Sydney’s property market has been a topic of conversation, especially after house prices reached record highs during the peak of the Covid-19 pandemic. Despite a cooling down in prices over the past 12 months, Sydney’s property market continues to fetch impressive prices, particularly in some of the city’s most sought-after areas. In fact, some of these areas are so tightly held that available properties for sale come around once in a blue moon, with homeowners holding onto their houses for as long as 20 years.
In this guide, we’ll take a look at the top 10 most expensive suburbs to buy property in Sydney, according to data from Domain and Realestate.com.au. So, if you’re interested in exploring some of the most luxurious and affluent areas of the city, keep reading!
Tamarama: A Luxurious and Exclusive Suburb Near Bondi Beach
For those seeking to live in close proximity to Sydney’s iconic Bondi Beach, the suburb of Tamarama offers a location that is both luxurious and exclusive. However, with only a few homes available for sale at any given time, owning property in this highly sought-after suburb comes with a hefty price tag.
Tamarama boasts a mix of modern and art deco buildings that provide stunning views of the surrounding area. The median house price in Tamarama is a staggering $9.2 million, with a median weekly rent of $2,300. Meanwhile, apartments in the suburb have a median price of $2.57 million and a median weekly rent of $982. With such high prices, it’s clear that Tamarama is reserved for those with significant financial means.
Darling Point – Sydney’s Most Expensive Suburb
Located only four kilometers from the bustling CBD, Darling Point is Sydney’s most exclusive suburb. With its stunning waterfront views and luxurious properties, it’s no wonder that it has the highest median house price in Sydney at a whopping $8.88 million.
Renting a house in this area would set you back $2,300 per week, while units come in at a median price of $2.45 million with a rent of $950 per week. Despite the lack of recent activity in the housing market, unit prices have increased by 5.4% over the past year. If you’re looking for the epitome of prestige living in Sydney, Darling Point is the place to be.
Bellevue Hill – Where Luxurious Living Meets Convenience
Bellevue Hill is the ideal location for families who value both luxury and convenience. Located near some of the best private schools, shops, beaches, and the city centre, it offers a lifestyle like no other. Lavish homes with stunning gardens are a common sight in this affluent suburb.
The median house price in Bellevue Hill is a whopping $8.70 million, with a remarkable 14.5% increase over the past 12 months. Units in this area average around $1.60 million, representing a 10.6% increase over the year.
If you’re looking to rent, be prepared to pay a premium price of $2,000 per week for houses and $740 per week for units. Experience the epitome of luxury living in Bellevue Hill.
Centennial Park
Centennial Park is a beautiful and sought-after suburb located just four kilometres from the CBD in the south-east of Sydney. The area boasts many stunning Federation and Victorian-style homes, but they are not easy to come by. The median house price in Centennial Park is approximately $7.46 million, making it one of the most expensive suburbs in Sydney. However, units in the area are more affordable, with a median price of around $763,000 and a weekly rent of $550, which represents a 12.6% decrease over the year.
Woolwich: A Small Peninsula with High Property Prices
Located north of the Sydney Harbour Bridge, Woolwich is a small and exclusive suburb that boasts stunning water views.
With a predominant age group of 60-69-year-olds and mostly childless couples, this secluded enclave is highly sought-after. Median house prices in Woolwich hover around $6.82 million, and due to the suburb’s small size, available properties are rare. No data is currently available for houses sold this year.
Units in the area are also highly desirable, with a median rental price of approximately $478 per week, although there is minimal data on their median price.
Rose Bay
Rose Bay, located between Bellevue Hill and Dover Heights, boasts stunning waterfront access to Sydney Harbour and is renowned for its lavish lifestyle and impressive properties.
Houses in the area come with a hefty price tag of approximately $6.00 million, which represents a 13.5% increase over the last 12 months. Alternatively, you could rent a house for $1,925 per week. For those interested in purchasing a unit, the median price is around $1.65 million, which has risen 14.2% in the past year. Renting a unit would set you back $700 per week.
Dover Heights – $5.86m
Located near the beach and just 9km from the CBD, Dover Heights is a popular coastal suburb that offers access to Bondi and the Dudley Page Reserve.
The median house price in Dover Heights is $5.86 million, with a weekly rent of $2,250. For those looking for apartments, the median price is around $1.01 million with a rent of $802 per week.
Over the last 12 months, the price of houses in the area has increased by 1.9%, while unit prices have dropped by 53.1%.
Double Bay – A Sophisticated and Prestigious Harbourside Suburb
Double Bay, an upscale harbourside suburb, boasts sophisticated and prestigious properties as well as boutique shopping and elegant cafes.
The average house price in the area is around $5.37 million, representing a 17.4% decrease year-on-year. For those seeking a more affordable option, apartments are available at an average cost of $1.96 million, which has decreased 2% over the year.
Rental prices in the area are also on the high end, with houses renting for an average of $2,172 per week and units renting for $792 per week.
Mosman – $4.77m
Situated in the Northern Beaches district, Mosman is a luxurious area that appeals to both young families and older residents alike.
The suburb offers the best of coastal living, with stunning harbour views and a mix of modern and older homes. The median house price in Mosman is $4.77 million, which has decreased by 8% over the year. Meanwhile, the median unit price is around $1.22 million, experiencing a slight decrease of 0.2%.
For those looking to rent, houses typically cost around $1,900 per week, while units are more affordable at just $620 per week.
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In conclusion, Sydney is home to many high-end suburbs that offer luxurious living, beautiful coastal views, and easy access to the CBD. These suburbs attract families, young professionals, and older residents who are willing to pay top dollar for exclusive homes and apartments. While some suburbs have seen an increase in property prices over the past year, others have experienced a decline. Nonetheless, Sydney remains one of the most desirable cities to live in for those seeking a sophisticated and upscale lifestyle.
