Local area profile for business
King Street village in the suburb of Newtown is a unique community and melting pot of people from different social, cultural and economic backgrounds.
The University of Sydney and Royal Prince Alfred Hospital represent major components of the local economy.
The village is home to the vibrant and ever evolving King Street shopping and dining precinct and Sydney Park.
Public transport is a strength of the village with several train stations and bus routes providing access to the city centre and wider region.
The economic profile summaries below link to more detailed information.
The village is located towards the south-west of the City of Sydney and includes part of the suburbs of Newtown, Camperdown, Erskineville and Alexandria. There is a mix of housing including older terraces and newer apartment buildings around The University of Sydney and Sydney Park.
The village boasts a strong community with regular festivals and events that allow local businesses to become part of the community.
What do residents like about their village?
“Bustling commercial strip and mix of people openly expressing themselves.”
“It’s very diverse – hippies, goths, greenies, young families, university students, gay/lesbian/queer, hospital employees, old codgers. The tolerance and progressive attitudes of residents.”Source: City of Sydney Resident Consultations
The village is home to a diverse range of residents from different social and cultural backgrounds including students, professionals, young families and retirees.
The large number of young professionals means the village has an average age well below the Metro Sydney average and household incomes over 25% above.
|Median Household Income (2011)**||$105,120 (39.3% above Metro median)|
|Average Age (2011)**||33.4 (10.1% below Metro average)|
*Estimate based on projections by id Forecast
The King Street village economy is driven by small businesses, with a large number of food and drink, and retail operations along King Street. This reflects the vibrancy of King Street as a diverse dining and shopping strip. The University of Sydney supports a number of local businesses and there are established industrial areas located towards the south of the village in Erskineville and Alexandria.
Employing Businesses (2012)
Top 3 Industries by Number of Employing Businesses
Food & Drink (23.8%) Retail & Personal Services (19.0%) Higher Education & Research (8.2%)
Proportion of Employing Businesses with less than 20 Employees
86.9% (LGA average = 84.8%)
The University of Sydney and Royal Prince Alfred Hospital are the major employers in King Street village. There are also a significant number of food and drink, retail and business service workers located along King Street. This mix of health and education professionals and service workers results in a range of worker incomes, but are generally in line with the Metro Sydney average.
|Top 3 Industries by Workforce||Higher Education & Research (38.3%) Health (19.6%) Professional & Business Services (8.8%)|
King Street is widely regarded as one of the most diverse dining precincts in Sydney with a vibrant nightlife of pubs and bars. As a result, the village attracts a large number of visitors from throughout Sydney, mixing with local residents and University of Sydney students.
King Street village is forecast to record steady population growth as a result of the major urban renewal project set to occur in the Ashmore precinct, consisting of a new neighbourhood with local shops, cafés and a small supermarket. It is expected that the precinct will be home to approximately 6,000 residents over the next 10 years as part of a staged development. Population growth will also be underpinned by the new student accommodation around The University of Sydney and new apartments towards the south in Erskineville.
Employment is also projected to grow over the next 20 years with redevelopments of Royal Prince Alfred Hospital and The University of Sydney likely to generate new jobs.
|Forecast Average Growth
|No. per annum||per annum|
**Source: NSW Bureau of Transport Statistics
This information has been compiled from various sources. The publisher and contributors accept no responsibility for any injury, loss or damage arising from the use, error or omissions therein. While all care is taken to ensure a high degree of accuracy, users are invited to notify the City of Sydney of any discrepancies. No part of this information, including maps or data, may be reproduced without written permission.
Last updated: Tuesday, 16 June 2015