It’s well known that Sydney is one of the best cities in the world to live in, but also one of the most expensive cities in the world.
After booming through 2020 and 2021 with prices rising by 27.2%, Sydney housing values fell -12.4% from their peak in January 2022 through to the recent trough in January 2023.
But now the Sydney housing market has clearly turned the corner with prices rising consistently for the last 11 months – now up 11.6% since January 2023 – meaning the city is firmly in the recovery phase of the property cycle.
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.
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 $1.39 million, up 2.0% since the last quarter and up 10.2% over the year.
It’s a similar story for units which have risen 1.3% over the quarter but are 7.1% higher year-on-year at a new $836,220 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 10 most expensive suburbs to buy a property in Sydney, according to data from Domain and Realestate.com.au.
1. Bellevue Hill – $9.57m
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 $9.57 million, up 12.6% over the past 12 months and pushing it into first place on the top 10 list.
Units average at around $1.3 million, which is a 24% decrease over the year.
Properties in the area also fetch a decent price for rent – $2,547 per week for houses and $850 per week for units.
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 $2,400 a week.
Even units average $2.65 million and $1,075 a week rent.
3. Vaucluse – $8.72m
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 $8.72 million and $2,987 in rent.
Units are more affordable in comparison to other expensive suburbs, coming in at around $1.37 million fetching $850 per week in rent.
Houses have dropped -0.6% over the past 12 months but units have risen 1.9% over the same period.
4. 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 $886,000 (up 13% over the year) and $662 for weekly rent.
5. Tamarama – $7.42m
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 $7.42 million and the median rent would cost you a hefty $2,497 per week.
Apartments also come in at a bumper median price of $1.9 million with a $1,225 per week rent.
6. Woolwich – $6.66m
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 $6.66 million and given the small suburb size, are hard to find.
There is minimal data on the median price of units, but they are expected to rent for around $550 per week.
7. Dover Heights – $6.3m
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 $6.3 million (having experienced a 7.1% increase over the past 12 months) or $2,300 a week in rent.
Apartments in Dover Heights come in at a median of $1.01 million or $862 in rent.
8. Double Bay – $6.17m
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 $6.17 million, which is a 13.5% increase year-on-year.
Apartments are much cheaper with an average cost of $1.94 million, which has fallen 15.9% over the year.
Rental prices in the area are around $2,200 per week for houses and $900 per week for units.
9. Mosman – $5.02m
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 $5.02 million (up 8.4% over the year) whereas units sit around $1.3 million (flat for the year).
Rental prices in the area sit around $1,970 for houses and just $695 for units.
10. Rose Bay – $4.98m
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 $4.98 million, down 18% over the past 12 months and pushing the suburb to the bottom of the top 10 list, or $1,850 per week in rent.
Rose Bay units are also on the expensive side, selling for around $1.32 million (down 22.4%) or rent for $835.
How much could Sydney home prices rise in 2024?
Sydney house prices are likely to deliver another solid year in 2024 increasing by 7-9%.
This will be underpinned by strong overseas migration and a lack of supply of quality dwellings and very little new construction causing a significant undersupply of properties.
Of course, these are just averages and some locations will outperform others considerably, particularly Sydney’s middle ring gentrifying suburbs.
At the same time, Sydney rents are likely to skyrocket in 2024 due to a shortage of rental houses and apartments.
ALSO READ: The 10 best beach suburbs in Sydney
