions and infrastructure, so has the people it now attracts.
Redevelopments in the peninsula have brought a dramatic wave of change to Pyrmont-Ultimo, almost each year structures affected by urban blight are renewed or demolished and a new facility will take its place. This is done by government or construction firms.
An example of the continued change done to one site is the historical location of the Pyrmont Power Station that has a lengthy story behind it. In 1904, it was opened by the Sydney Municipal Corporation to provide power supply for all of Sydney. In 1936, the State Government took over the council’s functioning of the Power Station and in 1949 the State Labour Government embarked on a large-scale redevelopment plan to expand the station. Due to industrial dispute about the demolishment of an entire block of dwellings, this expansion was completed in 1955. In the early 1980’s, the government introduced a plan to the Pyrmont-Ultimo community, including its small business occupants and low income class residents, to demolish the urban blight stricken Power Station and replace it with a state first casino. The community went unheard even though many argued noise and traffic pollution as well as the destruction of a heritage building would be unacceptable. In all redevelopment plans, the community wanted government to keep the historical and cultural view of the area whilst also incorporating the future into the Pyrmont-Ultimo. The development went forward and a casino was built temporarily on this site in the early 1990’s and was later relocated to the former CSR Sugar Refinery Site in Pyrmont as Star City Casino. This was the first 24 hour casino in New South Wales. It brought much domestic tourism to the peninsula.
There are currently redevelopment plans for some area in the peninsula as part of the governments endeavour to renew Pyrmont-Ultimo. One such plan currently under view by is the redevelopment of the Sydney Fish Markets. It will be undertaken between the Sydney Harbour Foreshore Authority (SHFA) and Sydney Fish Market Pty Ltd. The Sydney Fish Market is a one of many commercialised and recreational precincts. It attracts over two million visitors and customers a year, contributing $250 million to the states’ economy through its wholesale and retail sales. One of the objectives of the governments’ redevelopment plan is to respect already commercial areas. Sydneysiders will me the main beneficiaries through the expanded range of retail and recreational opportunities such as educational facilities and tourism support services. In conjunction this more foreshore promenades and parks will built as well as the reorganisation of parking facilities will be made more efficient. The redevelopment is estimated to take three years.
Pyrmont-Ultimo is an area that accommodates mainly for middle to high income earners. The redevelopment of the peninsula makes it a very desirable area to live in, due to its entertainment facilities, educational institutions, corporate industries and many other new developments.
The City West Development Corporation, established in 1992, has resulted in the disposal of $42.9 million worth of publicly owned land for residential and commercialised development. Due to this the residential population is predicted to reach 20,000 by 2021. The City West Program was suppose to provide for community members with low-income who would be forced to move out from the peninsula if housing prices did no reduce and in relation to this a close-knit community would be formed. However this proved wrong, many people who live in the area are short term renters who earn a middle or high income, and they are usually living there due to business or educational requirements. Approximately 80 percent of apartments taken in the Meriton are by investors and only 20 percent are owner occupied. Pyrmont-Ultimo has lost its once ‘close-knit’ community due to the constant implementation of urban renewal programs that inevitably attract middle to high income earners.
Substantial implements of infrastructure investment and upgrading of the area will continue to produce pressure on property values, resulting in rental accommodation beyond the means of low income to moderate income earning groups. Another introduction to establish cheaper housing for this social group by the City West Corporation was rejected by the Land and Environment Court, regarding the project as pointless in reducing housing costs as the CWH project of 1995 lead to a rise instead of a reduction in housing costs, by 384 percent.
Therefore the Pyrmont-Ultimo will continue to have developments implemented that will attract high to middle income earners. Developments such as the Jackson Landing commercial apartments and the Jones Bay Wharf residential apartments will continue to attract these types of social groups to the peninsula. The population of the area will continue to rise as development plans multiply due to its close proximity to the CBD that provides employment, good investments, aesthetically pleasing views and some of the elite educational institutions in New South Wales such as UTS and Sydney University. Until the peninsula s completely developed is when populations will stablise however will continue to attract Sydneysiders to its proximity.
Matthews, R Micheal. 1982 “A History of Pyrmont and Ultimo” Southwood Press. Australia.
http://www.reportage.uts.edu.au/stories/2000/jun00/affordable.html
Video Education Australia. “Pyrmont-Ultimo Urban Redevelopment and The Community”
http://www.shfa.nsw.gov.au/div/corporate_services/employmnet/job_list.cfm