The evolution of Marrickville
Sydney’s bustling Inner West suburb of Marrickville has long been known for its diverse and multicultural population. A home to Greek-born migrants in the years after World War II, Marrickville’s cheap housing and access to ‘blue-collar’ jobs drove a significant increase in the suburb’s resident numbers.
Over the years, Marrickville’s proximity to the Sydney CBD has consistently made it an attractive option for inner city dwellers, and more recently Marrickville has seen an influx of young professionals, joining the entrenched groups of artists and musicians who have moved down the road from nearby Newtown. This is a change from Marrickville’s historical population, but the area is no less proud of its diverse roots, with the vibrant Marrickville Festival still held every September.
In 2006, the Australian Bureau of Statistics recorded the Marrickville Local Government Area’s population as 71,813, and in 2011, this figure had grown to 76,500. Further trend analysis says this figure could grow as high as 101,498 by 2031, proving not only Marrickville’s popularity, but the shift to urban densification.
The Marrickville Heritage Society describes Marrickville’s streets as a mixture of architectural styles, with older terrace housing standing quite comfortably next to Federation bungalows. New unit developments are springing up on former factory sites, while previous service station sites are also giving way to unit and townhouse development.
It seems that whatever the style of home, Marrickville is a suburb in demand. For instance, in the year 2000, PriceFinder records Marrickville’s median house price as $330,000. Fast forward to 2006, and this figure had grown to $525,000; as of 2013, the median price stood at $856,500. This represents growth of nearly 260% in just 13 years.
Capital growth of this sort still continues to attract buyers and investors though, with Smart Property Investment magazine recently naming Marrickville as one of its Fast 50 suburbs, citing exploding demand and lifestyle factors as key factors in the area’s continuing popularity. Indeed, realestate.com.ausays an average of 51 people look at each property for sale in Marrickville, compared to a NSW-wide average of just 21 .
To find out more about buying or selling a home in Marrickville, contact Raine & Horne Marrickville on 02 9560 7599.