Gentrification is a hot topic for residents of many suburbs, and it brings mixed feelings depending on your housing status.
It’s often seen as a positive change for house owners, increasing property values and improving local amenities.
However, for renters, gentrification can mean skyrocketing rents and potential displacement from their beloved neighbourhood.
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On today’s Briefing, we delve into the complex issue of gentrification with William Thackway from the UNSW City Futures Research Centre. He has been working on a machine-learning model that predicts gentrification.
Mr Thackway defines gentrification as the process where an influx of more affluent residents and businesses transforms a previously lower-income neighbourhood.
This often results in renovated homes, new cafes, and trendy shops appearing on the high street.
According to the model, Mr Thackway noticed several “obvious but interesting markers” indicating if an area would be gentrified.
“Changes that can be early indicators, things like married families moving into an area, or on the flip side, a decrease in divorcees or one-parent families,” “Mr Thackway said.
He also provided other tips on how to spot the early signs of gentrification. Key indicators include increased property renovations, new businesses catering to higher-income demographics, and a noticeable demographic shift in the neighbourhood.
“These are the sorts of social changes which are perhaps less visible from an outsider perspective but really indicate the shifting nature of an area,” he added.
For those looking to invest, Thackway’s research can offer clues about areas on the brink of gentrification, potentially allowing investors to capitalise on the upward trend before it fully takes hold.
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