Most expensive suburbs in Sydney 2024
Top 10 most expensive suburbs in Sydney 2024
Sydney’s most expensive suburbs are predominantly located in the eastern part of the city, with Palm Beach on the northern beaches being a notable exception, ranked 7th with an average median house price of $5.5 million. This area has become one of Australia’s premier seaside destinations.
However, buyer interest has recently waned due to higher interest rates and reduced borrowing capacities, resulting in a cooler local property market even in Sydney’s richest suburbs.
Luxury Living in Sydney
Sydney is one of Australia’s most expensive cities and offers some of the most luxurious living available. The accommodation here is characterised by its proximity to the CBD, stunning views of the Harbour Bridge and waterfront, exclusive boutique shopping, and elegant cafes. This luxury comes with a steep price tag.
Bellevue Hill, the Pinnacle of Luxury
Bellevue Hill in Sydney’s eastern suburbs is among the country’s most expensive areas, renowned for its grand estates and heritage manors. The median price here is $8.42 million. This suburb is highly coveted for its breathtaking views, excellent amenities, and prestigious schools. Despite market fluctuations over the past six months, Bellevue Hill’s housing market remains robust due to high demand and limited supply.
Properties here are so rare that accurate valuations are difficult due to the low volume of sales. Notable residents include Atlassian co-founder Mike Cannon-Brookes, who purchased his historic home, Fairwater, for $100 million, and his business partner Scott Farquhar, who bought the Elaine estate for $71 million.
Point Piper: Exclusive and Expensive
Point Piper features some of the priciest units in the country, with an average value of $5.2 million, placing it 10th nationally. A notable sale in March was a brand-new, three-bedroom unit at 5/23 Wolseley Rd, which sold for $16.5 million. This unit offers spectacular views of the city skyline, Opera House, Harbour Bridge, and waterfront.
Rising Property Values in Vaucluse
Vaucluse ranks second on the list of Sydney’s most expensive suburbs, with a median property price values at $8.08 million. This marks a 2.15% increase over the past quarter and a 13.2% rise year-on-year.
Other High-Value Suburbs
Following Vaucluse are Dover Heights with an average house price of $6.6 million, up 3.8% quarter-on-quarter and 12% year-on-year, and Double Bay with an average house price of $6.3 million, reflecting a 0.3% increase in the past three months and a 9.11% rise year-on-year.
Top 10 Most Expensive Suburbs in Sydney
1. Bellevue Hill
2. Vaucluse
3. Dover Heights
4. Double Bay
5. Rose Bay
6. Longueville
7. Palm Beach
8. Mosman
9. Bronte
10. Point Piper
Source: RealEstate.com.au, Domain.com.au, Sydney Morning Herald.
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