“The hottest place in Sydney at the moment” is Darlinghurst Road in Kings Cross according to highly successful property developer, Theo Onisforou.
Criminals and late-night revellers have been flocking to ‘The Golden Mile’ in Kings Cross for decades but now the world’s top property developers are the ones flying in. They’re picking off drug dens and tired old buildings to make way for new development and the reinvention of many historic buildings. Mr Onisforou said, “I have been in property now for 42 years and I have never seen a suburb change so dramatically, so quickly.”
Families who formerly would have chosen Woollahra or Darling Point are also choosing to move to Kings Cross. Simon Polito of Lang Real Estate said, “You are seeing a whole new demographic of people moving into the area,” he added. “It used to be prostitutes on corners, now it’s people pushing prams.”
Much of this movement into Kings Cross is due to Sydney’s early lockout laws and also Kings Cross close proximity into the city.
Changes are also evident in Potts Point as their restaurant scene takes off with developers like Greenland Australia’s Managing Director, Sherwood Luo said, “Potts Point continues to evolve and we envisage further change to occur, with a continuation and connection from Macleay St, Potts Point, to Darlinghurst.”
In areas like Kings Cross that contain older buildings that are being redeveloped, it is crucial to conduct a pre purchase building inspection report.
Photo by Alistair Paterson