Market Update
Since the 1960’s up until the early 2000’s Chippendale has been mostly commercial with some residents from lower socio-economic groups. It was considered somewhat of a battlers suburb. Since the recent development of Central Park and the newly opened Duo at Central Park, the demographics have changed dramatically.
One of Sydney’s smaller inner-city suburbs, Chippendale, is going to through a rebirth with the redevelopment of several keys sites. New RP Data shows a sharp increase in new residential dwellings, in particular apartments.
The total number of residents now residing in Chippendale sits at about 5,000. This is a sharp contrast to the steadily held figure of 1,200 the suburb has held for decades. Duo at Central Park, recently opened at the former site of the Carlton & United Brewery will welcome about 700 more residents to the suburb. Almost 62% of all new residents to Chippendale are aged between 20 and 34. From that percent, 64% are single and 50% work full-time.
Since the opening of the new Central Park development, House prices in Chippendale have risen as land becomes more valuable. Contrastingly, apartment sales in the same period have remained steady and even dropped in some parts.
The SydneyLinks team
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