In previous posts, I have touched on how the local area is expanding with new high density developments finishing and how the area is evolving. Inner-city living is on the rise and Victoria Park is in the thick of it. In many high density developments, the sense of solitary can be evident but this is not the residents fault. In many cases, this can be put down to the overall landscape of the community and the way it has been designed. This is why Victoria Park is different.
With the addition of the new developments, the difference between Victoria Park and previous urban renewal projects is that the small district has not become a ‘high-rise haven’. Yes, there are numerous towers reaching towards the heavens but by ensuring that the local nature reserves such as Joynton, Tote and Nuffield Parks has provided that the space is different from previous redeveloped areas and that it allows that sense of community. By having these parks in place throughout the community, establishes the sense of a social neighborhood. It allows for public events to take place which adds to that sense of community. Lets be honest, there is nothing better then socializing with friends and having a barbecue on a summers day and having this with in walking distance of your own home creates the vibe and buzz which Victoria Park is striving for.
With the natural park lands added with the modern facilities such as the East Quarter Market Place which is set for completion in the near future, Victoria Park is becoming its own community. Not only is it becoming your standard residential community but it’s an area which has “heart and soul”. It’s a place where you want to live and somewhere that you want to be apart of. It’s creating that new sense of community.
Whether you’re driving down the Eastern Distributor into the city or making your way to the airport, you can’t help but look across at Victoria Park and think, “What is going on there?” With the landscape changing on a regular basis and new residential towers reaching to the heavens, you cannot help but wonder what holds within, and this is being felt in the leasing market throughout the area.
Having completed endless opens, for all different complexes throughout the area, each open for inspection has had the same trait in the last 12 months…..BUSY. Whether it is the 1 bedroom studio or the 3 bedroom loft apartments gazing over the city skyline, people want to be living in the area and the foot traffic at the open inspections is testament to that.
The positives for potential renters far outweigh the negatives, whether it be its location and its close proximity to the CBD, Eastern Suburbs and Airport, new buildings, modern amenities such as the shopping mall which is set to open later in the year or the affordable rental prices, these are only a few factors which appeal to those who are looking to move into the area.
By examining census results from 2001,2006 and again in 2011 shows just how the area has evolved into what it is today and where it is heading in the future. With over 80% of the residential dwellings throughout the area being apartments and many of those being owned by investors, the renting market throughout Victoria Park and surrounding areas is strong. This is a positive for both landlords and tenants as both cannot operate successfully without the need of the other party.
As mentioned earlier in this post, foot traffic throughout the opens has been high which is a positive sign for potential investors. By having appropriate advertising strategies in place ensures that vacancy is limited and that the correct tenants are found. After having spoken to numerous applicants at open for inspections, people are not too phased by the apartments themselves as they just want to reside within the Victoria Park precinct. This is proof of how people are looking to settle in the area because of the many positives which will better suit their lifestyle.