Sydney’s hipster scene in areas such as Newtown and Surry Hills at one point seemed to have no end – with trendy coffee shops and boutique clothing stores aplenty.
But now as the city’s burdening cost of living expands beyond realistic proportion, the 20-something working professionals are packing up their bags and heading back home.
Traditional family areas such as Gordon, Lindfield, Rodd Point and Eastwood has seen an influx of 25 to 35-year-olds moving into the area over the last five years, according to an analysis of census data.
Sydney ‘s hipster scene in areas such as Newtown and Surry Hills at one point seemed to have no end – with trendy coffee shops and boutique clothing stores aplenty
But now as the city’s burdening cost of living expands beyond realistic proportion, the 20-something working professionals are packing up their bags and heading back home
The rise came despite no particular rise in rental or property demand or natural population increase.
Analysts believe the shift in location lies in young adults having one eye on their expenditure and deciding enough is enough when it comes to inflated rental rates.
They may have originally moved to areas like the inner west seeking independence and the hipster lifestyle but often struggled to afford it due to eye-watering rates and home prices.
The price of a private bedroom in areas around the CBD have rocketed in recent years with young professionals splashing out up to half of their wages on their rented home.
With that in mind, many parents are welcoming their children home, who in turn can save thousands of dollars over the space of a few months.
Within a few years, those thousands of dollars can in turn become a deposit for their first home.
Analysts believe the shift in location lies in young adults having one eye on their expenditure and deciding enough is enough when it comes to inflated rental rates
Many parents are welcoming their children home, who in turn can save thousands of dollars over the space of a few months
And when returning to the family home isn’t a viable option, relocating to cheaper units in suburbs such as Mascot and Lewisham, where a construction boom has led to affordable homes, there are still substantial savings to be made.
Now analysts are predicting a shift in direction for the vibe of these once quiet suburbs.
‘They’re already well established but areas do change when more young people move in, which happened across the inner west over the past decade, so there will be an impact,’ REA Group chief economist Nerida Conisbee told The Daily Telegraph.
‘It’s easy to dismiss the hipster fad as just mason jars and fixie bikes but it’s also an attitude among many young people,’ Demographer Mark McCrindle said.
‘So you do get a pattern where young people move into an area and that increases demand for different types of cafes, bars and vegan and organic foods.’
Now analysts are predicting a shift in direction for the vibe of these once quiet suburbs
‘Hipsters’ may have originally moved to areas like the inner west seeking independence and the hipster lifestyle but often struggled to afford it due to eye-watering rates and home prices