At the last Ordinary Meeting of Council, a resident
‘Asked if Council could consider celebrating in a few years time the gentrification of the City of Port Phillip as the average income of individuals per annum in the municipality is at $70,000.’ (see Minutes from Ordinary Meeting of Council 10th October 2011)
While this did not make it to the minutes, I recall this resident thought it was worth celebrating because the working people had taken the suburbs back as now pretty much everybody in Port Phillip is working.
The City of Port Phillip, at least according to their website, sees gentrification as something a bit more complicated.
‘Overseas and local experiences show that while gentrification can have positive impacts on an area in terms of upgrading infrastructure and bringing in capital, it can also have negative impacts such as displacement and isolation.’ (see http://www.portphillip.vic.gov.au/understanding_gentrification.htm)