Sydney has always been known for its strong property prices and over the past 12 months those sky-high prices soared to new highs with many more Sydney suburbs joining the million dollar club.
Why?
Well, tight supply and cheaper borrowing conditions meant demand went through the roof.
But after rising 28% house values in the harbour city peaked in January and shortly after the calendar flicked to 2022, Sydney’s property market came off the boil.
The city’s median price for houses now stands at $1.346 million, down 2.5% since July and down 5.3% since last quarter.
It’s a similar story for units which have fallen 1.5% over the month and have fallen 3.1% over the quarter to a new $806,310 median.
Sydney led the recent growth phase of Australia’s property cycle,
Sydney was also the first city to enter the current downswing with housing values dropping
Nonetheless, here in Sydney’s top 10 expensive suburbs list you’ll find some of the most luxurious and expensive suburbs in the whole of Australia.
So, if you’re looking to see which affluent areas have the highest price tags, these are the top ten most pricey suburbs to buy a property in Sydney, according to data from Domain and Realestate.com.au.
1. Tamarama - $9.2m
If you’re hoping to live close to Bondi, Tamarama is close by with only a few, very expensive homes for sale.
You’ll find modern and art deco buildings and gorgeous views.
The median house price is a whopping $9.2 million and median rent would cost you a hefty $2,347 per week.
Apartments come in at a median price of $2.5 million.
2. Vaucluse – $8.4m
Vaucluse is known for being an incredibly affluent area with peninsular and harbour views unlike any other.
You’ll find lavish beaches everywhere in this coastal haven.
A median-priced house in Vaucluse will cost you a whopping $8.4 million and $2,800 in rent.
Units are more affordable in comparison to other expensive suburbs, coming in at around $1.41 million fetching $700 per week in rent.
The area has enjoyed a significant jump in prices over the past 12 months - houses have risen 34.4% and units 17.9%.
3. Darling Point – $8.88m
The most expensive place to buy a house in Sydney is only four kilometres away from the CBD and comes with picturesque waterfront views.
The median sale price for houses in Darling Point is an astronomical $8.88 million with rent coming in at $2,500 a week.
Even units average $2.82 million and $850 a week.
The median prices in Darling Point have risen 5.8% for houses and a huge 40.8% for units over the past 12 months.
4. Bellevue Hill – $8.51m
Families with deep pockets will find Bellevue Hill ideal, close to the best private schools, shops, beaches and the city centre.
You’ll find lavish homes and incredible gardens in the area.
The median house price is $8.51 million, up 31% over the past 12 months.
Units average at around $1.48 million, which is a 13.8% rise over the year.
Properties in the area also fetch a decent price for rent - $2,475 per week for houses and $695 per week for units.
5. Centennial Park – $7.46m
Centennial Park is in the south-east of Sydney, only four kilometres away from the CBD.
Similar to Longueville, the area has many Federation and Victorian style homes.
Median house prices are sitting at around $7.46 million but are hard to secure.
Units are significantly cheaper at around $872,500 (down 4.9% over the year) and $520 for weekly rent.
6. Woolwich – $6.82m
Woolwich is a small peninsula north of the Sydney Harbour Bridge.
The predominant age group in the area is 60-69 years old, with households taken up mainly of childless couples.
Median house prices are around $6.82 million and given the small suburb size, are hard to find - there is no data for any houses sold this year.
There is also minimal data on the median price of units, but they are expected to rent for around $475 per week.
7. Double Bay – $6.41m
Double Bay is a harbourside suburb with sophisticated and prestigious properties.
You’ll find a range of boutique shopping and elegant cafes on your doorstep if you choose to live in the area.
Houses come in at an average of $6.41 million, which is a 7.3% increase year-on-year.
Apartments are much cheaper with an average cost of $1.9 million, which has grown 12% over the year.
Rental prices in the area are around $1,895 per week for houses and $750 per week for units.
8. Dover Heights – $6.26m
Dover Heights is another coastal suburb located close to the beach, the hub of Bondi and the Dudley Page Reserve, around 9km away from the CBD.
A house will cost you $6.26 million or $2,000 a week in rent.
Apartments in Dover Heights come in at a median of $1.25 million or $750 in rent.
Houses in the area have experienced a huge 28.4% increase over the past 12 months, whereas units prices have done the opposite, dropping 43.2% over the same period.
9. Mosman – $5.31m
Mosman is another high-end area with both young families and older residents.
The suburb is located in the Northern Beaches district, also about eight kilometres from the CBD.
Both modern and old homes offer harbour views and all the other benefits of coastal living.
Houses come at a median price of $5.31 million (up 14.3% over the year) whereas units sit around $1.3 million (up 16.1%).
Rental prices in the area sit around $1,850 for houses and just $595 for units.
10. Rose Bay – $5.3m
Nestled between Bellevue Hill and Dover Heights, Rose Bay has direct water access to the Sydney Harbour and is known for its luxurious lifestyle and statement properties.
A house will cost you around $5.3 million (up 26.2% over the past 12 months) or $1,447 per week in rent.
Rose Bay units are also on the expensive side, selling for around $1.45 million (up 15.1%) or renting for $675.
