The list of Melbourne’s top 10 most affluent suburbs has changed little over the past decade. But look beyond the top 10 and you'll see that wealth has been rising rapidly across a vast sprawl of suburbs. | joshgordo CraigDButt
Melbourne’s wealth is being pushed outwards as part of a process of gentrification driven by soaring property prices, population growth and a desire for more space.highlights the extent to which the housing boom – and potentially the coronavirus pandemic – are sculpting the distribution of Victoria’s wealth.
But beyond the top 10, wealth has been rising rapidly across a vast sprawl of suburbs within a five to 15-kilometre radius of the city. It is a trend planning experts have put down to a classic process of gentrification, where once lower-income areas become home to higher-earning professionals seeking more affordable housing.
The increase in wealth was almost as rapid in Northcote, a suburb that has experienced rocketing house prices. In Northcote – West, the median income is now $1216, an increase of 62 per cent from 2011. In Northcote – East, the median leapt 55 per cent over the decade to $1130. But the rises in median income in inner-city suburbs tell a more complicated story than at first glance. In a lot of inner-Melbourne areas, large numbers of lower-earning students and backpackers moved out because of the pandemic, and their absence has bumped up median income as a result.
Melbourne University urban geographer Kate Shaw said one significant consequence of gentrification had been the displacement of people on low incomes, who have been pushed even further afield, often without access to social support networks or services.
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