We know that the Sydney property market has gone gangbusters over the last year.

But we also know that there isn’t one “Sydney property market” – some areas have considerably outperformed others.

The latest Domain House Price Report shows that there is one region in Sydney where the cost of buying a house has jumped by a stupendous $867,500 over the past year.

If you do the sums that equates to a cool $417 an hour based on a typical 40-hour working week.

And that region is Sydney’s Northern Beaches.

Domain explains that prior to the pandemic, the median house price in the region was $1.9 million, but a rising tide of cashed-up buyers from across Sydney looking for land and lifestyle has seen both people and prices push north.

Long periods of working and studying remotely scrapped the daily commute and freed many families from the need to live near their office, while prompting a desire for a home office and a backyard.

At the same time, the importance of neighbourhood has become critical for those who can afford to choose where they want to live. And clearly, more Sydneysiders are happy to trade a commute into the city once or twice a week for the amenity of being close to the coast, harbour, bush and beaches.

Median house prices across Northern Beaches suburbs

Suburb Median House Price Annnual change
Bilgola Plateau $2,500,000 43.7%
North Narrabeen $2,200,000 41.9%
Fairlight $3,262,000 38.8%
Manly $4,117,500 37.2%
Mona Vale $2,403,500 37.0%
Warriewood $1,950,000 34.9%
Freshwater $3,300,000 34.4%
Seaforth $3,465,000 33.3%
Collaroy $3,380,000 32.1%
Avalon Beach $2,754,000 31.1%
Beacon Hill $2,100,000 30.4%
Dee Why $2,300,000 30.3%
Allambie Heights $2,230,000 30.0%
Palm Beach $4,700,000 29.7%
Newport $2,712,500 29.2%
Collaroy Plateau $2,450,000 28.9%
Balgowlah $2,700,000 28.6%
North Balgowlah $2,788,000 28.4%
Cromer $2,098,050 28.3%
Bayview $2,750,000 22.9%

What about apartments?

Clearly, this type of growth can’t continue moving forward and with the disparity in the price of units on the Northern Beaches compared to houses, more people are starting to look at family-friendly apartments which have also exhibited significant growth. As a result, the unit market has picked up, with the median price in the Northern Beaches rising 34.2 per cent to $1.25 million in the year ending September.

Median unit prices across Northern Beaches suburbs

Suburb Median Annual Change
Queenscliff $1,305,000 27.8%
Newport $1,175,000 24.3%
Warriewood $1,100,000 21.5%
Freshwater $1,060,000 20.5%
Balgowlah $1,227,000 19.7%
Collaroy $1,050,000 19.3%
Narrabeen $1,131,500 19.1%
Fairlight $1,580,000 16.6%
Manly Vale $905,000 14.6%
Manly $1,705,000 12.2%
Dee Why $880,000 7.6%
Brookvale $892,000 7.2%
Mona Vale $1,200,000 4.3%
Kate Forbes
About Kate Forbes
Kate Forbes is a National Director Property Strategy at Metropole. She has 15 years of investment experience in financial markets in two continents, is qualified in multiple disciplines and is also a chartered financial analyst (CFA).