BUILDING UPON THE FOUNDATIONS OF GENTRIFICATION: INNER-CITY HOUSING DEVELOPMENT IN AUSTRALIA IN THE 1990s
Author:
- 1 January 1995
- journal article
- Published by Taylor & Francis in Urban Geography
- Vol. 16 (1) , 70-90
Abstract
In three recent papers, Bourne has suggested that the rate of gentrification in Canadian cities will decline, for both demand and supply reasons, notwithstanding economic recovery in the mid- 1990s. This prognosis for Canadian cities is so much at odds with the activity currently being generated in the upper-income housing markets at the center of the five largest Australian cities that it invites further investigation. Evidence is presented of recovery in the inner-suburban terrace housing submarket, and what began as countercyclical investment in the Australian equivalent of the loft-conversion and condominium submarkets. This latest phase of residential revitalization in the inner city heralds a trend to higher-value, high-rise living at the center of Australian cities. By the early 1990s enough Australians had become conditioned to inner-area living to provide optimism about the underlying demand, while the projected yields brought condominium development into the realm of financial feasibility. But c...Keywords
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