Singles Dominate Melbourne Bayside

Singles dominate Melbourne Bayside

Inner Bayside Melbourne is the hotspot according to Real Estate Institute of Victoria (REIV) analysis of the 2011 Census data from the Australian Bureau of Statistics (ABS).

Bayside suburbs of St Kilda, St Kilda West, Carlton, Elwood and South Yarra have the highest proportion ofsingle person households in Melbourne along with Carlton says REIV Policy and Public Affairs Manager Robert Larocca. In St Kilda, St Kilda West, Carlton, Elwood and South Yarra at least one in three homes has only one resident.

These trends have an important impact on development and demand for housing, he continues. New developments clearly respond to this demographic trend by building residences more suited to single people, Larocca says.

Interestingly, the data also shows that the further the suburb is from the CBD, the less likely it is that only one person will be residing in the home, with one exception – the Belgrave/Lilydale train line, where most suburbs have a higher than average proportion of lone–resident households.

“At the other end of the spectrum are the growth suburbs: Point Cook, Greenvale, Roxburgh Park, Doreen, Narre Warren South and Narre Warren North, for instance. In those suburbs less than 10 per cent of homes only have one resident. The growth suburbs are obviously highly populated by growing families,” Mr Larocca concluded.

Suburb

% of lone-person dwellings*

St Kilda

36%

St Kilda West

35%

Carlton

35%

Elwood

32%

South Yarra

32%

Prahran

32%

St Kilda East

32%

Windsor

32%

Chelsea

32%

East Melbourne

31%

*ABS/REIV: suburbs with more than 15% vacant dwellings on Census night generally excluded.

Why city property will remain strong and is the path of many…

While many of us dream of a country home, according to Harvard University Professor Ed Glaeser in his new work “The Triumph of the City: How Our Greatest Invention Makes Us Richer, Smarter, Greener, Healthier and Happier” it is cities that foster achievement and productivity because they are fonts of innovation and wealth. This is evident in the property market too as position is always a key element that buyers look for. These findings reinforce the strengths investment in inner city suburban regions hold now, and will sustain into the future.

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