Future outlook

Oxford Street

Oxford Street village has long been an established residential area and this will limit its population growth in the future, with the majority of growth occurring in the prime working age groups (25 to 49 years).

Workforce growth is expected to be slightly above population growth due to the intensification of current employment areas, however it will still be relatively low.

Meanwhile the CBD and South East Light Rail project, which will run along the south-western border of the village will increase accessibility to the area. 

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Population growth

Between 2011 and 2031, the population of Oxford Street village is forecast to increase marginally from 18,300 to 20,599 (see Table 14).

This represents an annual growth of 115 people, or 0.6%, per annum.

As seen in Figure 11 Oxford Street village, along with most of the eastern villages, is expected to have one of the lowest growth rates across the City of Sydney local area.

This village has been established for many years and consequently a lack of large development sites has precluded large-scale population growth.

Table 14 – Forecast Village Population, 2011–2031

Estimated Resident Population Av. Annual Growth 2011–2031
2011 2021 2031 No. %
18,300 19,806 20,599 115 0.6%
Source: id Forecast

Figure 11 – Forecast Average Annual Population Growth,
2011–2031

Figure 11 – Forecast Average Annual Population Growth, 2011–2031  Source: id Forecast

Demographic change 

Chart 9 illustrates the forecast demographic change in Oxford Street village comparing residents by age group in 2011 and 2031. In 2011, the most dominant age group in the village was those aged 25 to 34 years in the young workforce category and this is expected to remain the most dominant grouping, growing by over 680 residents to nearly 7,000 residents by 2031. The second most populous category in 2011 (and forecast for 2031) is the 35 to 49 years grouping in the parents and homebuilders category, with a growth of over 850 residents forecast over the 20 year period. Once again, this highlights the attraction of the village for those entering the workforce and in the earlier stages of their careers.

Chart 9 – Population by Age Group, 2011 & 2031

Chart 9 – Population by Age Group, 2011 & 2031

Workforce changes

Chart 10 highlights the workforce forecasts for the village based on projections made by the Bureau of Transport Statistics in 2012. Over the 35 year period between 2011 and 2046, the workforce is expected to grow by just over 7,000 workers. This represents approximately 200 workers per annum at a rate of 0.8%. The growth in the workforce is also restricted by a limited number of large development sites, however an intensification of existing employment areas will allow for growth in the workforce.

Chart 10 – Forecast Workforce Growth, 2011–2046

Chart 10 – Forecast Workforce Growth, 2011–2046

Major infrastructure

The most significant transport infrastructure project to affect Oxford Street village is the CBD and South East Light Rail project, which will run along the south-western boundary of the village adjacent to Moore Park. This project will provide light rail services from Circular Quay to Moore Park via Central railway station. Work on the light rail project is expected to commence in 2015, with construction expected to take 5 to 6 years. The CBD and South East Light Rail line will have 20 stops along the 12km route and is expected to be capable of carrying up to 9,000 passengers per hour in each direction.

Another significant development has been the recent $176 million redevelopment of several stands at the SCG in Moore Park, which was completed to improve customer amenity for the 2015 Cricket World Cup. There are also plans to redevelop the remaining sections of the stadium at an as-yet undefined date, which will help maintain its status as a world-class sporting venue and continue to draw strong crowds.

Residential development activity

Figure 12 shows recently completed and future residential developments in the village as measured by the City of Sydney’s Residential Development Monitor.

This shows that there are a scattering of large (100+ units) developments in the Darlinghurst area, however in general the scale of residential development has been relatively small.

This is due to a general lack of developable land available within the village.

Figure 12 – City of Sydney Residential Development Monitor, June 2013

Figure 12 – City of Sydney Residential Development Monitor, June 2013

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, are important for successful long-term business planning.

In terms of future population and workforce, the outlook for Oxford Street village is fairly stable but without the prospect of high growth. Therefore business strategies should be more focussed on catering to the specific needs of the local market, as well as finding innovative ways to attract business from outside the village.

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