When considering redevelopment opportunities, it pays to do your homework.
The Inner West is among the most desirable areas of Greater Sydney. Its proximity to the CBD and the range of amenities in the area, make the Inner West a great place to live.
But if you’re considering buying property for redevelopment in the Inner West, there are many factors you should consider before deciding on your strategy.
So – what are some of the factors to be taken into consideration?
At Devine Real Estate, we have been looking into 10-year demographic predictions for Marrickville Local Government Area (LGA). What we have noticed is very interesting.
It is predicted that by 2026, the number of people in Marrickville LGA who are aged over 60 years, will jump by almost 28% based on 2016 levels.
That compares with an increase of 17% in the number of children under 19 years, a minimal 5% increase in people aged 20-39, and a modest 13% increase in those aged 40-59.
In other words, the rate at which the population of senior citizens is set to increase in Marrickville LGA, far outpaces any other age group!
We have also been looking into the changing types of households in Marrickville LGA. By 2026, the number of Lone Person and Family households are set to increase by about 15% each, based on 2016 levels. Couple households will increase by 10% over the same time.
We found it particularly interesting that the growth rate of Group households, which includes aged-care facilities, lags way behind. Group households are set to grow by just 5% by 2026, based on 2016 levels.
With a 28% increase in the senior population, but a much smaller 5% increase in the number of Group households, this may indicate that demand for aged-care accommodation could be very high, relative to supply.
What does this mean if you’re looking for development opportunities in the Inner West?
You may wish to consider sites with the potential for redevelopment into aged-care facilities. Sites with easy access to public transport, local shops and medical facilities are prime candidates for redevelopment.
With our strong local presence, Devine Real Estate is ideally placed to help you find your ideal site.
We currently have properties available such as 498 & 500 Liverpool Road, Strathfield South. These 2 large neighbouring homes, set on 1,195sqm, have dual street frontage, with R3 zoning. They are ideally located a short distance to shopping and transport facilities. Such a site could be ideal if you are considering redevelopment opportunities.
The information contained here is of a general nature only, and you should consult a licensed financial planner before making any investment decisions.
Speak to my team at Marrickville on 9569 8000 if you have any questions.
Devine Real Estate
T: 02 8789 0217 | M: 0419 202 930