Future outlook

King Street

Recent population growth in King Street village is projected to continue at a similar rate over the next 2 decades with an average of over 400 new residents each year.

Residential growth is forecast to be driven by the major urban renewal project in Ashmore precinct in addition to new student accommodation around The University of Sydney and development in Erskineville.

As a result, population growth is expected to be mainly in tertiary student and prime working age (18 to 44 years) range, increasing the share of residents in this bracket.

The projected growth for employment in the village is slightly lower than population growth with key factors considered being redevelopments of The University of Sydney and Royal Prince Alfred Hospital.

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Population growth

Over the period 2011 to 2031, the population of King Street village is forecast to increase from 19,514 to 24,454 (see Table 11). This equates to an annual growth rate of 428 people, or 1.8% per annum, which is similar to the City of Sydney local area average. As can be seen in Figure 10, this is one of the higher forecast growth rates for all of the villages in the City of Sydney.

Table 11 – Forecast Village Population, 2011–2031

Estimated Resident Population Av. Annual Growth 2011–2031
2011 2021 2031 No. %
19,514 24,454 28,068 428 1.8%
Source: id Forecast

Figure 10 – Forecast Average Annual Population Growth, 2011–2031

Chart 1 – Dwelling Types Source: id Forecast

Demographic change

Chart 9 illustrates the forecast demographic change in the village by comparing residents by age group in 2011 and 2031. In 2011, the most dominant age bracket in the village was those aged 25 to 34 years (young workforce), with 6,098 residents. Between 2011 and 2031, the majority of growth is expected to be in the younger to middle aged categories including:

  • young workforce (25–34 years) – increase of 1,827 residents
  • parents and homebuilders (35–49 years) – increase of 1,714 residents
  • education and independence (18–24 years) – increase of 1,547 residents.

The number of older residents in categories such as older workers and pre-retirees and empty nesters and retirees are also expected to increase over the 20 year period at a faster rate, though below the City of Sydney average.

Chart 9 – Population by Age Group, 2011 & 2031

Chart 9 – Population by Age Group, 2011 & 2031

Source: id Forecast

Workforce changes

Chart 10 illustrates workforce forecasts for the village based on projections made by the Bureau of Transport Statistics in 2012. Over the 20 year period between 2011 and 2031, growth in the local workforce is projected to be 324 workers per year, or 1.3% per annum. Over the entire 35 year forecast period the average annual growth rate is slightly lower, at 296 workers, or 1.1%, per annum. This forecast growth is slightly below population growth, but still relatively strong in the context of expected workforce growth in the City of Sydney.

Chart 10 – Forecast Workforce Growth, 2011–2046

Chart 10 – Forecast Workforce Growth, 2011–2046

Source: id Forecast

Major infrastructure

The NSW Government in partnership with Sydney local health district, Royal Prince Alfred Hospital and The University of Sydney will spend $67 million redeveloping the north-west precinct on Missenden Road, Camperdown. The new purpose-built Missenden Mental Health Unit will include 7 beds for research, and room for other mental health and ambulatory services.

The University of Sydney continues to invest in new infrastructure including the Abercrombie precinct redevelopment on the southern edge of the university's Darlington campus. The new building will comprise a 550-seat lecture theatre, 3 300-seat theatres, 8 100-seat study rooms, 40 seminar rooms, a learning hub, and 1,500 sqm of informal learning space.

Residential development activity

Figure 11 shows recently completed and future residential developments in the village as measured by the City of Sydney’s Residential Development Monitor. This shows that the majority of planned developments are student accommodation within The University of Sydney, including the 761 bed redevelopment of the Queen Mary Building. There is also considerable activity towards the south of the village in Erskineville, characterised by smaller apartment buildings.

Figure 11 – City of Sydney Residential Development Monitor, June 2013

Figure 11 – City of Sydney Residential Development Monitor, June 2013

Source: id Forecast

What does this mean for my business?

Understanding the future outlook for the village is important for all local businesses and those considering locating in the area. Anticipating changes to the local resident and worker populations, along with changes to the physical environment, is important for successful long-term business planning.

The density of housing within the village is projected to increase towards the north and south, which will create opportunities to service the growing population. These areas are in close proximity to King Street shopping and dining precinct, which should drive increased visitation for local businesses. The increasing student population will also create opportunities for businesses to target this growing cohort.

Disclaimer

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