The Generation Shift
It’s long been a favourite with downsizers thanks to its luxury apartments, stunning facilities,
and waterfront location, but now a whole new age group are discovering our precinct’s charm.
Here, freelance real estate journalist Katrina Creer reflects on this area’s changing demographic
If we invited you to take a wild guess at the average age of everyone living in Breakfast Point, what would you say? Seventy? Sixty? Perhaps somewhere in between? Well, that might have been the case a decade ago, but according to the suburb’s most recent official census data, the median age here is now 41 years old. While nothing will change the fact this area is ideal for empty-nesters and retirees, more and more young singles, working couples and families are discovering the incredible lifestyle opportunity Breakfast Point provides.
According to Cilla Green, an agent at Breakfast Point Realty for over 10 years, it’s the area’s laid-back lifestyle, proximity to the city, and overall convenience that are garnering the interest of Gen X – that is, anyone born between 1964 and 1980. “I think a house with a white picket fence is no longer the ultimate dream,” Cilla points out. “We’re all so busy that it’s just easier to have an apartment and an environment that’s looked after by a strata. That means no mowing lawns or general maintenance – it’s all done for you. Plus, a coffee shop only a few metres away is always a bonus.”
And Gen X isn’t the only one that’s caught on. The same census showed that Gen Y (also known as Millennials), born between 1981 and 1994, now make up around a third of Breakfast Point’s residents. Many of these 25- to 44-year-olds are also choosing to raise their young families here. “We have some wonderful schools in the area to cater for the children who live here,” Cilla says. (Children 14 and under make up almost 14 percent of the area’s population now).
What sparked the change?
It’s easy to see why Breakfast Point – developed by the Rose Group on what used to be the old Gasworks location back in the early 2000s, featuring a members-only country club and village green precinct – resonated with downsizers and empty nesters looking for ease of living in the city’s Inner West. In fact, in the area’s early stages, this demographic made up around 70 percent of real estate sales.
But as the development and community grew, so too did it start to appeal to multi-generations, with younger families wanting to move closer to parents and grandparents.
Now fully established with a range of recreational facilities, including the country club’s lap pool, lagoon pool and gym, the demographic has shifted yet again. “What we’re seeing now is a more even split between the young, middle-aged and older people,” Cilla notes. Figures from realestate.com.au show the median apartment price in Breakfast Point increased by 7 percent to $1.225 million in the 12 months ending September 2021. “On average, we’re seeing one-bedroom properties selling for $767,500. Two-bedroom properties are selling for $1.25m, while three-bedroom apartments are fetching $1.97m. These are being rented for between $520 and $950 per week, which is not bad for the lifestyle you are gaining,” says Cilla.
Across the generations
Married couple Sarah and Macquarie Totola, both aged 32, are a perfect example of the wave of younger buyers cottoning on to the magic of Breakfast Point, having upgraded from an Ashfield unit to their renovated two-bedroom apartment in March. “We’d come down here for coffee or dinner on weekends and that’s when we started thinking it would be nice to live here,” said Sarah, who works as a teacher. Their next-door neighbours are of similar age with a one-year-old daughter. Other families with school-aged children, along with older retired couples, also reside in their apartment block.
“We love the lifestyle on offer and being so close to the water,” says Sarah, who found the area’s outdoor space invaluable during this year’s lockdown.
She and Macquarie invested in kayaks and regularly took to the water at nearby Cabarita. “It has everything we want in a home, including a pool and a big green space, but still within our price point.”