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Changing demographics of South Sydney attract Stable

19-Oct-2016


Editorial by Mark Westfield

Stable Group’s “The Burcham” residential and retail development is designed to meet the challenges of a market undergoing dramatic demographic , structural and cultural changes just south of the Sydney CBD.

The so-called “statistical area 2” (or SA2) that will include “The Burcham” extends from Waterloo in the north to Rosebery in the south, a part of inner-suburban Sydney once dominated by factories and commercial buildings. Re-development of “The Burcham” is typical of the transformation sweeping through the area. Formerly the Wrigley’s Chewing Gum factory for 50 years, the factory building is destined to be remodelled into 44 1 -, 2-, and 3-bedroom apartments with high-tech features including an internal power network powered by a large solar panel array, biometric access, electric car charger bays, advanced home automation controls and a rooftop cinema. The project will also include two new buildings, one of four storeys the other five, bringing the total number of apartments to be marketed to 99.

Stable is not the only developer to identify opportunities in this rapidly changing area. At least 16 other apartment complexes nearby containing 2456 units are being built, approved, or are seeking approval. A recent slowing of pre-sales, however, could result in some of these developments not proceeding.

The appearance of infrastructure developments nearby such as the recently completed “Cannery Rosebery”, once the Rosella soup cannery, is symptomatic also of the changing demographics of the area being an innovative development that will add to the attraction for home buyers and investors. 

The City of Sydney has approved conversion of the former hospital for activities such as yoga, tai chi, language and painting classes, markets and performances and the proposed Gunyama Park and Green Square Aquatic Centre will enhance the growing community spirit of the area.

Perhaps the defining event that kicked off the transformation of this part of Sydney was the opening of the airport train line and two stations at Green Square and Mascot in 2000 in time for the Olympics.

Over the ensuing 15 years or so, the population of SA2 has grown strongly and is expected to continue to outpace the growth across Greater Sydney.

The area is characterised by a high proportion of smaller households signalling strong demand for apartment-style living. “Lone person” households are the highest single group comprising 31 per cent of all households in the area, and “couples without children” make up another 23 per cent, together well over half the population. Also, 40 per cent are aged between 20 and 34 years of age and there is a relatively high proportion (15 per cent) living in shared households.

Incomes are around average for Greater Sydney but are growing three times faster than the metropolitan average, the proportion in managerial or professional occupations grew from 34 per cent in 2001 to 49 per cent at the time of the last census in 2011, and the proportion with a tertiary qualification rose over the same period to 46 per cent from 30 per cent.

When considering the demographic factors of a younger, more highly qualified and paid population in the precinct, Ed Horton Principal of Stable Properties, developing “The Burcham” says; “We are committed to providing apartment buyers in the local area with a sophisticated high quality product which is sympathic with the evolving needs of high tech and sustainable living”. 

Construction has commenced on the Burcham and completion is scheduled for Q1 2018.  


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