St Peters and Tempe the next suburbs to watch
The gentrification of the inner west is continuing to spread with two suburbs tipped to be the next to undergo a transformation that is expected to impact property prices.
Research released by the Property Investment Professionals of Australia (PIPA) hightlighted Tempe and St Peters, along with the southern suburb of Arncliffe, as the next to experience a change.
PIPA chairman Peter Koulizos said there were certain factors that came into the selection of the next up-and-coming suburbs of Sydney.
“We started off with the foundation of gentrification which is that the suburbs need to be close to the city or the sea and need to have historic buildings,” Mr Koulizos said.
He said in areas like Tempe and St Peters many industrial buildings were being transformed into residential housing.
“You need to look at quantitative data – which is the numbers – but also the qualitative data which is more subjective. Some of the little things we look for include: Are there organic shops popping up in the area? Are cafes serving gluten-free bread, soy milk and almond milk?
“There’s also hard data, looking at the demographics of the type of people moving into the area,” he said.
Mr Koulizos said a new demographic of people moving into the area was the first sign of gentrification.
“They start to change the suburb’s property.”
He said St Peters and Tempe typically had an older demographic – residents who no longer had the time or money to upgrade their current homes.
“They move out and the younger people move in.”
He said from here, it’s a knock-on effect.
“Property prices will go up as there is more demand for the area and the properties will get better as they are renovated.”
Melissa Kehagias, Inner West Courier, 31 July 2018, Page 7