Future outlook

Redfern Street

Driven by an ongoing process of urban revitalisation, growth in both the resident and worker populations of Redfern Street village is expected to be strong. Major projects in the area include the Central Park redevelopment of the former Carlton and United Breweries site, the Pemulway redevelopment of the Block in Redfern and The University of Sydney’s campus improvement program.

Population growth

Table 12 summarises the forecast population growth for the village over the next 2 decades. Between 2011 and 2031, the population is forecast to increase by an average of 610 new residents per year, or 2.3%. This is a solid growth rate that sits above the forecast average for the entire City of Sydney local area of 1.9%. As shown in Figure 11, in terms of the number of new residents per year, Redfern Street village is forecast to have the second-highest growth rate in the City's local area after Green Square and City South. Much of this population growth will be driven by the redevelopment of underutilised land into higher density residential developments, particularly in Chippendale and in the vicinity of Redfern railway station.

Table 12 – Forecast Village Population, 2011–2031

Estimated Resident Population Av. Annual Growth 2011-2031
2011 2021 2031 No. %
21,160 29087 33,361 610 2.3%
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 shows the forecast change in the age structure of the village population between 2011 and 2031. Due to the high forecast population growth, it can be seen that all age groups will have a higher population in 2031 than in 2011. The distribution across the age groups is also expected to remain similar, with some minor changes as follows:

  • Tertiary education and independence (18-24) and older workers and pre-retirees are forecast to have their share reduced by around 1 percentage point each.
  • This difference is expected to be made up by increases in the share of empty nesters and retirees (60-69) and seniors (70-84).

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. As shown in the chart, over the period 2011 to 2031 growth in the workforce is expected to average a very strong 766 new workers per annum, or 3.0%. This growth is expected to taper off after 2031 averaging 270 workers per year, or 0.7% between 2031 and 2046.

This strong forecast growth in the workforce will be driven by the redevelopment of underutilised land with buildings that incorporate office space, and also by the increasing presence of service industries including retail and food and drink, which are more intensive users of space that traditional industrial uses. The University of Sydney also has plans to upgrade its campus, which will drive an increase in the university workforce.

Chart 10 – Forecast Workforce Growth, 2011–2046

Chart 10 – Forecast Workforce Growth, 2011–2046

Major infrastructure

The majority of major infrastructure projects in the village are privately-driven redevelopment projects, and most include significant residential components. Major projects within the village include:

  • Central Park: This redevelopment of the former Carlton and United Breweries (CUB) site on Broadway is already underway. When completed, Central Park will form an urban village of 11 buildings including around 2,000 apartments, retail, dining, offices, parks and creative spaces.
  • University of Sydney campus improvement program: The University of Sydney has allocated over $6 billion to upgrade facilities on its main campus. Significant projects planned for the precinct south of King Street, which lies within the village, include improvements to academic facilities, new parking facilities, improved cycling infrastructure, new retail, services, food and drink and new student accommodation.

Residential development activity

Figure 12 shows recent and upcoming residential development as captured by the City of Sydney’s Residential Monitor. This map highlights residential development activity including major projects, such as Central Park, the Pemulway Project and student accommodation at The University of Sydney. Apart from these projects there is also a fair amount of residential development spread throughout Chippendale and Redfern, with some larger projects adjacent to Redfern railway station.

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 both future population and workforce, Redfern Street village is forecast to have high growth. Furthermore, the income profile of local residents is likely to change further as higher-income residents and professional workers continue to migrate to the village. This growing and changing population will support a number of new businesses that cater to the changing tastes of 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