With Australia’s population growing by approximately 1 person every 1 minute and 29 seconds, it’s little wonder that residential and commercial property remains an attractive investment.

Sydney is forecast to be the first Australian city to reach a population of 5 million, but all suburbs aren’t made equal. Below we dive into Sydney’s fastest growing areas and outline how commercial property owners should make the most of their opportunities.

Sydney’s Fastest Growing Areas

Unsurprisingly, Australia’s city-fringe areas are seeing consistent and rapid population growth, and this trend endures in Sydney.

The Australian Bureau of Statistics released population growth figures in March 2016, which revealed that both Greater Sydney and Greater Melbourne experienced significant population growth of around 2% from 2014-2015.

In Sydney, the Waterloo – Beaconsfield precinct saw the largest population growth, with 3100 new residents from 204-2015. Sydney’s fastest growth area was Cobbitty – Leppington, which saw a 26.1% increase in new residents from 2014-2015.

Furthermore, Domain reported in December 2015 that Sydney suburbs like Tregear, Minto, Chester Hill, Engadine South and Tempe were expected to grow between 5-10% in 2016 – all areas in the city’s city fringe.

Growth in Sydney’s Inner West

According to Jo Vadillo of SmartProperty Investment, Sydney’s inner west “continues to shine as the golden child of Sydney.”

“Tempe offers good buying at area entry-level with homeowners not fazed by airport proximity. Enjoying its close location to ever-cool Newtown, the city, and Sydney University with a good mix of owner-occupiers along with high rental demand,” she writes.

“Another inner-west offering is Dulwich Hill that sits within that 10 kilometre golden radius of the CBD. The locals are spoiled for public transport options with the light rail, train and bus services. It neighbours the uber on-trend Marrickville.”

Commercial Opportunities in Sydney’s Inner West

Australian Bureau of Statistics data reveals promising figures for owners of commercial properties in Sydney’s inner west suburbs like Marrickville.

A growing number of business entries and declining rate of business exits (and bankruptcies) paint a healthy picture for the commercial market in the inner west.

Sydney’s inner west is a growing commercial market and a changing commercial market. Co-working spaces, open-plan and campus-style offices are booming in popularity (particularly for creative businesses), meaning industrial and warehouse properties are enjoying high demand.

Warehouse properties in former industrial centres like Marrickville, St Peters and Sydenham are being snapped up by this new breed of tenant with creative conversion in mind. The enduring trend towards residential apartment building in the Sydney CBD has strengthened the commercial sprawl into the inner west, as suburbs like Erskineville, Newtown and Stanmore welcome an increasing number of small to medium sized businesses.

To discuss your commercial property in Sydney’s thriving inner west, get in touch with us today.

To read more about how commercial property owners can minimise vacant periods, download your copy of our free eGuide, ‘How Commercial Property Owners Can Avoid the Vacancy Plague’ below:

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