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Australia’s house prices reached record highs during the peak of the Covid-19, with our most expensive city – Sydney – leading the pack.
And while prices have cooled significantly from their peak over the past 12 months, Sydney’s property market continues to fetch impressive prices, particularly in some of the most sought-after areas.
After all, some of the city’s suburbs are so tightly held that an available property for sale comes around once in a blue moon with homeowners holding onto their houses for as long as 20 years.
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And areas in lifestyle or coastal suburbs are still in particularly strong demand as homebuyers wait to secure their dream property.
The city’s median price for houses now stands at $1.205 million, down 4.2% since the last quarter and down 15% over the year.
It’s a similar story for units which have fallen 3.2% over the quarter but are 10.4% higher year-on-year at a new $768,999 median.
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 expensive suburbs to buy a property in Sydney, according to data from Domain and Realestate.com.au.
1. Tamarama – $9.20m
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 the median rent would cost you a hefty $2,300 per week.
Apartments come in at a median price of $2.57 million with a $982 per week rent.
2. 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 $2,300 a week.
Even units average $2.45 million and $950 a week.
There hasn’t been much activity in Darling Point’s housing market so there isn’t data for price changes, but prices for units have risen 5.4% over the past 12 months.
3. Bellevue Hill – $8.70m
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 $8.70 million, up 14.5% over the past 12 months.
Units average at around $1.60 million, which is a 10.6% increase over the year.
Properties in the area also fetch a decent price for rent – $2,000 per week for houses and $740 per week for units.
4. Vaucluse – $8.67m
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 $8.67 million and $2,895 in rent.
Units are more affordable in comparison to other expensive suburbs, coming in at around $1.35 million fetching $750 per week in rent.
The area has enjoyed a significant jump in prices over the past 12 months – houses have risen 13% but units have dropped 3.9% over the same period.
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 $763,000 (down 12.6% over the year) and $550 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 minimal data on the median price of units, but they are expected to rent for around $478 per week.
7. Rose Bay – $6.00m
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 $6.00 million (up 13.5% over the past 12 months) or $1,925 per week in rent.
Rose Bay units are also on the expensive side, selling for around $1.65 million (up 14.2%) or rent for $700.
8. Dover Heights – $5.86m
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 $5.86 million or $2,250 a week in rent.
Apartments in Dover Heights come in at a median of $1.01 million or $802 in rent.
Houses in the area have experienced a 1.9% increase over the past 12 months, whereas unit prices have done the opposite, dropping 53.1% over the same period.
9. Double Bay – $5.37m
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 $5.37 million, which is a 17.4% decrease year-on-year.
Apartments are much cheaper with an average cost of $1.96 million, which has fallen 2% over the year.
Rental prices in the area are around $2,172 per week for houses and $792 per week for units.
10. Mosman – $4.77m
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 $4.77 million (down 8% over the year) whereas units sit around $1.22 million (down 0.2%).
Rental prices in the area sit around $1,900 for houses and just $620 for units.