23/06/2021 - 16:53

Vic Park - home to your next development masterpiece

23/06/2021 - 16:53

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The Town of Victoria Park is the dream destination for your next development.  The Town is a centrally located, networked place with a strong economy, young and diverse population, and multi-skilled workforce.  And when it comes to development opportunities, Vic Park is a growing canvas - just waiting for you to come and make your mark.  Learn more about Vic Park’s unparalleled investment potential on the dedicated website at investvicpark.wa.gov.au

Central location

Vic Park is situated close to several key links and facilities.  It is located only 6km from the CBD and 12 km from the airport.   The local public transport services include the Victoria Park and Curtin University bus stations, plus six train stations on the Armadale/Thornlie line.  These options make getting around easy, whether you are travelling to Optus Stadium for an event, or to the Technology Park research hub for a meeting.  Coupled together with the breathtaking Swan River views and picturesque local parks, it truly makes a beautiful and convenient place to live, work and visit.  With all this on your doorstep, there is no surprise that Australia’s interest in Vic Park keeps on growing.  

A strong, resilient economy

The Vic Park economy has been a strong, stable engine for growth.  Between 2014/15 to 2018/19, the average growth of the Town’s gross regional product has more than doubled that of the state (3,6). According to 2016 CENSUS data, the local labour market continues to be stronger than both greater Perth and Western Australia, with consistently lower unemployment rates (2,3). Additionally, the total value of building approvals from 2014/15 – 2018/19 has exceeded $1.7 billion (6).

The Town’s economy has shown strong recovery and resilience in the face of COVID-19.  One example of this is its landmark retail, recreation, and hospitality sector, driven by the bustling Albany Highway café strip and the Burswood peninsula entertainment precinct.  Recent data from Google shows that from July 2020 to May 2021, monthly hospitality visitations have remained 13% higher on average compared to January 2020 (1).  This places Vic Park’s hospitality sector as the most resilient out of all inner-city local governments, and the fifth fastest growing in the whole of WA (1).    Pedestrian Footfall along the Albany Highway strip also indicates a strong recovery after COVID-19, with 2021 numbers returning to 2019 levels (5).

Young and diverse population

Vic Park is a vibrant multicultural environment, with over 40% of residents being born overseas (2). The Albany Highway strip embodies this diversity, with a myriad of food selections ranging from pasta, Texan barbecue, ramen, burgers, sashimi, kebabs and bubble tea.   Around 27% of residents speak a language other than English at home, with the most popular languages being Mandarin, Italian, Cantonese and Korean (2). 

The Town’s population is young, with over 50% of residents being aged under 35 (2).  The largest age bracket is 25-34 years, which makes up 23% of local residents (2,6).   The Town is anticipating a significant surge in its population over the next 20 years.  The population forecast for 2021 is 38,328, which is expected to grow to 57,473 by 2041 (4).

Skilled and educated workforce. 

The Town’s largest industry by employment is Education and Training, with  the sector making  up 21% of local employment  (2,3).   Technology Park in Bentley is the education and knowledge powerhouse in the Town. It is home to Curtin University, the largest university in WA by enrolments.  The Town is also home to two South Metropolitain TAFE campuses.

The Town’s resident population is also a goldmine for human capital, with over 31% of residents having a bachelor’s degree or higher (2), compared to the Perth average of 23%.    The most popular occupation for local residents is professionals (2,3).  They make up 29% of the Vic Park workforce, which is higher than the greater Perth average of 22% (2,3).    

Development potential

With 46% of the Town’s land still developable, there is significant opportunity for development, in particular around the train line, Burswood peninsula, Burswood Station East, Bentley to Curtin University and Technology Park, Albany Highway near the Causeway and St James, Kent St and Carlisle (6).  The Town of Victoria Park is required to deliver an additional 19,400 dwellings by 2050, potentially doubling the Town’s population in the next 30-35 years (6).

The Town has recently launched the Invest Vic Park website - a one stop shop for investors, developers, and local businesses.  It’s an interactive website that combines everything needed to invest in the Town.   www.investvicpark.wa.gov.au

 

1. Google LLC "Google COVID-19 Community Mobility Reports"https://www.google.com/covid19/mobility/ Accessed: 14th June 2021

2.      Informed DecisionsTown of Victoria Park Community Profile”  https://profile.id.com.au/victoria-park Accessed: 14th June 2021

3.      Informed DecisionsTown of Victoria Park Economic Profile”  https://economy.id.com.au/victoria-park Accessed: 14th June 2021

4.      Informed DecisionsTown of Victoria Park Population Forecasts Profile”  https://forecast.id.com.au/victoria-park Accessed: 14th June 2021

5.      Town of Victoria Park “Pedestrian Footfall System” Accessed 14th June 2021

6.      Town of Victoria Park  “Invest Vic Park prospectus”  https://www.victoriapark.wa.gov.au/Business/Invest-Vic-Park Accessed 18th June 2021

 Article Images:  Jessica Wyld Photography, 2021  

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