08.16.2017 Property News

Census 2016 Reveals: What Are Homeowners Paying In The East?

Census 2016 Reveals: What Are Homeowners Paying In The East?

We already know demographics are changing in Sydney’s east.

But with the release of a new round of census data, we can now take a closer look at precisely who lives in Sydney’s east and the price of their property.

Here’s your guide to the people who make up the eastern suburbs’ four key markets.

Sydney’s overall demographics

Before we zoom in on the eastern suburbs, it’s useful to take a look at Sydney as a whole. Greater Sydney is still the largest population centre in Australia with just over 4.8 million residents, with 1,656 people moving into the city every week.

Over 1.2 million of these residents are families with an average of 1.9 children each. Median monthly mortgage repayments are at $2,167, while median weekly rent is $440.

Harbourside: Point Piper leads average incomes

The average age across harbourside suburbs skews slightly older than the other markets across Sydney’s east at 41 years old. 23% of residents are families, however, this dips to 18% in Rushcutters Bay and is as high as 27% in Point Piper, which also has the highest median weekly household income of $3,644. Across all harbourside suburbs, residents are paying an average of $2,571 per month in mortgage repayments.

Beachside: Dover Heights residents have the most expensive mortgages

Sydney’s eastern beaches have a younger average age than their harbourside counterparts at 36 years old. Their average weekly incomes are also lower at $2,626, while median monthly mortgage repayments are higher at $3,247.

That said, mortgage repayments are as low as $2,600 per month in Bondi, while they rise to $4,000 in Dover Heights, followed closely by Tamarama at $3,640. The percentage of families in beachside suburbs is the same as harbourside suburbs at 23% on average.

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Parkside: Lower mortgages, lower incomes

Compared to residents near the harbour and beaches, Sydney’s parkside residents in suburbs like Randwick, Kensington and Bondi Junction are earning less overall with an average weekly income of $2,284. They’re also paying less for their mortgages at a monthly median of $2,925.

These suburbs are very similar to their beachside neighbours in terms of median age, which sits at 35, and have slightly fewer families at 22% overall. This dips to just 17% in Kensington, while in Queens Park the proportion of families rises to 25%.

Inner city: Younger residents, fewer families

The inner city strongholds of Darlinghurst, Surry Hills and Potts Point have a lower average age than any of the other eastern suburbs markets at 33 years. Incomes are also the lowest of any of the markets at $2,048 per week, with mortgage payments following suit at a median of $2,375 per month. These suburbs also have the lowest percentage of families: 19% in Darlinghurst and Surry Hills, and just 13% in Point Piper.

Of course, these figures only give a high-level overview of who lives in the east and how much they pay to live there. The picture can change dramatically when we zoom in on particular neighbourhoods and streets.

If you’re considering buying or selling in one of these markets, get in touch for expert advice from our team today.