According to domain.com.au, house prices have skyrocketed across more than 130 Sydney suburbs, with some areas seeing jumps of over $500,000 in just a year. This incredible surge highlights the strong demand and limited supply in the property market.
The eastern suburbs of Sydney, from Vaucluse to Rose Bay, have cemented their place as the most expensive areas to buy property in Australia. Offering a mix of luxury, exclusivity, and prime locations, these Sydney hotspots continue to attract wealthy buyers from around the globe.
For potential homebuyers and investors, knowing the costliest suburbs in Australia can guide decisions about where to invest for long-term value and prestige. In this blog, we will be exploring the top 12 most expensive suburbs in detail, delving into what makes them so pricey.
Top 12 Most Expensive Suburbs in Sydney, Australia 2024
| Expensive Suburbs in Sydney, Australia | Median Weekly Rent (Houses) |
| Vaucluse | $2965 |
| Tamarama | $2950 |
| Bellevue Hill | $2850 |
| Double Bay | $2500 |
| Dover Heights | $2400 |
| Clontarf | $2000 |
| Bronte | $2000 |
| Rose Bay | $2000 |
| Mosman | $1950 |
| Woollahra | $1895 |
| Clovelly | $1650 |
| Longueville | $1600 |
Vaucluse
Vaucluse is a prestigious suburb with expansive estates and luxury homes. Its median weekly rent is $2965, which puts it at the top. Vaucluse is around 8 km north-east of Sydney’s central business district, offering affluent people a balance of solitude and convenience. The cliffside residences provide stunning views of Sydney Harbour and the Pacific Ocean. The suburb’s exclusivity, privacy, and historical significance all contribute to its high property value.
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Tamarama
Tamarama, which comes in second on the list and is also called “Glamorama,” has a gorgeous shoreline and an upscale vibe. With a median weekly rent of $2950, this region is popular because of its stunning ocean views, charming coastline, and close access to the well-known Bondi Beach. Tamarama, located around 7 km east of Sydney’s central business district, provides the ideal combination of tranquil coastal lifestyle with quick access to the city’s centre.
Bellevue Hill
Bellevue Hill, located about 5 kilometres east of the Sydney CBD, is characterised by grand mansions and meticulously landscaped gardens often featuring heritage-listed properties. With a median weekly rent of $2850, this suburb offers an elevated position that provides panoramic views of Sydney Harbour, enhancing its charm. Its proximity to elite private schools and prestigious clubs further increases its appeal to wealthy families.
Double Bay
Double Bay, located about 4 kilometres east of the Sydney CBD, has a median weekly rent of $2500. This suburb offers a blend of luxury living and sophisticated urban amenities, including high-end boutiques, fine dining, and marina facilities. Its waterfront properties and proximity to the CBD make it a prime location for affluent professionals. The vibrant atmosphere and exclusive vibe of Double Bay contribute to its high property prices.
Dover Heights
Dover Heights features properties with stunning views of the Sydney Harbour Bridge and the city skyline. Its cliff-top location and spacious, modern homes appeal to buyers seeking privacy and luxury. The suburb’s peaceful environment and proximity to coastal walks and beaches enhance its desirability. Dover Heights is about 9 kilometres north-east of the Sydney CBD, and the median house price is $2400.
Clontarf
Situated on Middle Harbour, Clontarf is renowned for its tranquil settings and stunning beachfront residences. Situated roughly 13 kilometres north of the Sydney CBD neighbourhood, it provides a peaceful way of life with quick access to swimming, boating, and other water sports. With a typical weekly rent of $2000, it is highly sought after due to its scenic beauty and huge residences.
Bronte
Bronte is well-known for its family-friendly beach, scenic walks along the coast, and sense of community. The area’s family-friendly vibe is enhanced by its proximity to top-notch parks and schools. Prices rise because of the desire for real estate near parks and the seaside. Bronte has a median weekly rent of $2000 and is situated roughly 8 km southeast of Sydney’s central business district.
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Rose Bay
Rose Bay is a suburb of Sydney that is 7 miles east of the city centre and has a weekly rent of $2000. With a selection of opulent apartments and historic residences, Rose Bay provides a distinctive fusion of seaside lifestyle and urban accessibility. Its views of the waterfront are highly popular, and it has easy access to sailing and other water activities. The suburb’s allure is increased by its proximity to renowned schools and facilities.
Mosman
Mosman, located about 8 kilometres north of the Sydney CBD, is renowned for its historic homes and stunning harbour views. Its proximity to Taronga Zoo and beautiful beaches adds to its appeal. The suburb’s leafy streets, high-end boutiques, and top-tier schools attract affluent families and professionals. Mosman’s picturesque setting and strong community feel further enhance its desirability, with a median weekly rent of $1950.
Woollahra
Woollahra, in Sydney’s eastern suburbs, is located approximately 5 kilometres east of the Sydney CBD. With its exquisite terraces and expansive estates, it blends contemporary luxury with the charm of the past. The suburb is highly sought-after due to its upscale restaurants, boutique stores, and verdant parks, which have a median weekly rent of $1895.
Clovelly
Clovelly is renowned for its family-friendly atmosphere and protected beach, which provide a laid-back coastal lifestyle. Families like the suburb because of its strong sense of community and accessibility to parks and walks along the ocean. However, the limited supply and great demand for coastal houses result in higher costs. The typical weekly rent in Clovelly is $1650, and it is located about 8 km south-east of Sydney’s central business district.
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Longueville
Longueville, located on the Lane Cove River, offers a peaceful and picturesque setting with luxurious waterfront homes. It is about 8 kilometres north of the Sydney CBD, and the median weekly rent is $1600. The suburb’s secluded atmosphere, combined with its proximity to water activities and green spaces, makes it highly attractive. The exclusivity and privacy of Longueville contribute to its high property values.
Also Read:
- Top 10 Cheapest Suburbs to rent in Sydney
- 12 Best Suburbs to Invest in Sydney 2024
- Top 10 Best suburbs to live and build a house in Sydney in 2023
Why Do Some Sydney Suburbs Cost So Much?
Sydney’s eastern suburbs consistently top the charts for eye-watering property prices. Here’s a breakdown of the key factors driving their price growth:
- Limited Supply, High Demand: Scarcity is a major driver of price. Many desirable suburbs have limited land availability, especially waterfront or beachside locations. This limited supply, coupled with high demand from affluent buyers, creates a competitive market where prices keep rising.
- Luxury Amenities and Location: These suburbs boast a concentration of luxury amenities like high-end shops, gourmet restaurants, prestigious schools, and exclusive clubs. Additionally, their proximity to the CBD, harbour views, stunning beaches, or peaceful waterfronts add significant value.
- Exclusivity and Prestige: Living in these suburbs comes with a certain cachet. Owning a property here signifies wealth, status, and access to an exclusive community. This intangible value adds a premium to the price tag.
- Historical Significance and Architectural Charm: Some suburbs boast a rich history and architectural heritage. Heritage-listed homes, grand mansions, and beautiful streetscapes contribute to the area’s desirability and can command a higher price.
- Investment Potential: These suburbs are seen as sound investments due to their consistent property value growth. Investors are willing to pay a premium, knowing their property will likely appreciate significantly over time.
- Strong Infrastructure and Transportation: Good public transport links, easy access to major roads, and well-maintained infrastructure make these suburbs highly convenient and add to their overall appeal.
Summing Up!
Sydney’s property market shines brightly, with a constellation of affluent suburbs commanding sky-high prices. From the beachside havens of Tamarama and Bronte to the harbourfront grandeur of Vaucluse and Bellevue Hill, these expensive suburbs in Australia offer a unique blend of allure and affluence. Despite their hefty price tags, they continue to captivate discerning homebuyers and investors with their unparalleled beauty, exclusive amenities, and coveted lifestyle.
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