The Macarthur suburb of Currans Hill has grown only marginally in the past five years, but is showing an increase in rental returns and property value.
These are the findings of the most recent Census which shows Currans Hill has expanded to accommodate almost 300 new residents and 71 dwellings since 2011.
So what else has changed in Currans Hill over the past five years?
Who lives in Currans Hill
With a median age of just 31, the residents of Currans Hill are seven years younger than the state and Australian norms and better off than they were five years ago.
This suburb has traditionally been one attracting young couples with the median age in 2011 also younger than the average at 29.
Children aged 0-14 make up 26.9% of the population, while older residents aged over 65 make up just 5.8% of the residents. This large population of children is significantly above the national norm where 18.7% of the population is aged below 0-14.
The suburb has a gender percentage of 51.1% females and 49.8% males, with the majority (47.8%) of residents over the age of 15 being married. A further 36.4% have never been married, 9.1% are divorced, 4.3% are separated, and 2.3% are widowed.
Most residents (84.3%) live in family households, while 14.1% of the population lives alone, and just 1.5% of residents live in share accommodation.
Of those family households, most (55%) comprise couples with children, and they have on average two children each. This is the same as five years ago when the average family couple also had two children.
Just under a quarter (24%) of households are couples without children, and 19.8% of households are single parent families.
How Currans Hill fares financially
With a median weekly household income of $1860, Currans Hill residents are $386 a week better off than their NSW counterparts, and $422 a week ahead of the national norm.
They’re also doing better financially than they were five years ago. In 2011 the median household income was $1669, while the state median income was $1237, and the national figure was $1234.
But while that higher than average income is better that it was five years ago, it isn’t shared across the board; 16.7% of households have a gross income of $3000 or more, and 10.2% have an income that’s less than $650 each week.
In 2011, 11.2% of the households had a gross income of $3000 or more, while 10.8% survived on less than $600 a week.
For 28.3% of households that income goes to rent each week, and it’s a figure that has significantly increased in the past five years. In 2011 the median rental figure was $360, yet by 2016 it had jumped to $430, which is $50 each week above the median for NSW.
Meanwhile, the median monthly mortgage repayment has decreased a little since 2011, dropping from $2167 in 2011 to $2086 in 2016. In both counts it was above the state medians of $1993 in 2011 and $1986 in 2016.
How Currans Hill residents live
The majority of houses (89.1%) in Currans Hill are freestanding, and they tend to be larger than the norm. Only 10.7% of dwellings are semi-detached and there are no units or flats in the suburb.
Over half the properties (51.3%) have four bedrooms or more, while 43.8% are three-bedroom homes, and only 2.7% have two bedrooms.
What this indicates however is an increase in semi-detached housing since 2011 when 95.9% of properties were free standing, and only 3.6% were townhouses or duplexes. Five years ago 49.4% of properties had four bedrooms or more, 47% had three bedrooms, and only 1.7% were two-bedroom dwellings.
And most of these homes are owned. Over half (55.5%) are owned with a mortgage, 14.5% are owned outright, and 28.3% are rented.
This shows a significant rise in rental tenure, and a marginal rise in outright ownership since 2011 when 61.9% of dwellings were owned with a mortgage, 13% were owned outright, and 23.9% were rented.
Currans Hill is a suburb that continues to prove attractive to young families looking to establish themselves in life. It’s also fast becoming a suburb for investors as the rental demand increases and the yield becomes greater as well.
About United Strata
Centrally located in Mt Annan, United Strata specialises in real estate within the Macarthur region. We boast a wealth of insight into the current and future position of property in the region.