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  • Urbis report 2016.

    U rbis report 2016.

  • OUTLOOK NORTHCOTE

    A CONTEXT ON BUSINESS, CULTURE, LIFESTYLE AND RESIDENTIAL

    APRIL 2016

    Northcote provides an affordable apartment market that is located five kilometres from the CBD, making it suitable for young professionals, first home buyers and investors alike.

    THE HIGH STREET RETAIL STRIP CONSISTS OF A MIX OF CONVENIENCE, FOOD AND BEVERAGE AND OTHER RETAIL FACILITIES.

    THERE ARE FIVE TRAIN STATIONS LOCATED WITHIN NORTHCOTE.

    85% OF EMPLOYED RESIDENTS WITHIN NORTHCOTE WORK IN WHITE COLLAR JOBS.

    ACCESSIBILITY & AMENITY

    Northcote is home to the High Street retail strip which forms the Northcote Activity Centre, as well as the Northcote Plaza Shopping Centre, anchored by Coles and Kmart.

    WHY MELBOURNE?

    Melbourne has been voted as the world’s most liveable city for five consecutive years according to the Economist Intelligence Unit’s World Liveability Rankings 2015.

    POPULATION

    The population in Northcote is forecast to grow by 28% to 32,900 by 2036.

    DEMOGRAPHICS

    The age profile in Northcote is relatively young, with 52% of residents aged 20-49, compared to Greater Melbourne with 45%.

    EDUCATION

    There are six schools located within Northcote offering local residents both primary and secondary education options.

    INCOME

    Northcote’s average annual income for residents aged 15-64 of $55,341 is 23% higher than Greater Melbourne.

    INFRASTRUCTURE INVESTMENT

    Within Northcote, there is $438 million worth of public and private infrastructure investment in the pipeline to 2019.

    RESIDENTIAL MARKET

    The median unit sale price for Northcote has grown 101% over the decade to December 2015, compared to the wider City of Darebin which experienced 75% growth.

    RENTAL MARKET

    Median weekly rents for one, two and three bedroom units in Northcote grew at an annual rate of 7.2%, 7.4% and 6.1% respectively over the decade to December 2015.

  • 2 NORTHCOTE MARKET OUTLOOK © URBIS.COM.AU

    ACCESSIBILITY & AMENITY Northcote

    NORTHCOTE ACTIVITY CENTRE:

    20 Restaurants

    10 Fashion/Jewellery/Shoes

    13 Specialty Retail

    10 Specialty Services

    16 Hair/Beauty/Massage

    PORT PHILLIP BAY

    NORTHCOTE PARK

    ALL NATIONS PARK

    SANTA MARIA COLLEGE NORTHCOTE PLAZA SHOPPING CENTRE

    MCG

    WESTGARTH TRAIN STATION

    MERRI TRAIN STATION

    NORTHCOTE ACTIVITY CENTRE

    Source: highstreetnorthcote.com.au

    IGA

    ALDI

    COLES

    NORTHCOTE MARKET OUTLOOK 3 © URBIS.COM.AU

    The southern edge of Northcote is positioned less than five kilometres north-east of the Melbourne CBD, with the suburb extending a further three kilometres north. Both the South Morang and Hurstbridge lines service Northcote, with five train stations within the suburb boundary; Croxton, Northcote, Merri, Westgarth and Dennis railway stations. There are 12 tram stops located along St Georges Road and High Street on Routes 11 and 86 respectively, providing additional access to Melbourne’s City Centre and beyond.

    Recreational space is provided by six parks, including the 13 hectare All Nations Park, McDonnell Park, Johnson Park, Batman Park, R Thomson Reserve and Merri Park, extending along Merri Creek, the south eastern boundary of the suburb. Additionally, the Northcote Golf Club and the Northcote Aquatic & Recreation Centre provide local sporting facilities.

    The Northcote Plaza Shopping Centre consists of 71 stores, including K-Mart and Coles, with Aldi located nearby. Additionally, the Northcote Activity Centre runs along High Street, which is home to 147 businesses, including bars, restaurants, cafes, chemists, banks, medical centres, retail stores and the historic Westgarth Theatre, providing excellent local amenity.

    Melbourne has been awarded the title of the world’s most liveable city for five consecutive years by the Economist Intelligence Unit. The ranking recognises Melbourne’s health, education and infrastructure, for which Melbourne received perfect scores. The study also recognises the city’s cultural offering, clean environment and political stability.

    The city is renowned as Australia’s sporting and events capital, hosting a number of international events annually. These include the Formula One Grand Prix, Melbourne Cup Spring Racing Carnival, Australian Open Tennis Grand Slam and the International Food and Wine Festival.

    WHY MELBOURNE?

    Source: Economist Intelligence Unit. 2015

    Northcote is around five kilometres from the Melbourne CBD and is serviced by five train stations and two tram routes,

    providing access to Melbourne’s City Centre.

    2015 MOST LIVEABLE CITY (Ranking out of 100)

    Melbourne, Australia: 97.5 #1 Vienna, Austria: 97.4 #2 Vancouver, Canada: 97.3 #3 Toronto, Canada: 97.2 #4 Adelaide, Australia: 96.6 #5 Calgary, Canada: 96.6 #5

    MERRI PARK

    EDINBURGH GARDENS

    MELBOURNE CBD

    NORTHCOTE TRAIN STATION

    CROXTON TRAIN STATION

    HIGH STREET

    ST GEORGES ROAD

    PIEDIMONTE’S SUPERMARKET

    2 NORTHCOTE MARKET OUTLOOK © URBIS.COM.AU

    ACCESSIBILITY & AMENITY Northcote

    NORTHCOTE ACTIVITY CENTRE:

    20 Restaurants

    10 Fashion/Jewellery/Shoes

    13 Specialty Retail

    10 Specialty Services

    16 Hair/Beauty/Massage

    PORT PHILLIP BAY

    NORTHCOTE PARK

    ALL NATIONS PARK

    SANTA MARIA COLLEGE NORTHCOTE PLAZA SHOPPING CENTRE

    MCG

    WESTGARTH TRAIN STATION

    MERRI TRAIN STATION

    NORTHCOTE ACTIVITY CENTRE

    Source: highstreetnorthcote.com.au

    IGA

    ALDI

    COLES

  • 4 NORTHCOTE MARKET OUTLOOK © URBIS.COM.AU

    DEMOGRAPHICS, EDUCATION & EMPLOYMENT Northcote

    The population in Northcote is forecast to increase from 25,800 in 2015 to 32,900 in 2036, representing 28% growth in the number of residents. Forecast population growth is indicative of growing demand for dwellings as new residents require residential properties.

    The majority of residents in Northcote are aged 20-49, with 52% of residents falling within that age bracket, compared to Greater Melbourne with 45%. Additionally, a greater proportion of households in Northcote comprise of a non-related group or lone person. This indicates that Northcote is popular with a young demographic that are yet to start a family.

    POPULATION AND KEY DEMOGRAPHICS

    There are six schools located in Northcote, with three primary schools, two secondary schools and one special school. These schools provide local education options for residents, with some 32% of households in Northcote comprising of a family with a child younger than 15.

    Of the residents in Northcote, 9.0% are undertaking tertiary education, which is higher than the proportion across Greater Melbourne, 6.5%. This is partly due to its proximity to major universities within Melbourne, including the University of Melbourne, which is ranked, 33rd in the world and 1st in Australia according to Times Higher Education World University Rankings 2015-2016, and is three kilometres from Northcote. RMIT is another high quality university which has a city campus located at the northern end of Melbourne’s CBD which is in proximity to Northcote. Additionally, tram route 86 connects Norhcote directly to the Bundoora campuses of La Trobe University and RMIT.

    Northcote has a higher proportion of employed residents that work in white collar jobs than Greater Melbourne, with 85% compared to 72%. This is supported by the high proportion of professionals, with 43% in Northcote compared to 25% in Greater Melbourne. Further, the average annual income of residents aged 15-64 in Northcote in 2011 was $55,341, which was 23% higher than that of Greater Melbourne, $45,019. This highlights Northcote’s popularity with young professionals, supported by the suburbs accessibility to key white collar employment hubs, such as the Melbourne CBD, Docklands and Southbank.

    EDUCATION INCOME & EMPLOYMENT

    Northcote is popular with educated young professionals, with 52% of residents aged

    20-49 and 85% of employed residents working in white collar jobs.

    Source: ABS, ForecastID, Urbis

    25,800 27,300

    28,800 30,200

    31,500 32,100 32,600 32,900

    0

    5,000

    10,000

    15,000

    20,000

    25,000

    30,000

    35,000

    2015 2018 2021 2024 2027 2030 2033 2036

    RE SI

    D EN

    T PO

    PU LA

    TI O

    N

    POPULATION FORECAST

    PER CAPITA INCOME*

    NORTHCOTE

    2011

    Source: ABS, Urbis

    * Residents Aged 15-64

    Source: ABS, Urbis

    Source: data.gov.au

    UNDERTAKING TERTIARY STUDY

    Northcote:

    9.0% Greater Melbourne:

    6.5%

    Northcote: $55,341

    Greater Melbourne: $45,019

    2 Secondary Schools 1 Special School3 Primary Schools

    BRUNSWICK MARKET OUTLOOK 5 © URBIS.COM.AU

    INFRASTRUCTURE INVESTMENT &

    AMENITY Northcote

    There is over $438 million worth of potential public and private infrastructure investment in the pipeline to 2019 within Northcote. One key project that will enhance the amenity available to residents of Northcote is the $250 million mixed-use development along Arthurton Road which is known as Arthurt