Hi Racmac, it is possible to apply for a PR:
Direct Entry Stream.
You don’t even have to have a 457 to be eligible for this stream. Under Direct Entry Stream you need to obtain a skills assessment from a certifying body and have a minimum of 3 years work experience relevant to your occupation gained anywhere in the world. You must get your English tested on a particular level (IELTS 6), get your medical and character checks done. You don’t have to wait 2 years on a 457 to go through this stream. Some people are unable to get through Skill Assessment or are struggling to pass IELTS 6, therefore 2 years on 457 Visa is their “option of choice”.
Source: https://457australianworkingvisa.com