Economic and Demographic Profile Contents
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RANDWICK CITY APRIL 2013 Economic and Demographic Profile Contents Summary of Economic Indicators 1 Population and Income 2 Age Distribution 3 Personal Income 4 Buisness Activity 5 Gross Regional Product 5 Productivity 6 Local Business Turnover 7 Workforce Size 8 Employment 9 Labour Market 9 Employment Capacity 10 Participation Rate 10 Dependency Ratio 10 Workforce 11 Employment by Industry 11 Local Employment 12 Workforce Origin/Destination 12 Employment Forecasts 13 Economic Diversity 14 Location Quotients 14 Housing and Investment 15 Dwelling Approvals 15 Construction 15 Households Projections 16 Median Weekly Rents 17 Rental Yields 17 Property Market and Land 18 House and Unit Prices 18 Median Dwelling Price Index 19 Land Values 19 Industrial Land 19 Demographic Profile 20 Eastern Sydney Benchmarking 21 For more information The data produced in City of Randwick Economic & Demographic Profile is believed to be the Economic Development Officer most recent and accurate data available at the time of publication. No responsibility is accepted Randwick City Council for any inadvertent errors. 30 Frances Street, Randwick NSW 2031 COPYRIGHT: The concepts and information contained in this document are the property of Randwick City Council. Use or copying of this document in whole or in part without written Telephone: (02) 9399 0883 permission of Randwick City Council constitutes an infringement of copyright. Facsimile: (02) 9319 1510 Prepared by: E-mail: [email protected] Note: City of Randwick = Randwick Local Government Area (LGA) PO Box 2567, Toowoomba Q 4350 P +61 7 4613 0206 M 0437 180 566 E [email protected] W www.lawrenceconsulting.com.au Randwick City Economic and Demographic Profile SummarySummary of ofEconomic Economic Indicators Indicators Key Economic Indicators Period Level Level – Change Annual % 12 mths ago change Population & Income Estimated resident population 2011 137,757 135,923 +1,834 1.3% Projected population 2036 161,328 n.a. +23,571 0.6% Average age, 2011 (yrs) 2011 37.4 37.3 +0.1 0.1% Dependency ratio, 2011 (%) 2011 38.1 37.5 +0.6 0.6% Total income ($ million) 2009/10 4,667.5 4,625.1 +42.4 0.9% Per capita income ($) 2009/10 34,339 34,548 -208 -0.6% Average wage and salary income ($) 2009/10 59,796 56,951 +2,845 5.0% Employment Employed persons (no.) Dec Qtr 2012 75,764 78,651 -2,887 -3.7% Unemployment rate (%) (a) Dec Qtr 2012 3.9 4.3 -0.4 -0.4% Labour force (persons) Dec Qtr 2012 78,799 82,154 -3,355 -4.1% Participation rate (%) (a) 2011 66.9 67.3 -0.5 -0.5% Business Activity Gross Regional Product ($ million) 2011/12 4,940.2 4,615.5 +324.7 5.5% GRP per capita ($) 2011/12 35,339 33,957 +1,383 4.1% Productivity ($value added/hr worked) 2011/12 50.19 49.00 1.19 2.4 Number of businesses June 2011 11,614 11,372 +242 2.1% Total industry turnover ($ million) 2010/11 3,602.7 3,338.4 +264.3 7.9% Average industry turnover ($’000) 2010/11 310.2 293.6 +16.6 5.7% Housing and Investment No. of dwelling approvals Yr to Dec 2012 617 607 10 1.6 Value of dwelling approvals ($’000) Yr to Dec 2012 252,213 301,108 -48,895 -16.2 Value of non-dwelling approvals / construction ($’000) Yr to Dec 2012 295,191 364,270 -69,079 -19.0 Projected households 2036 68,174 n.a. +12,979 0.8% Median weekly rent – 3bd house ($) Dec Qtr 2012 770 757 +13 1.7% Median weekly rent – 2bd unit ($) Dec Qtr 2012 550 540 +10 1.9% Rental yield – separate houses (%) (a) Sep Qtr 2012 3.3 3.4 0.0 0.0% Rental yield – flats/units (%) (a) Sep Qtr 2012 4.8 4.5 +0.3 0.3% Property Market and Land Median sales price – separate houses ($) Sep Qtr 2012 1,250,000 1,235,000 +15,000 1.2% Median sales price – flats/units ($) Sep Qtr 2012 595,000 604,000 -9,000 -1.5% Median house price index (%) (a) Sep Qtr 2012 223.2 226.6 -3.4 -3.4% Land value – single residential site ($) 2012 807,000 835,000 -28,000 -3.4% Transport Motor vehicle registrations (no.) Dec Qtr 2012 72,148 70,686 +1,462 2.1% Note: (a) Changes are percentage point changes. www.randwick.nsw.gov.au 1 Population and Income Population The estimated resident population of the City of Randwick Population at June 2011 was 137,757 persons, an increase of 1,834 City of Randwick 200,000 persons, or 1.3% from the level recorded in 2010. The annual growth in population in the City of Randwick was higher than Actual Projected the averages for the Sydney Region (1.2%) and New South 150,000 Wales (0.9%). 100,000 Over the past five years, the City of Randwick has experienced an increase in population of 11,649 persons, representing average annual growth of 1.8%. This growth 50,000 rate was significantly higher than the averages for the Sydney Region (1.5%) and New South Wales (1.1%) over the same 0 period. 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2016 2021 2026 2031 2036 Source: ABS 3218.0, Bureau of Transport Statistics Over the period to 2036, the population of the City of Randwick is expected to increase by 23,571 persons – Population Growth or an average annual rate of 0.6% – to a population of City of Randwick 2.5% approximately 161,328 persons. The forecast annual growth Actual Projected Sydney Region New South Wales in population for the City of Randwick is lower than the 2.0% averages for the Sydney Region (1.3%) and New South Wales (0.9%). 1.5% 1.0% In 2011, the City of Randwick comprised 3.0% of the population of the Sydney Region, a decrease from the share 0.5% of 2.9% in 2006. By 2036, the City of Randwick is forecast to comprise 2.5% of the total population of the Sydney Region. 0.0% -0.5% 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2011 2016 2021 2026 2031 -16 -21 -26 -31 -36 Source: ABS 3218.0, ABS 3222.0, Bureau of Transport Statistics Population Area Level Annual Average annual Level Average annual 2011 % change % change 2036 % change 2006-11 2011-36 City of Randwick 137,757 1.3 1.8 161,328 0.6 Coogee - Clovelly 25,186 0.2 0.8 27,037 0.3 Kensington - Kingsford 28,927 0.4 2.9 32,634 0.5 Malabar - La Perouse - Chifley 22,497 0.5 1.9 28,869 1.0 Maroubra 31,557 0.2 1.8 37,959 0.7 Randwick 29,590 0.1 1.5 34,830 0.7 Sydney Region 4,605,913 1.2 1.5 6,361,626 1.3 New South Wales 7,211,468 0.9 1.1 9,092,352 0.9 Source: ABS 3218.0, ABS 3222.0, Bureau of Transport Statistics 2 Randwick City Economic and Demographic Profile Population and Income Age Distribution The average age of the population of the City of Randwick Age Distribution 2011 increased marginally from 37.3 years in 2006 to 37.4 years in 2011. By comparison, the average age for New South Wales 0-4 5-9 Randwick was 38.1 years in 2011, having risen by 0.8 years since 2006. 10-14 New South Wales 15-19 20-24 25-29 In 2011, the largest share of the population of the City of 30-34 Randwick was the 20-24 years and 25-29 years age groups 35-39 40-44 (both 10.6%), followed by the 30-34 years (9.1%) and 35-39 45-49 50-54 years (8.3%). The City of Randwick had a higher proportion of 55-59 60-64 persons in these age groups as well as the 40-44 years and 65-69 70-74 85 years and older age brackets than New South Wales. 75-79 80-84 85+ Between 2006 and 2011, there was an increase in the total 0% 2% 4% 6% 8% 10% 12% population share of the City of Randwick in the 0-4 years, 5-9 years, 20-24 years, 25-29 years, 45-49 years, 60-64 years, Source: ABS 3235.0 65-69 years and 85 years and older age brackets. Age Distribution Change in % share, 2006-11 According to population forecasts, the average age of the 0-4 population of the City of Randwick is expected to increase 5-9 Randwick 10-14 New South Wales slightly by 1.5 years to 38.9 years in 2036. By comparison, 15-19 20-24 the average age for New South Wales will increase by 3.3 25-29 30-34 years to 41.3 years in 2036. 35-39 40-44 45-49 The dependency ratio in the City of Randwick is expected to 50-54 55-59 increase by 8.2 percentage points to 46.2% in 2036, lower 60-64 65-69 levels and growth than the average for New South Wales, 70-74 75-79 which will rise by 14.1 percentage points to 64.1% in 2036. 80-84 85+ -1.0 -0.5 0.0 0.5 1.0 Source: ABS 3235.0 Age Distribution Age group City of Randwick New South Wales % of total % of total % chg % of total % chg % of total % of total % chg % of total % chg 2006 2011 2006-11 2036 2011-36 2006 2011 2006-11 2036 2011-36 0-4 5.4 5.8 0.4 5.7 -0.1 6.4 6.6 0.2 5.9 -0.7 5-9 4.5 4.6 0.1 4.9 0.2 6.5 6.1 -0.3 5.9 -0.3 10-14 4.3 4.1 -0.1 4.5 0.4 6.7 6.2 -0.5 5.9 -0.3 15-19 5.7 5.4 -0.3 5.3 -0.1 6.7 6.4 -0.3 5.9 -0.5 20-24 10.6 10.7 0.1 9.4 -1.2 6.9 6.9 0.0 6.2 -0.7 25-29 10.1 10.3 0.3 9.7 -0.6 6.8 7.2 0.4 6.4 -0.9 30-34 9.6 9.1 -0.5 8.7 -0.4 7.3 6.9 -0.4 6.4 -0.5 35-39 8.2 8.2 0.0 7.7 -0.5 7.2 7.0 -0.2 6.5 -0.6 40-44 7.4 7.0 -0.5 6.8 -0.2 7.4 6.9 -0.5 6.4 -0.5 45-49 6.3 6.5 0.2 6.1 -0.4 7.2 6.9 -0.3 6.2 -0.7 50-54 5.7 5.7 0.0 5.5 -0.2 6.5 6.7 0.2 5.9 -0.8 55-59 5.2 5.0 -0.2 4.8 -0.2 6.1 6.0 -0.1 5.5 -0.5 60-64 4.1 4.6 0.5 4.4 -0.2 4.8 5.6 0.8 5.4 -0.2 65-69 3.4 3.6 0.2 3.9 0.3 3.8 4.4 0.5 5.1 0.7 70-74 2.9 2.9 0.0 3.6 0.8 3.2 3.4 0.2 4.8 1.4 75-79 2.8 2.3 -0.5 3.1 0.8 2.8 2.7 -0.1 4.3 1.7 80-84 2.2 2.1 -0.1 2.6 0.5 2.1 2.1 0.1 3.4 1.2 85 and over 1.6 2.1 0.4 3.3 1.3 1.6 2.0 0.3 3.9 1.9 Average age 37.3 37.4 0.0 38.9 1.5 37.3 38.1 0.8 41.3 3.3 Dependency ratio 37.1 38.1 0.9 46.2 8.2 49.4 50.0 0.6 64.1 14.1 Source: ABS 3235.0 www.randwick.nsw.gov.au 3 Population and Income Personal Income Per capita income (i.e.