Fitzroy is the archetype of a post-industrial Australian suburb. As Manual Castells, the Economic Geographer Kevin O'Connor, and a plethora of other authors argue, post-industrialism is the underlying catalyst for the present globalisation process.
Inner city Australian communities are experiencing rapid gentrification, closing factories, rising rents and property values, and the appropriation of the working class culture that originally defined the suburbs. This is forcing out many of the long-term residents in favour of an eclectic mix of wealth distribution, lifestyles, and cultures.
Many claim that Australia is now being defined less and less by our historically definitive rural regions (as well as the great material and social egalitarianism of our post-war middle suburbs) and increasingly (for better or worse) by the culture of our inner cities, the fringes of our cities, and our bay-side towns. 
These changes can in part be linked to some of the major structural changes that are understood as globalisation. For instance, Fitzroy is a suburb where the factories that used to make clothes and confectionary now house the apartments of the new middle classes. This is part of a larger global trend in developed countries where the majority of the workforce has shifted from the manufacturing industries into the service industries.