Residents

King Street

King Street is one of the least densely populated villages in the City of Sydney.

The village is home to a diverse range of residents, with young professionals and families living alongside university students.

As a result, the average income of residents is above Sydney averages though it varies considerably from more affluent professionals to full-time students. 

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Recent population growth

The population of King Street village was estimated by id Forecast to be 20,461 in 2014. The development of new apartment buildings has driven population growth with approximately 300 additional residents per year in the village over the past 8 years, as shown in Chart 2.

Chart 2 – Estimated Resident Population

Chart 2 – Estimated Resident Population

Figure 3 shows that King Street village has relatively low levels of population density in comparison to other villages. There are some high density areas near The University of Sydney, reflecting student accommodation services. There are also densely populated sections bordering Sydney Park.

A large proportion of residents live in medium density dwellings (43.9%) with limited high density buildings, hence the lower population densities.

Figure 3 – Population Density, 2011

Figure 3 – Population Density, 2011

Demographics

King Street village is home to a diverse range of residents, with young professionals and families living alongside university students. Table 1 summarises some of the key demographic characteristics of village residents, from which the following key points are noted:

  • Median household income is significantly higher than both the City of Sydney and Metro Sydney median.
  • The average age is relatively low compared to the City of Sydney local area and Metro Sydney benchmarks. This reflects the student population, with 20% of residents currently studying at university or TAFE.
  • Average household size is relatively small, reflecting the inner city location.
  • The village has a high proportion of renters at 55%, though this is below the City of Sydney average.
  • Residents tend to have white-collar jobs and approximately half are tertiary educated – reflecting the large number of young professionals in the area.

Chart 3 below shows the household income distribution for King Street village and compares this to the distribution across the entire City of Sydney local and the Metro Sydney region. Reflecting the large number of professionals within the village, it shows that the village has above-average proportions of households falling into the higher income brackets.

Chart 3 – Household Income Distribution, 2011

Chart 3 – Household Income Distribution, 2011

Figure 4 – Average Household Income, 2011

Figure 4 – Average Household Income, 2011

Table 1 – Key Demographic Indicators, 2011

King Street City of Sydney Metro Sydney

Median Household Income

$105,120 $84,941 $75,451

Av. Age

33.4 36.1 37.1

Av. Household Size

2.0 1.9 2.7

% White Collar Workers

89% 87% 74%

% Born Overseas

33% 49% 36%

Education

Bachelor Degree or Higher*

51% 48% 27%

Studying at University/TAFE

20% 17% 8%

Housing Status

Owner

13% 14% 31%

Purchaser

31% 24% 36%

Renter - Public

4% 10% 5%

Renter - Private

51% 51% 27%

Household Structure

Couples with No Kids

31% 28% 24%

Families (inc single parent)

21% 18% 49%

Singles

32% 40% 23%

Groups

16% 14% 4%

Source: Census of Population and Housing, 2011 – ABS

Resident retail spending

Chart 4 illustrates the estimated retail spending per capita for village residents in 2012 based on Marketinfo modelling. The chart reveals that residents spend an above-average amount on all retail categories, which reflects the higher average incomes in the village.

The difference between King Street residents and wider Metro Sydney is most noticeable in the food catering category, which includes all restaurant and take-away food. This is largely due to the thriving restaurant scene along King Street that boasts food from many different countries.

The residents of King Street village also have a higher retail spend per capita on leisure and services. These types of spending patterns are typical of inner city households, which tend more towards singles and couples without kids, who have more disposable income to spend on these types of discretionary goods and services.

Chart 4 – Resident Retail Spending Per Capita, 2012

Chart 4 – Resident Retail Spending Per Capita, 2012

What does this mean for my business?

The local resident population is an important consideration for many local business owners. For many retailers and hospitality businesses, local residents are a core part of their market and a key source of repeat business. For both retail and non-retail businesses, local residents may comprise a significant portion of their workforce. Developing a profile of potential customers (or workforce) can assist in selecting an optimal location and/or developing an effective business plan.

Residents within King Street village are typically well-educated professionals with high incomes, living as singles or couples. However it is important to note the significant diversity within the village that ranges from student accommodation and share houses around King Street and The University of Sydney and small families towards the south of the village.

This diversity of residents should support an equally diverse group of businesses, and opportunities exist for the value-conscious segment targeting students as well as the higher end of the spectrum. 

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