If you’re moving to Sydney, the cost of living and lifestyle in the city may surprise you. However, if you want to live in one of the most expensive suburbs in Sydney, you can expect to pay dearly—but it will be worth it. Check out this list of some of the most expensive suburbs in Sydney to give you an idea of where you’ll find yourself if you decide to relocate there.
The price of a property in Australia is at an all-time high, with the nation’s most expensive city – Sydney – at the head of the pack.
Sydney has been home to very expensive property prices and in the past year, these sky-high prices climbed to new highs with more and more Sydney suburbs being inducted into the one million dollar club.
Why?
Supply is tight, meaning borrowing is inexpensive, which leads to more demand.
In January of last year, the cost of Sydney houses reached an all-time high. Shortly after the first few months of this year, prices plummeted.
There’s been a 2.5% drop in the city’s median price for houses since July and a 5.3% drop over the past quarter.
Unit prices have also dropped over the month, falling 1.5%, and have fallen 3.1% over the quarter to a new $806,310 median.
Recent growth in Australia’s property market has been led by Sydney,
Likewise, Sydney was the first city to experience the current downturn in housing values.
However, here you can find some of the most luxurious and expensive suburbs in all of Australia in this list of Sydney’s top 10 expensive suburbs.
Consequently, if you want to know which high-end suburbs in Sydney have the highest property prices, here are the top ten most expensive suburbs to buy in Sydney according to data from Domain and RealEstate.com. Australia.
1. Tamarama – $9.2m
If you would like to live near Bondi, Tamarama is close by with only a few very expensive homes for sale.
You’ll find buildings in both the modern and art deco styles and with some gorgeous views.
The median home price is $9.2 million and rent averages $2,347 per week.
The median cost of an apartment is about $2.5 million.
2. Vaucluse – $8.4m
Affluent residents of Vaucluse enjoy unmatched views of the harbor and peninsula.
Luxurious beaches can be found all over this coastal haven.
Vaucluse’s median house costs $8.4 million and rent is $2,800.
In comparison to other expensive suburbs, these apartments are more affordable, fetching about $700 a week in rent for around $1.41 million.
The price of houses has jumped 34.4% and that of units 17.9% in the last 12 months.
3. Darling Point – $8.88m
Sydney’s most expensive neighborhood is only four kilometers from the CBD and features scenic waterfront views.
The Darling Point in Sydney
Houses in Darling Point sell for an astronomical $8.88 million, while rent is $2,500 a week.
There are even units averaging $2.82 million and $850 a week.
Over the past 12 months, Darling Point’s median house price has risen 5.8% while unit prices grew a massive 40.8%.
4. Bellevue Hill – $8.51m
People with a large amount of money should go to Bellevue Hill, close to the best private schools, shops, beaches, and the city center.
The lavish houses and beautiful gardens in the area will not disappoint.
I live in Sydney and live on Bellevue Hill.
The average cost of a house is $8.51 million, a 31% increase in the past 12 months.
The average unit price has risen by 13.8% over the year.
Properties in the area can also be rented for a fair price, such as $2,475 per week for houses and $695 per week for units.
5. Centennial Park – $7.46m
Centennial Park is in the southeast of Sydney, four kilometers away from the central business district.
Similarly to Longueville, this area has many Victorian-style homes.
House prices are at an average of $7.46 million but it’s very difficult to secure one.
For example, unit prices were lower around $872,500 (down 4.9% over the year) and $520 per week for rent.
6. Woolwich – $6.82m
Woolwich is a peninsula located north of Sydney Harbour Bridge.
60-69-year-olds dominate the area, with the majority of households consisting of childless couples.
The median house price is about $6.82 million and given the small suburb size, there is no data on any homes that sold this year.
Data on the median price of units is scarce, but they are expected to rent for around $475 per week.
7. Double Bay – $6.41m
Double Bay is a bay-side suburb that has fancy and luxurious houses.
Choose to live in the area and you’ll find all sorts of boutique shopping and elegant cafes within walking distance.
Houses typically sell for an average of $6.41 million, a 7.3% increase from last year.
Condos, at an average of $1.9 million, are less expensive than single-family homes.
Houses in the area rent for $1,895 per week and units for $750 per week.
8. Dover Heights – $6.26m
The coastal suburb of Drover Heights is located around 9km away from the CBD, close to the beach, Bondi, and the Dudley Page Reserve.
You will have to rent a house for $6.26 million or $2,000 a week.
The median rent for an apartment in Dover Heights is 750 dollars.
In the area, house prices have increased 28.4% over the past year, but unit prices have declined 43.2%.
9. Mosman – $5.31m
Mosman is an upscale district where people of all ages can live together comfortably.
The suburb is about a twenty-minute drive from the CBD and it is located in the Northern Beaches district.
Despite being either modern or old, both waterfront properties have many benefits for those looking to live near the coast.
On average, a house is $5.31 million (a 14.3% increase over the previous year) while an apartment is only $1.3 million (a 16.1% increase).
The price for rental units in the area usually is around $595, but homes go for $1,850.
10. Rose Bay – $5.3m
Rose Bay, located between Bellevue Hill and Dover Heights, is known for its luxurious lifestyle and statement properties.
In the past 12 months, houses cost approximately $5.3 million (up 26.2% over the same period) or $1,447 per week in rent.
There are also some expensive Rose Bay units, selling for around $1.45 million (up 15.1%) or renting for $675 a month.