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. the total income of residents divided Per Capita Income by the population) for the City of Randwick was estimated at $34,339 in 2009/10, which represented a slight annual $80,000 decrease of 0.6% from the level recorded in 2008/09
($34,548). $60,000
The City of Randwick recorded a higher per capita income in $40,000 2009/10 than the averages for the Sydney Region ($30,187) and New South Wales ($27,082).
$20,000 Total income in the City of Randwick was estimated at $4.7 billion in 2009/10, representing a small increase of 0.9% from $0 the level recorded in 2008/09 ($4.6 billion) and a significant Randwick Waverley Woollahra Botany Bay Sydney New South Australia Region Wales average annual increase of 5.9% from the level recorded in 2004/05 ($3.5 billion). Source: ABS 6524.0
Average Wages & Salaries Income The average personal wages and salaries income for the $60,000 City of Randwick was estimated at $59,746 in 2009/10, City of Randwick Sydney Region New South Wales representing an increase of 5.0% from the level recorded in $50,000 2008/09 ($56,951) and an average annual increase of 5.4%
from the level recorded in 2004/05 ($46,071). Again, the City $40,000 of Randwick recorded a higher average wages and salaries income in 2009/10 than the Sydney Region ($54,354) and $30,000 New South Wales ($50,943). $20,000
$10,000
$0 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10
Source: ABS 6524.0
Personal Income Level Annual Average annual 2009/10 % change % change 2004/05-2009/10 Total income ($ million) City of Randwick 4,667.5 0.9 5.9 Sydney Region 137,353.3 3.0 5.4 New South Wales 193,496.2 3.5 5.4
Per capita income ($) City of Randwick 34,339 -0.6 n.a. Sydney Region 30,187 1.6 n.a. New South Wales 27,082 2.5 n.a.
Average wage & salary income ($) City of Randwick 59,796 5.0 5.4 Sydney Region 54,354 3.9 3.9 New South Wales 50,943 4.4 4.2
Source: ABS 6524.0
4 Randwick City Economic and Demographic Profile Business Activity
Gross Regional Product
The estimated Gross Regional Product (GRP) for the City of Gross Regional Product City of Randwick, 2011/12 ($ million) Randwick was $4,9 billion in 2011/12. The City of Randwick Mining experienced real annual growth of 5.5% in 2011/12, higher Agriculture, forestry & fishing Goods Sector Electricity, gas, water & waste services Services Sector than both the Sydney Region (3.1%) and New South Wales Non classifiable industry Other services Other (2.4%). The City of Randwick contributed 1.7% and 1.1%, Information media & telecommunications Arts & recreation services respectively, to the gross regional / state products of the Administrative & support services Retail trade Sydney Region ($282.3 billion) and New South Wales ($455.3 Wholesale trade Rental, hiring & real estate services billion) in 2011/12. Manufacturing Construction Accommodation & food services Financial & insurance services With regard to industry, the largest contribution was made by Professional, scientific & technical services Transport, postal & warehousing the Education & Training industry, with approximately 16.3% Public administration & safety Ownership of dwellings of the total GRP for the City of Randwick, followed by Health Health care & social assistance Education & training
Care & Social Assistance (14.9%); Public Administration & 0 250 500 750 1,000 Safety (6.9%) and Transport, Postal & Warehousing (6.2%). Source: Lawrence Consulting The City of Randwick received a relatively higher industry contribution to total GRP from the Accommodation & Food Services; Transport, Postal & Warehousing; Rental, Hiring & Real Estate Services; Public Administration & Safety; Education & Training; Health Care & Social Assistance; and Arts & Recreation Services sectors than both the Sydney Region and New South Wales in 2011/12.
Gross Regional Product Industry City of Randwick Sydney Region New South Wales Level ($m) % of Annual Level ($m) % of Level ($m) % of 2011/12 total % change 2011/12 total 2011/12 total Agriculture, forestry & fishing 4.9 0.1 25.0 596.7 0.2 6,764 1.5 Mining 2.0 0.0 -21.8 1,461.1 0.5 14,436 3.2 Manufacturing 158.8 3.2 -4.3 22,890.9 8.1 35,154 7.7 Electricity, gas, water & waste services 43.2 0.9 3.6 6,164.4 2.2 11,834 2.6 Construction 174.4 3.5 1.7 8,180.8 2.9 22,403 4.9 Wholesale trade 137.1 2.8 10.4 17,599.5 6.2 20,321 4.5 Retail trade 136.3 2.8 1.1 10,303.6 3.6 18,729 4.1 Accommodation & food services 187.0 3.8 3.1 6,634.7 2.4 13,052 2.9 Transport, postal & warehousing 326.7 6.6 14.6 12,203.9 4.3 21,420 4.7 Information media & telecommunications 87.1 1.8 -13.8 13,881.7 4.9 18,314 4.0 Financial & insurance services 258.0 5.2 1.5 52,965.1 18.8 64,316 14.1 Rental, hiring & real estate services 144.9 2.9 5.3 7,072.8 2.5 11,236 2.5 Professional, scientific & technical services 277.8 5.6 3.4 22,777.8 8.1 33,649 7.4 Administrative & support services 135.3 2.7 0.0 6,679.3 2.4 13,182 2.9 Public administration & safety 341.5 6.9 1.3 11,643.0 4.1 20,118 4.4 Education & training 803.7 16.3 10.6 13,170.9 4.7 20,170 4.4 Health care & social assistance 736.2 14.9 8.1 15,128.3 5.4 27,232 6.0 Arts & recreation services 89.9 1.8 3.2 2,428.4 0.9 4,266 0.9 Other services 84.6 1.7 5.4 4,313.6 1.5 8,292 1.8 Non classifiable industry 47.1 1.0 6.2 2,583.3 0.9 Total Industry Value Added 4,176.5 84.5 5.4 238,679.6 84.5 384,888 84.5
Ownership of Dwellings 398.0 8.1 5.0 22,743.2 8.1 36,675 8.1 Taxes less subsidies on production and imports 369.4 7.5 2.8 21,112.9 7.5 34,046 7.5 Statistical discrepancy -3.6 -0.1 -208.4 -0.1 -336 -0.1
Gross Regional Product 4,940.2 100.0 5.5 282,327.2 100.0 455,275 100.0
Note: All values are in current prices, whilst annual changes represent growth in chain volume measures. Source: Lawrence Consulting
www.randwick.nsw.gov.au 5 Business Activity
Productivity
Productivity is a key component of economic growth and Industry Productivity is a measure of the efficiency of production within a region. City of Randwick, 2011/12 ($value added/hr worked) Retail trade Dividing the real gross regional product of a region by total Accommodation & food services Other services hours worked will measure the labour productivity within that Health care & social assistance Construction region, i.e. the average amount of output produced by an Education & training hour worked by a person within that region. Arts & recreation services Total Industry Public administration & safety Agriculture, forestry & fishing The City of Randwick recorded total industry productivity Transport, postal & warehousing Administrative & support services (or industry value added per hour worked) of approximately Professional, scientific & technical services Manufacturing $50.19 in 2011/12, which represented an increase of 2.4% Wholesale trade Rental, hiring & real estate services from the average productivity for 2010/11 ($49.00). The City Mining Information media & telecommunications of Randwick recorded a lower total industry productivity Electricity, gas, water & waste services Financial & insurance services average than New South Wales ($60.12), but higher annual $0 $50 $100 $150 $200 growth than the State (2.2%), in 2011/12. Source: Lawrence Consulting
Productivity, Annual Industry Growth The Financial & Insurance Services sector recorded the City of Randwick, 2011/12 highest industry productivity level ($190.30/hr) in the City Agriculture, forestry & fishing of Randwick in 2011/12, followed by Electricity, Gas, Electricity, gas, water & waste services Wholesale trade Water & Waste Services ($152.90), Information Media & Transport, postal & warehousing Education & training Telecommunications ($134.75), Mining ($109.65) and Rental, Manufacturing Other services Hiring & Real Estate Services ($92.65). Health care & social assistance Rental, hiring & real estate services Total Industry Accommodation & food services In 2011/12, the City of Randwick recorded higher industry Professional, scientific & technical services Arts & recreation services productivity in the Agriculture, Forestry & Fishing; Manufacturing; Retail trade Construction Construction; Wholesale Trade; Accommodation & Food Public administration & safety Financial & insurance services Services; Information Media & Telecommunications; Financial Information media & telecommunications Administrative & support services & Insurance Services; Rental, Hiring & Real Estate Services; Mining Professional, Scientific & Technical Services; Arts & Recreation -20% -10% 0% 10% 20% 30% Services; and Other Services sectors than New South Wales. Source: Lawrence Consulting
Productivity Industry City of Randwick Sydney Region New South Wales Level ($GRP/ Annual Level ($GRP/ Annual Level ($GRP/ Annual hr worked) % change hr worked) % change hr worked) % change 2011/12 2011/12 2011/12 Agriculture, forestry & fishing 55.63 25.7 44.67 20.8 45.75 23.0 Mining 109.65 -17.1 138.02 -10.6 144.64 -9.6 Manufacturing 66.54 5.1 67.27 5.4 63.53 4.3 Electricity, gas, water & waste services 152.90 23.3 164.01 24.5 154.25 22.9 Construction 40.32 -1.4 41.69 -0.8 39.84 -1.7 Wholesale trade 81.83 11.2 83.76 12.5 78.37 11.1 Retail trade 30.11 0.4 31.08 0.4 30.54 -0.2 Accommodation & food services 34.89 2.0 37.27 2.8 34.83 1.1 Transport, postal & warehousing 56.23 9.3 59.87 9.8 58.85 9.3 Information media & telecommunications 134.75 -6.6 138.52 -3.9 110.14 -7.8 Financial & insurance services 190.30 -2.4 211.40 1.5 176.24 -1.9 Rental, hiring & real estate services 92.65 3.7 92.87 5.3 89.79 4.4 Professional, scientific & technical services 58.62 1.2 63.15 4.2 53.70 1.1 Administrative & support services 57.96 -7.8 72.24 -3.5 58.85 -7.6 Public administration & safety 50.77 -2.0 50.38 -2.7 51.95 -2.4 Education & training 46.18 5.7 47.91 6.2 47.15 5.7 Health care & social assistance 39.42 3.8 45.04 5.1 41.54 3.3 Arts & recreation services 46.55 0.6 40.84 -1.9 45.79 -0.6 Other services 36.03 4.2 35.25 4.8 33.65 3.8
Total Industry 50.19 2.4 66.32 2.6 60.12 2.2
Note: All values are in chain volume measures. Source: Lawrence Consulting 6 Randwick City Economic and Demographic Profile Business Activity
Local Businesses Turnover
The most recent ABS Australian Business Register indicated Businesses by Industry there were an estimated 11,614 businesses in the City of City of Randwick, June 2011 Agriculture, forestry & fishing Randwick in June 2011 (defined as actively trading whose Mining Manufacturing registered place of business is within the City), which Electricity, gas, water & waste services Construction represented an annual increase of 242 businesses, or 2.1%, Wholesale trade and growth of 594 businesses, or 5.4% from the level Retail trade Accommodation & food services recorded in June 2009. Transport, postal & warehousing Information media & telecommunications Financial & insurance services Rental, hiring & real estate services Professional, Scientific & Technical Services is the largest Professional, scientific & technical services Administrative & support services industry in terms of business numbers in the City of Public administration & safety Education & training Randwick, accounting for 16.7% of the total number of Health care & social assistance Arts & recreation services businesses, followed by the Rental, Hiring & Real Estate Other services Non classifiable industry Services and Construction (both 13.5%) and Health Care & 0% 5% 10% 15% 20%
Social Assistance (9.0%) sectors. Source: ABS 8165.0
Businesses by Turnover The estimated total turnover of all industry in the City of City of Randwick, 2010/11 Randwick was $3.6 billion in 2010/11 – representing a $500,000-$2 million significant annual increase of 7.9% – whilst the average 10.4% $2+ million $200,000-$499,999 3.4% turnover of all businesses in the City of Randwick was 17.4% approximately $310,200 in 2010/11 (up 5.7%).
The largest proportion of businesses in the City of Randwick recorded annual turnover in the $0-$99,999 range (49.4%), followed by the $100,000-$199,999 (19.5%) and $200,000- $499,999 (17.4%) turnover ranges. Approximately 3.4% of $100,000-$199,999 businesses in the City of Randwick recorded annual turnover 19.5% $0-$99,999 49.4% in excess of $2 million in 2010/11. Source: ABS 8165.0
Businesses by Industry Industry Count % of Total industry % of Avg business June 2011 total turnover ($ million) total turnover ($’000) Agriculture, forestry & fishing 136 1.2 19.1 0.5 140.4 Mining 12 0.1 0.6 0.0 50.0 Manufacturing 241 2.1 94.7 2.6 392.8 Electricity, gas, water & waste services 24 0.2 4.8 0.1 200.0 Construction 1,570 13.5 515.0 14.3 328.0 Wholesale trade 397 3.4 206.5 5.7 520.2 Retail trade 691 5.9 384.3 10.7 556.2 Accommodation & food services 567 4.9 307.5 8.5 542.3 Transport, postal & warehousing 641 5.5 143.6 4.0 224.1 Information media & telecommunications 238 2.0 64.2 1.8 269.5 Financial & insurance services 744 6.4 130.2 3.6 175.0 Rental, hiring & real estate services 1,572 13.5 368.9 10.2 234.6 Professional, scientific & technical services 1,936 16.7 380.7 10.6 196.6 Administrative & support services 510 4.4 137.5 3.8 269.5 Public administration & safety 48 0.4 24.8 0.7 517.2 Education & training 208 1.8 61.7 1.7 296.5 Health care & social assistance 1,040 9.0 481.5 13.4 462.9 Arts & recreation services 288 2.5 77.7 2.2 269.9 Other services 441 3.8 124.0 3.4 281.2 Non classifiable industry 310 2.7 75.5 2.1 243.5
Total, 2010/11 11,614 100.0 3,602.7 100.0 310.2 Total, 2009/10 11,372 3,338.4 293.6 Annual % change 2.1 7.9 5.7 Total, 2008/09 11,020 3,376.2 306.4 % change, 2008/09-2010/11 5.4 6.7 1.2
Source: ABS 8165.0 www.randwick.nsw.gov.au 7 Business Activity
Workforce Size
Of the 11,614 local businesses operating in the City of Businesses by Workforce Size City of Randwick, 2010/11 Randwick in June 2011, the largest proportion were non- employing (i.e. business owners only, no additional staff), 5-19 20-199 200+ with 63.7%, followed by businesses with workforces of 1-4 7.7% 2.4% 0.1%
(26.1%) and 5-19 (7.7%). 0-4 26.1%
There were 11,324 small businesses (i.e. workforce smaller than 20, including non-employing) in the City of Randwick in June 2011, or 97.5% of the total. Medium-sized businesses (i.e. 20-199 employees) accounted for 2.4% of total businesses, whilst only 0.1% were large (greater than 200 Non employing employees). 63.7%
Source: ABS 8165.0 The average workforce size across all businesses in the City of Randwick was 4.4 persons in 2010/11. The Average Workforce Size by Industry Accommodation & Food Services sector had the highest City of Randwick, 2010/11 All Industries average workforce size of 17.2 persons in 2010/11, followed Agriculture, forestry & fishing Mining by the Public Administration & Safety (15.8), Manufacturing Manufacturing Electricity, gas, water & waste services (9.8) and Retail Trade (8.2) industries. Construction Wholesale trade Retail trade Accommodation & food services Transport, postal & warehousing Information media & telecommunications Financial & insurance services Rental, hiring & real estate services Professional, scientific & technical services Administrative & support services Public administration & safety Education & training Health care & social assistance Arts & recreation services Other services Non classifiable industry
0 5 10 15 20
Source: ABS 8165.0
Businesses by Workforce Size (% of total), 2010/11 Industry Small Medium Large Total Avg Non-employing 1-4 5-19 20-199 200+ workforce Agriculture, forestry & fishing 89.0 6.6 2.2 2.2 0.0 136 2.8 Mining 100.0 0.0 0.0 0.0 0.0 12 0.0 Manufacturing 50.6 35.7 6.2 7.5 0.0 241 9.8 Electricity, gas, water & waste services 50.0 37.5 12.5 0.0 0.0 24 2.4 Construction 60.6 30.9 7.3 1.1 0.0 1,570 2.9 Wholesale trade 53.9 31.7 11.3 3.0 0.0 397 5.5 Retail trade 50.2 30.1 14.5 5.2 0.0 691 8.2 Accommodation & food services 25.7 33.9 28.6 11.8 0.0 567 17.2 Transport, postal & warehousing 80.0 14.8 2.8 2.3 0.0 641 3.3 Information media & telecommunications 63.0 29.4 5.0 2.5 0.0 238 4.1 Financial & insurance services 79.3 18.7 1.6 0.4 0.0 744 1.1 Rental, hiring & real estate services 85.6 9.8 4.0 0.6 0.0 1,572 1.4 Professional, scientific & technical services 61.5 34.2 3.6 0.5 0.2 1,936 2.2 Administrative & support services 58.8 30.0 9.4 1.8 0.0 510 3.8 Public administration & safety 50.0 25.0 12.5 12.5 0.0 48 15.8 Education & training 57.2 31.3 8.7 2.9 0.0 208 5.0 Health care & social assistance 57.2 29.4 9.4 3.7 0.3 1,040 6.4 Arts & recreation services 70.5 18.8 7.6 3.1 0.0 288 4.8 Other services 47.8 34.7 15.2 2.3 0.0 441 5.2 Non classifiable industry 75.2 16.8 5.2 2.9 0.0 310 4.2
Total 7,400 3,031 893 284 6 11,614 4.4 % of total 63.7 26.1 7.7 2.4 0.1 100.0
Source: ABS 8165.0
8 Randwick City Economic and Demographic Profile Employment
Labour Market
The number of employed persons in the City of Randwick Unemployment Rate was estimated at 75,764 in the December Quarter 2012, 7% representing an annual decrease of 3.7% from the level Randwick Sydney Region New South Wales Australia recorded in the December Quarter 2011. 6%
5% The annual decline in employment in the City of Randwick contributed to a decrease of 4.1% in the size of labour force, 4% the level of which was 78,799 persons in the December 3% Quarter 2012. 2% The unemployment rate in the City of Randwick fell by 1% 0.6 percentage points to 3.9% in the December Quarter 2012, although this was also 0.4 percentage points lower 0% Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 than the rate recorded in the December Quarter 2011. The unemployment rate in the City of Randwick reached a recent Source: DEEWR, Lawrence Consulting peak of 4.8% in the June Quarter 2012. Labour Force City of Randwick The City of Randwick’s unemployment rate in the December 90,000 Employed persons Unemployed persons Quarter 2012 was significantly lower than the averages for the Sydney Region (4.8%), New South Wales (5.1%) and 80,000 Australia (5.2%). 70,000 The number of unemployed persons in the City of Randwick decreased significantly by 13.4% over the year in the 60,000 December Quarter 2012, greater than the fall in unemployed persons in the Sydney Region (down 3.5%) and New South 50,000 Wales (down 1.6%).
40,000 Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12
Source: DEEWR, Lawrence Consulting
Labour Market Level Level Annual Ann Qtrly Dec Qtr 2012 12 months ago Change % chg % chg Employed persons: City of Randwick 75,764 78,651 -2,887 -3.7 0.0 Sydney Region 2,362,541 2,333,496 29,045 1.2 0.3 New South Wales 3,608,141 3,581,707 26,434 0.7 0.3
Unemployment rate (%)(a): City of Randwick 3.9 4.3 -0.4 -0.4 -0.6 Sydney Region 4.8 5.1 -0.2 -0.2 -0.1 New South Wales 5.1 5.2 -0.1 -0.1 -0.1
Unemployed: City of Randwick 3,035 3,503 -468 -13.4 -13.0 Sydney Region 120,276 124,684 -4,408 -3.5 -2.6 New South Wales 192,637 195,715 -3,078 -1.6 -0.8
Labour force: City of Randwick 78,799 82,154 -3,355 -4.1 -0.6 Sydney Region 2,482,817 2,458,180 24,637 1.0 0.1 New South Wales 3,800,778 3,777,422 23,356 0.6 0.3
Note: (a) Unemployment rate changes are percentage point changes. Source: DEEWR www.randwick.nsw.gov.au 9 Employment
Employment Capacity
Participation Rate Participation Rate
The participation rate is measured by the proportion of the 70% Randwick Sydney Region New South Wales resident population aged 15 and over in the labour force (i.e. either employed or unemployed). The labor force participation rate is a key component in long-term economic growth, 60% almost as important as productivity.
50% The participation rate in the City of Randwick was estimated at 66.9% in 2011, which was 0.5 percentage points lower than the level recorded in 2010 (67.3%) but 0.4 percentage 40% points higher than the average participation rate in 2006 (66.5%).
30% The workforce participation rate in the City of Randwick 2004 2005 2006 2007 2008 2009 2010 2011 in 2011 was higher than the average rates for the Sydney Source: ABS 3218.0, DEEWR & Lawrence Consulting Region (65.0%) and New South Wales (64.0%).
Dependency Ratio
The dependency ratio is the ratio of the economically- Dependency Ratio dependent proportion of the population to the productive 60% part. The economically-dependent proportion is recognised Randwick Sydney Region New South Wales to be children who are too young to work and individuals that are too old, that is, generally, individuals under the age 50% of 15 and over the age of 65. The productive part makes up the gap in between (ages 15-64), or the labour force. This 40% ratio is important because as it increases, there is increased strain on the productive part of the population to support the
upbringing and pensions of the economically dependent. 30%
The dependency ratio in the City of Randwick was 38.1% 20% in 2011, which represented a small annual increase of 0.6 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 percentage points from the level recorded in 2010 (37.5%), and a rise of 0.9 percentage points from the average in 2006 (37.1%). Source: ABS 3235.0
The City of Randwick has a significantly lower dependency ratio than the averages for the Sydney Region (45.7%) and New South Wales (50.0%).
Employment Capacity Participation Rate Level Level Annual Level Avg ann % chg(a) 2011 2010 % change(a) 2006 2006-11 City of Randwick 66.9 67.3 -0.5 66.5 0.4 Sydney Region 65.0 65.2 -0.2 65.0 0.0 New South Wales 64.0 63.5 0.5 63.1 0.9
Dependency Ratio Level Level Annual Level Avg ann % chg(a) 2011 2010 % change(a) 2006 2006-11 City of Randwick 38.1 37.5 0.6 37.1 0.9 Sydney Region 45.7 45.2 0.4 45.3 0.4 New South Wales 50.0 49.4 0.6 49.4 0.6
Note: (a) Changes are percentage point changes. Source: ABS 3218.0, DEEWR & Lawrence Consulting
10 Randwick City Economic and Demographic Profile Workforce
Employment by Industry
The total working population of the City of Randwick (i.e. the Employment by Industry City of Randwick, 2011 Census number of persons whose place of work is within the City Agriculture, forestry & fishing of Randwick), as at the 2011 Census, was approximately Mining Working population Manufacturing 39,098 persons. This represented an increase of 3,456 Electricity, gas, water & waste services Residential workforce Construction persons, or an average annual growth rate of 1.9%, from the Wholesale trade Retail trade level recorded at the 2006 Census. Accommodation & food services Transport, postal & warehousing Information media & telecommunications In 2011, the largest industry employer in the City of Randwick Financial & insurance services Rental, hiring & real estate services was the Health Care & Social Assistance with 9,254 Professional, scientific & technical services Administrative & support services persons, or 23.7% of the total workforce. The Education Public administration & safety Education & training & Training (21.2%), Public Administration & Safety (7.5%), Health care & social assistance Accommodation & Food Services (7.5%) and Retail Trade Arts & recreation services Other services
(5.8%) sectors were also significant employers. 0% 5% 10% 15% 20% 25%
Source: ABS 2011 Census Between 2006 and 2011, the Health Care & Social Change in Industry Employment Share Assistance and Education & Training sectors both recorded City of Randwick, 2006-11 the largest increase in industry employment share (up 1.5 Health care & social assistance Working population percentage points), followed by Administrative & Support Education & training Administrative & support services Residential workforce Services (up 0.7 percentage points) and Transport, Postal & Transport, postal & warehousing Public administration & safety Warehousing (up 0.4 percentage points). Arts & recreation services Financial & insurance services Agriculture, forestry & fishing Mining In 2011, the City of Randwick had a higher proportion of Construction Rental, hiring & real estate services employment share in the Accommodation & Food Services; Other services Professional, scientific & technical services Transport, Postal & Warehousing; Public Administration Electricity, gas, water & waste services & Safety; Education & Training; Health Care & Social Accommodation & food services Wholesale trade Assistance; and Arts & Recreation Services industries than Information media & telecommunications Retail trade both the Sydney Region and New South Wales. Manufacturing -2% -1% 0% 1% 2%
Source: ABS 2011 Census
Employment by Industry Industry Working Population Residential Employed Persons Employment Self-Sufficiency Total % of Total % of Total jobs as Residents % of 2011 total 2011 total % of resident employed in total jobs workforce Randwick Agriculture, forestry & fishing 48 0.1 93 0.1 51.6 28 58.3 Mining 5 0.0 105 0.2 4.8 5 100.0 Manufacturing 1,021 2.6 2,726 4.3 37.5 264 25.9 Electricity, gas, water & waste services 109 0.3 425 0.7 25.6 26 23.9 Construction 1,877 4.8 3,739 6.0 50.2 797 42.5 Wholesale trade 731 1.9 2,324 3.7 31.5 290 39.7 Retail trade 2,249 5.8 4,852 7.7 46.4 1,080 48.0 Accommodation & food services 2,942 7.5 4,173 6.6 70.5 1,474 50.1 Transport, postal & warehousing 2,306 5.9 3,093 4.9 74.6 424 18.4 Information media & telecommunications 336 0.9 2,434 3.9 13.8 226 67.3 Financial & insurance services 581 1.5 4,724 7.5 12.3 324 55.8 Rental, hiring & real estate services 649 1.7 1,324 2.1 49.0 379 58.4 Professional, scientific & technical services 2,100 5.4 7,448 11.9 28.2 1,412 67.2 Administrative & support services 1,086 2.8 2,196 3.5 49.5 397 36.6 Public administration & safety 2,950 7.5 3,981 6.3 74.1 807 27.4 Education & training 8,291 21.2 6,393 10.2 129.7 2,923 35.3 Health care & social assistance 9,254 23.7 7,731 12.3 119.7 3,517 38.0 Arts & recreation services 997 2.6 1,591 2.5 62.7 536 53.8 Other services 1,212 3.1 1,974 3.1 61.4 589 48.6 Not stated 354 0.9 1,458 2.3 24.3 184 52.0
Total 39,098 100.0 62,784 100.0 62.3 15,682 40.1
Source: ABS 2011 Census www.randwick.nsw.gov.au 11 Workforce
Local Employment
The total residential workforce of the City of Randwick (i.e. Employment Self-Sufficiency City of Randwick, 2011 Census the number of employed persons living within the City), as All industries at the 2011 Census, was 62,784 persons. Compared to the Agriculture, forestry & fishing Mining working population of 39,098 persons, this represented a Manufacturing deficit of 23,686 jobs and indicates that the City of Randwick Electricity, gas, water & waste services Working Construction population as has an estimated employment self-sufficiency ratio of 62.3%. Wholesale trade % of resident Retail trade workforce Accommodation & food services (i.e. there are fewer jobs available locally than residents Transport, postal & warehousing Information media & telecommunications Local available to fill them). Financial & insurance services employed Rental, hiring & real estate services residents as % Professional, scientific & technical services of working population The Education & Training sector had the highest industry Administrative & support services Public administration & safety employment self-sufficiency ratio (129.7%), followed by Health Education & training Health care & social assistance Care & Social Assistance (119.7%), Transport, Postal & Arts & recreation services Other services
Warehousing (74.6%) and Public Administration & Safety (74.1%). 0% 50% 100% 150%
The number of residents of the City of Randwick actually Source: ABS 2011 Census employed within the City in 2011 was only 15,682 persons, or 40.1% of the total working population.
Workforce Origin/Destination
The most common place of origin for persons who work Workforce Origin, Most Common LGAs (excl. Randwick) Working Population, City of Randwick, 2011 Census within the City of Randwick – other than the City of Randwick itself – in 2011 was the Botany Bay LGA, with 2,673 persons Botany Bay (C)
or 6.8% of the working population. This was followed by Sydney (C)
Sydney (6.5%), Sutherland Shire (4.8%), Rockdale (4.3%) and Sutherland Shire (A)
Waverley (4.1%) LGAs. Rockdale (C)
Waverley (A)
With regard to the residential workforce, the most common Marrickville (A)
destination was the Sydney LGA (20,997 persons, or 33.4%), Canterbury (C)
followed by the City of Randwick (25.0%), Botany Bay (7.0%), Woollahra (A)
Waverley (4.4%) and North Sydney (2.8%) LGAs. Bankstown (C)
Hurstville (C)
0 500 1,000 1,500 2,000 2,500 3,000
Source: ABS 2011 Census
Workforce Destination / Origin Residential Employed Persons Working Population Destination No. of employed persons % of total Origin No. of employed persons % of total Sydney 20,997 33.4 Randwick 15,682 40.1 Randwick 15,682 25.0 Botany Bay 2,673 6.8 Botany Bay 4,390 7.0 Sydney 2,551 6.5 Waverley 2,754 4.4 Sutherland Shire 1,887 4.8 North Sydney 1,773 2.8 Rockdale 1,666 4.3 Woollahra 1,543 2.5 Waverley 1,603 4.1 Ryde 844 1.3 Marrickville 1,072 2.7 Willoughby 820 1.3 Canterbury 1,038 2.7 Marrickville 721 1.1 Woollahra 825 2.1 Rockdale 580 0.9 Bankstown 712 1.8 Other Sydney 6,004 9.6 Other Sydney 8,674 22.2
Sydney Region 56,108 89.4 Sydney Region 38,383 98.2 New South Wales 61,246 97.6 New South Wales 38,992 99.7 Other 1,538 2.4 Other 106 0.3
Total 62,784 100.0 Total 39,098 100.0
Source: ABS 2011 Census 12 Randwick City Economic and Demographic Profile Workforce
Employment Forecasts
Employment estimates indicate that total employment levels Forecast Employment in the City of Randwick are expected to increase from 49,029 City of Randwick, 2011-36 80,000 persons in 2011 to 66,495 persons in 2036, representing growth of 17,466 persons, or 35.6%.
60,000 Note: Employment estimates are different from Journey to Work (JTW) employment counts for the equivalent Census year (i.e. base 2011 Census) as the Census undercounts the 40,000 population, and therefore workers, and gives less accurate counts of labour force participation than the official estimates 20,000 derived from the ABS Labour Force Survey.
The Health Care & Social Assistance sector is expected to 0 2011 2016 2021 2026 2031 2036 record the largest increase in employment between 2011 and Source: NSW Bureau of Transport Statistics 2036 (up 8,778 persons), followed Education & Training (up 5,025 persons), Professional, Scientific & Technical Services Employment Growth by Industry (up 1,669 persons) and Public Administration & Safety (up City of Randwick, 2011-36 1,206 persons). In contrast, the Manufacturing sector will Health care & social assistance Education & training experience the largest contraction in employment (down 586 Professional, scientific & technical services Public administration & safety persons). Transport, postal & warehousing Construction Non classifiable industry Wholesale trade In 2036, the City of Randwick will have a greater industry Administrative & support services Information media & telecommunications employment share in the Transport, Postal & Warehousing; Financial & insurance services Retail trade Public Administration & Safety; Education & Training; Health Agriculture, forestry & fishing Mining Care & Social Assistance; and Arts & Recreation Services Rental, hiring & real estate services Accommodation & food services sectors than the Sydney Region. Electricity, gas, water & waste services Arts & recreation services Other services Between 2011 and 2036, the City of Randwick is expected Manufacturing to contribute 2.2% of the total employment growth for the -2,000 0 2,000 4,000 6,000 8,000 10,000 Source: NSW Bureau of Transport Statistics Sydney Region (799,670 persons).
Employment Forecasts Industry City of Randwick Sydney Region Level Level Actual % Level Level Actual % 2011 2036 change change 2011 2036 change change Agriculture, Forestry & Fishing 74 87 13 17.6 8,123 6,798 -1,325 -16.3 Mining 7 19 12 171.4 8,817 15,764 6,947 78.8 Manufacturing 1,574 988 -586 -37.2 196,398 154,852 -41,546 -21.2 Electricity, gas, water & waste services 322 233 -89 -27.6 20,114 13,623 -6,491 -32.3 Construction 2,404 2,820 416 17.3 123,919 157,778 33,859 27.3 Wholesale trade 824 984 160 19.4 115,482 151,669 36,187 31.3 Retail trade 2,810 2,871 61 2.2 239,626 326,644 87,018 36.3 Accommodation & food services 4,086 4,014 -72 -1.8 158,411 188,724 30,313 19.1 Transport, postal & warehousing 2,838 3,599 761 26.8 126,730 157,014 30,284 23.9 Information media & telecommunications 429 523 94 21.9 54,784 76,248 21,464 39.2 Financial & insurance services 706 779 73 10.3 151,963 225,639 73,676 48.5 Rental, hiring & real estate services 859 801 -58 -6.8 39,913 46,369 6,456 16.2 Professional, scientific & technical services 2,633 4,302 1,669 63.4 223,885 375,159 151,274 67.6 Administrative & support services 1,121 1,239 118 10.5 73,223 104,538 31,315 42.8 Public administration & safety 3,184 4,390 1,206 37.9 129,243 181,805 52,562 40.7 Education & training 9,068 14,093 5,025 55.4 167,587 248,955 81,368 48.6 Health care & social assistance 12,360 21,138 8,778 71.0 256,563 414,778 158,215 61.7 Arts & recreation services 1,354 1,205 -149 -11.0 41,980 53,221 11,241 26.8 Other services 1,449 1,280 -169 -11.7 82,616 98,152 15,536 18.8 Non classifiable industry 924 1,132 208 22.5 65,308 86,624 21,316 32.6
Total 49,029 66,495 17,466 35.6 2,284,684 3,084,354 799,670 35.0
Source: NSW Bureau of Transport Statistics
www.randwick.nsw.gov.au 13 Workforce
Economic Diversity
The Index of Economic Diversity measures economic or Index of Economic Diversity industrial diversity within a region by determining the degree to which the region’s industry mix differs from that of the Randwick Australia national economy. When the index value is close to one, New South Wales the industrial profile of a region mirrors that of the national Botany Bay economy and is considered more diverse. Woollahra The index value for the City of Randwick when compared to Waverley the national economy is 0.421, which is lower than the index
values for the Sydney Region (0.886) and New South Wales Sydney Region (0.980). When the index is calculated using the New South Wales economy as the comparative benchmark, the City of New South Wales
Randwick has an index value of 0.408, whilst the average for 0.0 0.2 0.4 0.6 0.8 1.0 the Sydney Region is 0.789. Source: Lawrence Consulting, ABS Census 2011
The City of Randwick has a greater industry concentration Location Quotients (i.e. location quotient greater than 1) than the national Agriculture, forestry & fishing economy – and therefore is assumed to have net exports Mining City of Randwick Manufacturing from the region – in the Education & Training (2.50), Health Electricity, gas, water & waste services New South Wales Care & Social Assistance (2.07), Arts & Recreation Services Construction Wholesale trade (1.71), Accommodation & Food Services (1.24), Transport, Retail trade Accommodation & food services Postal & Warehousing (1.17) and Public Administration & Transport, postal & warehousing Information media & telecommunications Safety (1.07) sectors. Financial & insurance services Rental, hiring & real estate services Professional, scientific & technical services The City of Randwick has a higher location quotient in the Administrative & support services Public administration & safety Accommodation & Food Services; Transport, Postal & Education & training Health care & social assistance Warehousing; Public Administration & Safety; Education Arts & recreation services Other services & Training; Health Care & Social Assistance; and Arts & 0.0 0.5 1.0 1.5 2.0 2.5 3.0 Recreation Services sectors than both the Sydney Region and New South Wales. Source: ABS 2011 Census
Economic Diversity Industry Location Quotients City of Randwick Sydney Region New South Wales Agriculture, forestry & fishing 0.05 0.14 0.91 Mining 0.01 0.13 0.55 Manufacturing 0.29 0.97 0.94 Electricity, gas, water & waste services 0.24 0.79 0.95 Construction 0.58 0.63 0.89 Wholesale trade 0.46 1.39 1.11 Retail trade 0.54 0.94 0.99 Accommodation & food services 1.16 0.95 1.04 Transport, postal & warehousing 1.23 1.09 1.05 Information media & telecommunications 0.48 1.78 1.31 Financial & insurance services 0.39 1.89 1.35 Rental, hiring & real estate services 1.03 1.17 1.04 Professional, scientific & technical services 0.73 1.40 1.08 Administrative & support services 0.85 0.98 1.02 Public administration & safety 1.08 0.86 0.86 Education & training 2.60 0.99 0.99 Health care & social assistance 2.02 0.95 1.00 Arts & recreation services 1.67 1.05 0.98 Other services 0.81 0.96 1.00
Diversity Index (Australia) 0.421 0.886 0.980 Diversity Index (New South Wales) 0.408 0.789 1.000
Source: Lawrence Consulting, ABS Census 2011
14 Randwick City Economic and Demographic Profile Housing and Investment
Dwelling Approvals
The number of new dwelling approvals in the City of Dwelling Approvals City of Randwick Randwick increased annually by 1.6% to a total of 617 over 500 the year to the December Quarter 2012. Annual growth in New Houses Other Dwellings (Units / Townhouses) total approvals was due to a significant increase of 24.5% 400 in the number of other dwelling approvals (i.e. units / townhouses) and despite a fall of 58.7% in the number of new house approvals. 300
The total value of residential building approvals in the City of 200 Randwick was $252.2 million over the year to the December Quarter 2012, which represented a decrease of 16.2% from 100 the level recorded in the year to the December Quarter 2011 0 ($301.1 million). The annual fall in total value of dwelling Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 approvals was due to declines in the value of new house approvals (down 47.3%) and alterations & additions (down Source: ABS 8731.1 27.4%) and despite an increase of 10.6% in the value of other dwelling approvals.
Construction
The value of non-residential building approvals in the City of Value of Non-Residential Building Approvals City of Randwick ($'000) Randwick was $292.2 million over the year to the December Quarter 2012, representing an annual decrease of 19.0% 200,000 from the value of approvals for the year to the December Private sector Public sector
Quarter 2011 ($364.3 million). 150,000
In contrast to total non-residential approvals, the value of private sector approvals increased annually by 4.0% to 100,000 $194.8 million in the year to the December Quarter 2012, although the value of public sector approvals fell by 43.3% to 50,000 $100.4 million.
0 Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12
Source: ABS 8731.1
Building Approvals City of Randwick Sydney Region Level Annual Level Annual Level Annual Dec Qtr 2012 % change Yr to Dec-12 % change Yr to Dec-12 % change Number Dwellings: 410 619.3 617 1.6 25,905 17.8 New houses 17 -54.1 69 -58.7 9,142 3.5 Other dwellings (units/townhouses) 393 1,865.0 548 24.5 16,763 27.4
Value ($’000) Dwellings: 120,371 163.5 252,213 -16.2 8,384,456 14.2 New houses 12,001 -42.0 39,820 -47.3 2,885,851 2.3 Other dwellings 91,705 1,721.0 141,698 10.6 4,191,946 33.1 Alterations & additions 16,638 -16.6 70,668 -27.4 1,300,391 -5.2 Non-dwelling: 29,479 -57.5 295,191 -19.0 4,854,946 9.1
Total building 149,850 30.3 547,404 -17.7 13,239,403 12.3
Source: ABS 8731.1
www.randwick.nsw.gov.au 15 Housing and Investment
Households Projections
Projections to the year 2036 indicate that the number of Household Projections City of Randwick, 2011-36 households in the City of Randwick will increase from 55,195 80,000 households in 2011 to 68,174 in 2036. This represents a total increase of 12,979 households, or an average annual
increase of 0.8% over the period, which is lower the average 60,000 forecast growth for the Sydney Region (1.4%).
Within the City of Randwick, Maroubra is expected to record 40,000 the highest increase in total number of households (up
3,344) between 2011 and 2036, followed by Randwick (up 20,000 2,824) and Kensington-Kingsford (up 2,698). Malabar-La Perouse-Chifley is forecast to experience the highest rate of 0 annual household growth over the period 2011-36 (1.2% per 2011 2016 2021 2026 2031 2036 annum), followed by Maroubra and Kensington-Kingsford (both 0.9% per annum) Source: NSW Bureau of Transport Statistics
Forecast Household Growth by Sub-Region Between 2011 and 2036, the City of Randwick is expected City of Randwick, 2011-36 to contribute 1.8% of the total growth in households for the Coogee - Clovelly 1,473 Sydney Region (709,431 households).
Malabar - La Perouse - Chifley 2,641
Kensington - Kingsford 2,698
Randwick 2,824
Maroubra 3,344
0 1,000 2,000 3,000 4,000
Source: NSW Bureau of Transport Statistics
Household Projections Area Level Level Level Level Level Level Actual Avg ann 2011 2016 2021 2026 2031 2036 change % change 2011-36 2011-36 City of Randwick 55,195 58,949 61,329 63,429 65,720 68,174 12,979 0.8 Coogee - Clovelly 11,031 11,453 11,709 11,866 12,138 12,504 1,473 0.5 Kensington - Kingsford 10,583 11,487 11,981 12,325 12,780 13,281 2,698 0.9 Malabar - La Perouse - Chifley 7,566 8,759 9,144 9,463 9,800 10,206 2,641 1.2 Maroubra 12,997 13,695 14,322 15,114 15,745 16,341 3,344 0.9 Randwick 13,018 13,555 14,174 14,661 15,257 15,842 2,824 0.8
Sydney Region 1,730,427 1,874,363 2,009,288 2,150,262 2,294,422 2,439,858 709,431 1.4
Source: NSW Bureau of Transport Statistics
16 Randwick City Economic and Demographic Profile Housing and Investment
Median Weekly Rents
Median weekly rents for all dwelling types in the City of Median Weekly Rents Separate Houses and Flats / Units Randwick were higher in the December Quarter 2012 when $1,000 compared to twelve months previously, with the exception of Randwick (3bd house) Randwick (2bd unit) four or more bedroom dwellings, which decreased by 11.8% Sydney Region (3bd house) Sydney Region (2bd unit) during this period. Rental prices for all dwelling types in the $800 City of Randwick were higher than the respective averages for the Sydney Region in the December Quarter 2012. $600
Rental prices for two bedroom flats / units and three bedroom $400 separate houses in the City of Randwick increased annually by 1.9% and 1.7%, respectively, over the year to the $200 December Quarter 2012. $0 Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12
Source: NSW Department of Housing
Rental Yields
The average housing rental yield in the City of Randwick was Rental Yields Separate Houses and Flats / Units 3.3% in the September Quarter 2012, whilst the gross rental yield for units was significantly higher (4.8%). The average 8.0% yield for units in the City of Randwick increased annually Randwick (separate houses) Sydney Region (separate houses) Randwick (flats/units) Sydney Region (flats/units) by 0.3 percentage points over the year to the September 6.0% Quarter 2012, whilst housing yields were unchanged.
Gross rental yields for separate houses and flats/units in the 4.0% City of Randwick in the September Quarter 2012 were slightly lower than the averages for the Sydney Region of 3.9% and 2.0% 5.1%, respectively.
0.0% Sep-09 Mar-10 Sep-10 Mar-11 Sep-11 Mar-12 Sep-12
Source: NSW Department of Housing, Lawrence Consulting
Rental Market Level, Sep Qtr 2012 2031 2032 2033 2034 2035 2036 City of Sydney Randwick Region Level Ann Level Ann Level Ann Level Ann Level Ann Level Ann Level Ann Level Ann % chg % chg % chg % chg % chg % chg % chg % chg Median Weekly Rents ($) All Dwellings: One bedroom 450 4.7 400 12.7 420 0.0 463 0.0 480 3.2 350 -16.7 450 4.7 420 2.4 Two bedrooms 550 1.9 483 -3.5 515 -6.4 580 -1.7 550 5.8 400 -2.4 550 1.9 460 2.2 Three bedrooms 785 -1.9 700 -0.7 665 -11.3 875 8.0 720 2.9 700 12.9 750 1.4 460 0.0 Four+ bedrooms 1,000 -16.7 n.a. n.a. n.a. n.a. 1,250 n.a. 958 -1.5 850 -3.4 970 -11.8 580 1.8 Separate Houses: Two bedrooms n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 625 4.2 380 0.0 Three bedrooms 838 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 750 7.1 720 16.1 770 1.7 420 0.0 Flats / Units: One bedroom 450 3.4 400 12.7 420 0.0 465 -3.1 500 7.5 380 -13.6 450 4.7 430 2.4 Two bedrooms 550 1.9 480 -4.0 513 -6.8 580 1.8 530 1.9 400 0.0 550 1.9 470 4.4 Rental Yields (%) (a) Separate Houses 3.3 -0.3 n.a. n.a. n.a. n.a. n.a. n.a. 3.5 0.2 n.a. n.a. 3.3 0.0 3.9 0.1 Flats / Units 3.6 -0.8 3.5 -1.4 4.1 -0.2 3.5 -1.2 4.0 -0.6 4.0 0.3 4.8 0.3 5.1 0.0
Note: (a) Changes are percentage point changes. Source: NSW Department of Housing
www.randwick.nsw.gov.au 17 Property Market and Land
House and Unit Prices
Median house prices increased by 1.2% in the City of Median Sales Prices Separate Houses ($'000) Randwick over the year to the September Quarter 2012. This was marginally lower than the growth in prices across the 1,500 City of Randwick Sydney Region Sydney Region (up 1.8%), but higher than New South Wales (unchanged) over the same period.
1,000 The median house price for the City of Randwick was $1,250,000 in the September Quarter 2012, which was significantly higher than the averages for the Sydney Region 500 ($560,000) and New South Wales ($420,000).
Within the City of Randwick, the suburb of Kingsford 0 experienced the highest annual growth in median house Sep-09 Mar-10 Sep-10 Mar-11 Sep-11 Mar-12 Sep-12 prices over the year to the September Quarter 2012 (13.0%), Source: NSW Department of Housing followed by Chifley / La Perouse / Little Bay / Malabar / Matraville / Phillip Bay (11.6%) and Kensington (5.4%). Median House Prices by Area/Postcode Annual Growth, Sep Qtr 2012
The median price for flats and units in the City of Randwick 2032
was $595,000 in the September Quarter 2012, which 2036 again was higher than the averages for the Sydney Region 2033 ($470,000) and New South Wales ($430,000). 2031
Sydney Region Median flat and unit prices fell slightly by 1.5% in the City of Randwick over the year to the September Quarter 2012. By City of Randwick comparison, prices in the Sydney Region increased by 1.1% 2034 over the same period whilst the average for New South Wales 2035
remained unchanged. New South Wales
0% 5% 10% 15%
Source: NSW Department of Housing
Property Market Suburb/Locality Separate houses Flats / units Level ($) Level ($) Annual Level ($) Level ($) Annual Sep Qtr Sep Qtr % change Sep Qtr Sep Qtr % change 2012 2011 2012 2011 Clovelly, Clovelly West, Randwick, 1,385,000 1,355,000 2.2 621,000 612,000 1.4 St Pauls Kingsford 1,019,000 902,000 13.0 566,000 535,000 5.8 Kensington 1,590,000 1,508,000 5.4 535,000 607,000 -11.9 Coogee, South Coogee 1,543,000 1,531,000 0.8 635,000 610,000 4.1 Maroubra, Maroubra South 1,130,000 1,122,000 0.7 581,000 585,000 -0.6 Chifley, La Perouse, Little Bay, Malabar, 1,036,000 928,000 11.6 500,000 557,000 -10.3 Matraville, Phillip Bay
City of Randwick 1,250,000 1,235,000 1.2 595,000 604,000 -1.5 Sydney Region 560,000 550,000 1.8 470,000 465,000 1.1 New South Wales 420,000 420,000 0.0 430,000 430,000 0.0
Note: (a) Changes are percentage point changes. Source: NSW Department of Housing
18 Randwick City Economic and Demographic Profile Property Market and Land
Median Dwelling Price Index
The median dwelling price index for the City of Randwick in Median Dwelling Price Index September Quarter 2012 the September Quarter 2012 was 223.2 when compared to the Sydney Region (index of 100), which was also significantly 350 higher than the index value for New South Wales (75.2). 300
250 The City of Randwick recorded lower median house price index value than other LGAs within the Eastern Sydney sub- 200 region, specifically Waverley (237.5) and Woollahra (311.3). 150
100
50
0 Randwick Botany Bay Waverley Woollahra New South Sydney Region Wales
Source: NSW Department of Housing
Land Values
The average unimproved land value for a single residential Land Values Single Residential Site ($'000) dwelling site in Randwick was $807,000 in 2012, which 1,000 represented a small decrease of 3.4% from the average in 2011 ($835,000). By comparison, the average value for the Randwick Sydney Metropoiltan Sydney metropolitan area decreased annually by 0.6% to 800 $642,636 in 2012. 600
Since 2007, the average land value for a single residential dwelling site in Randwick has increased at an annual rate of 400 5.4%, higher than the growth in values across the Sydney metropolitan area (3.5%). 200
0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Source: NSW Department of Lands
Industrial Land The achievable net rent for prime industrial property in the southern region of Sydney – in which the City of Randwick is classified for industrial zones – in the June quarter 2012 was $138 per sq m per annum, whilst the average yield for Grade A industrial property was 8.27%.
Sydney Industrial Property Market Avg net face rent Avg yield Avg capital value Level ($/sqm) % chg from Level (%) % chg from Level ($/sqm) % chg from Jun Qtr 2012 Dec Qtr 2011 Jun Qtr 2012 Dec Qtr 2011 Jun Qtr 2012 Dec Qtr 2011 North 168 0.0 10.07 0.16 1,678 -0.8 Central West 115 1.8 9.01 0.00 1,279 2.2 South 138 0.0 8.27 0.06 1,675 0.0 Outer North West 106 1.9 9.19 0.00 1,156 2.3 Outer Central West 100 1.0 9.29 0.00 1,084 1.6 Outer South West 92 1.1 9.69 0.06 953 1.0 Outer South 132 1.5 8.38 0.00 1,576 1.9
Source: CBRE www.randwick.nsw.gov.au 19 Demographic Profile
The following table contains key demographic statistics for the City of Randwick as at the 2011 Census, along with comparison data for New South Wales and Australia.
Key Demographic Indicators, 2011 Census City of Randwick New South Wales Australia No. % of total No. % of total No. % of total Person Characteristics Total persons 128,989 - 6,917,658 - 21,507,717 - Males 63,367 49.1 3,408,878 49.3 10,634,013 49.4 Females 65,622 50.9 3,508,780 50.7 10,873,704 50.6 Age group (years): 0-14 19,502 15.1 1,332,512 19.3 4,144,025 19.3 15-24 20,127 15.6 893,101 12.9 2,866,471 13.3 25-39 35,090 27.2 1,429,620 20.7 4,487,149 20.9 40-54 25,044 19.4 1,433,954 20.7 4,494,425 20.9 55-64 12,314 9.5 810,290 11.7 2,503,360 11.6 64+ 16,910 13.1 1,018,180 14.7 3,012,289 14.0 Median age 35 - 38 - 37 -
Country of birth – Australia 69,562 53.9 4,747,372 68.6 15,017,847 69.8 Indigenous persons 1,842 1.4 172,313 2.5 548,368 2.5 Language spoken at home – English only 79,917 62.0 5,013,343 72.5 16,509,291 76.8 Weekly income(a): Median individual income ($) 718 - 561 - 577 - Median family income ($) 2,066 - 1,477 - 1,481 - Median household income ($) 1,577 - 1,237 - 1,234 -
Occupation (persons aged 15 years and over): Managers 8,821 14.3 416,513 13.3 1,293,969 12.9 Professionals 21,507 34.7 711,425 22.7 2,145,440 21.3 Technicians and trades workers 6,018 9.7 413,464 13.2 1,425,146 14.2 Community and personal service workers 5,995 9.7 297,408 9.5 971,899 9.7 Clerical and administrative workers 9,600 15.5 472,221 15.1 1,483,559 14.7 Sales workers 5,147 8.3 290,202 9.3 942,140 9.4 Machinery operators and drivers 2,911 4.7 199,040 6.4 659,550 6.6 Labourers 1,893 3.1 272,296 8.7 947,606 9.4 Total occupied persons 61,892 - 3,130,220 - 10,058,325 100.0
Family Characteristics Total households 51,688 - 2,471,292 - 8,182,565 - Family households: 30,544 59.1 1,777,398 71.9 5,550,615 67.8 Couple families with children 13,411 25.9 823,012 33.3 2,511,991 30.7 Couple families without children 11,534 22.3 637,528 25.8 2,072,943 25.3 One parent families 4,549 8.8 286,077 11.6 867,969 10.6 Other families 1,050 2.0 30,781 1.2 97,712 1.2 Group households 4,686 9.1 94,743 3.8 321,009 3.9 Lone person households 12,994 25.1 599,151 24.2 1,888,698 23.1
Dwelling Characteristics Total private dwellings 55,418 - 2,864,531 - 8,694,793 - Occupied private dwellings: 47,563 - 2,599,193 - 8,182,565 - Fully owned 13,140 27.6 830,228 31.9 2,539,434 31.0 Being purchased 11,609 24.4 828,139 31.9 2,723,624 33.3 Rented 21,360 44.9 756,832 29.1 2,349,339 28.7 Other tenure type 295 0.6 21,445 0.8 74,843 0.9 Dwelling structure: Separate house 14,550 30.6 1,717,699 66.1 5,864,574 71.7 Semi-detached, townhouse etc 7,408 15.6 263,926 10.2 765,980 9.4 Flat, unit or apartment 25,344 53.3 465,189 17.9 1,056,237 12.9 Other dwelling 200 0.4 21,140 0.8 66,666 0.8 Median rent ($/weekly) 440 - 300 - 285 - Median housing loan repayments ($/monthly) 2,600 - 1,993 - 1,800 -
Source: ABS 2011 Census
20 Randwick City Economic and Demographic Profile Eastern Sydney Benchmarking
The following table compares a number of key economic indicators between the City of Randwick and other local government areas (LGAs) in Eastern Sydney – Botany Bay, Waverley and Woollahra.
Comparative Indicators Randwick Botany Bay Waverley Woollahra POPULATION Estimated resident population, 2011 137,757 41,674 68,567 56,324 Annual population increase, 2010-11 1.3 1.6 0.9 1.5 Average annual population increase, 2006-11 (%) 1.8 2.0 1.2 1.1 Projected population, 2036 161,328 53,226 74,654 65,435 Average annual population increase, 2011-36 (%) 0.6 1.0 0.3 0.6 Average age, 2011 (yrs) 37.4 37.8 37.3 39.9
EMPLOYMENT Employed persons (estimated), Dec Qtr 2012 75,764 24,174 38,506 32,213 Annual growth, yr to Dec Qtr 2012 (%) -3.7 7.5 -3.3 -3.7 Unemployment rate, Dec Qtr 2012 (%) 3.9 3.6 3.1 2.2 Labour force, Dec Qtr 2012 (%) 78,799 25,075 39,733 32,925 Annual growth, yr to Dec Qtr 2012 (%) -4.1 6.9 -4.1 -4.1 Participation rate, 2011 (%) 66.9 68.9 67.9 68.6 Dependency ratio, 2011 (%) 38.1 46.5 36.3 44.8
BUSINESS INVESTMENT Gross regional product, 2011/12 ($ million) 4,940.2 7,179.8 2,402.5 2,347.8 Real annual growth, 2010/11-2011/12 (%) 5.5 5.0 3.8 4.4 Real GRP per capita, 2011/12 ($) 35,339 169,153 34,056 40,504 Index of Economic Diversity (Australia = 1) 0.421 0.051 0.642 0.552 No. of businesses, June 2011 11,614 4,539 9,211 9,414 Total industry turnover, 2010/11 ($ million) 3,602.7 2,246.2 3,224.1 3,552.8 Average industry turnover, 2010/11 ($’000) 310.2 494.9 350.0 377.4 Small businesses as % of total, 2010/11 (%) 97.5 93.2 97.2 97.6 Average workforce size, 2010/11 (persons) 4.4 9.9 4.8 4.4
BUILDING & CONSTRUCTION No. of dwelling approvals, yr to Dec Qtr 2012 617 831 78 343 Annual growth, yr to Dec Qtr 2012 (%) 1.6 -5.2 -12.4 90.6 Value of dwelling approvals, yr to Dec Qtr 2012 ($’000) 252,213 156,848 121,356 265,647 Annual growth, yr to Dec Qtr 2012 (%) -16.2 -35.9 -9.6 107.9 Value of non-dwelling approvals, yr to Dec Qtr 2012 ($’000) 295,191 148,925 21,397 121,031 Annual growth, yr to Dec Qtr 2012 (%) -19.0 -26.1 -38.0 850.1
PROPERTY & LAND Median sales price – separate houses, Sep Qtr 2012 ($’000) 1,250,000 776,000 1,330,000 1,743,000 Annual growth, yr to Sep Qtr 2012 (%) 1.2 -4.0 -11.4 -15.0 Median sales price – flats/units, Sep Qtr 2012 ($’000) 595,000 495,000 621,000 749,000 Annual growth, yr to Sep Qtr 2012 (%) -1.5 1.5 -3.3 -4.0 Median weekly rent – 2bd unit, Dec Qtr 2012 ($) 1,250 650 1,100 950 Median weekly rent – 3bd house, Dec Qtr 2012 ($) 595 435 595 620 Gross rental yield – separate houses, Sep Qtr 2012 (%) 3.3 4.4 4.3 2.8 Gross rental yield – flats/units, Sep Qtr 2012 (%) 4.8 4.6 5.0 4.3
PERSONAL INCOME Per capita income, 2009/10 ($) 34,339 27,386 50,266 76,554 Annual growth, 2008/09-2009/10 ($) -0.6 4.2 3.7 0.1 Average wage & salary income, 2009/10 ($) 59,796 51,731 70,627 89,164 Annual growth, 2008/09-2009/10 ($) 5.0 3.3 6.4 5.9 Average annual growth, 2004/05-2009/10 ($) 5.4 4.8 5.6 4.2
www.randwick.nsw.gov.au 21