So following on from last week’s post – let’s look at East Perth in a different light.
Over the 20 year study timeframe, we looked at the census data and saw some very positive correlations with the growth of apartment residences.
Starting with the population; we saw 9% growth between 2001 – 2006, which is good news, but then from 2006 – 2011 the population grew a whopping 42%.
We also saw a 9% increase in couple households and a significant decline in single households. There were also 15% more professionals in East Perth in 2011, then the Perth average and we have seen weekly household income levels treble.
This evolution of East Perth has now created a more sought after location with greater property returns, and this was a rejuvenation that definitely needed to happen.
60% of the population were also renting in the East Perth area in 2011 and overall the residents tended to have a relatively higher disposable income.
These kind of details are important considerations, as you can imagine, as they alter what retail experiences you may provide residents and what other key amenities you might need to add.
But it is certainly a good draw card for any business who is considering opening within an area of high density, as the numbers certainly add up!
It leads us to think, what other areas can we expect to see this kind of adjustment as a result of redevelopment? Northbridge? The Springs? I guess time will only tell……
At PropertyESP, we appreciate property and exploring what is being sold and how that is changing over time. We like to get behind the trends to see what people are buying and selling at the local level.
We share our knowledge with our clients so they can make informed decisions when developing, buying and selling property.