Sydney is number 11 in the 2019 ranking of the most liveable cities in the world and is easy to see why, this means that Sydney has some of the most expensive suburbs in Australia. Find out which suburbs top the charts for the most expensive suburbs in Sydney right now.
The harbour city is blessed with striking natural beauty and effortlessly combines world-class shopping, restaurants, and a vibrant cultural scene.
Living in Australia’s biggest city, however, comes with a hefty price tag. The median house price in Sydney sits at $1 million, while Sydney apartment prices have a median of just under $700,000.
As a rule of thumb, the closer to the iconic Opera House the more valuable the real estate. But how expensive are we talking about?
Read on to find out.
Sydney’s most expensive land value per sqm
Barangaroo – $210,812 psqm
Barangaroo is a new 22-hectare, $6+ billion development by the Sydney Harbour.
At the northern end, there is a six-hectare reserve with walking and cycling trails, extensive parklands and impressive views. In the southern end are restaurants and bars. Once complete, Barangaroo will be home to 3,500 residents.
Dawes Point – $197,835 psqm
Dawes Point is a small community which had a population of just 544 in the 2011 census. It boasts a privileged location under and around the southern pylons of the Sydney Harbour Bridge.
If you are prepared to pay the hefty price tag, you will be rewarded with views over the harbour to the north-east and east as well as directly across the waters to Milson Point, Lavender Bay, and Luna Park.
Housing supply is limited in the area, with most of the land occupied by two luxury hotels.
The Rocks – $130,874 psqm
The Rocks is a picture-perfect neighbourhood with a unique mix of quaint cobblestone laneways, historical buildings, and upscale restaurants.
The area has come a long way from its origins as Sydney’s convict settlement. Nowadays, the area is bustling with activities, with tourists and locals alike mingling along its picturesque streets.
Millers Point – $109,384 psqm
Millers Point is a stunning harbourside suburb, home to 19th-century terraced houses, a vibrant restaurant scene, and popular picnic spots such as Observatory Hill Park.
Many of the houses in the area are protected under the heritage list, being one of the oldest neighbourhoods in Sydney.
Elizabeth Bay – $76,979 psqm
Elizabeth Bay is part of the densest urban area in Australia with a population of 5,000. It sits on the eastern side of a ridge along the Potts Point Peninsula, 3km from Sydney CBD.
Elizabeth Bay has been a high-class neighbourhood since its origins. In the 1930s, the area saw a boom in Art Deco style builds, which nowadays are mostly heritage-listed.
This suburb is also home to high-rise buildings offering stunning harbour views.
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Most expensive suburbs in Sydney by median house value
These five suburbs have average house prices that are between 4 and 7 times higher than the median house prices in Sydney:
Darling Point – $7,700,000
Darling Point tops the list of the most expensive suburbs in Sydney. This upscale neighbourhood is only 4km from the CBD and is blessed with picture-perfect leafy streets and waterfront views of the Harbour Bridge.
House stock in this area is limited, with only 12% of the market made up of houses, freestanding townhouses or terraces. If you want to pay for the privilege of owning a home in Darling point, you need to be prepared to pay 7.7 times more than the average house price in Sydney
The median sale price of apartments in the area is a mouth-watering $2.4 million.
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Bellevue Hill – $6,400,000
Bellevue Hill is popular with Sydney’s rich and famous. The area is well-known for its luxury villas, leafy streets, and its proximity to the best beaches in town.
Sharing a postcode with Sydney’s elite class comes with a hefty price tag – the average house price sits at $6.4 million while the median unit price is $1.1 million.
Vaucluse – $5,840,000
This well-heeled suburb 8km from the CBD is home to some of the most prestigious real estate in the city. The area is known for its grandiose mansions with stunning heritage architecture, manicured gardens, and impressive harbour views.
The average sale price for a unit is $1.1 million.
The Botanica, Vaucluse
Tamarama – $5,800,000
The affluent suburb of Tamarama – also known as ‘Glamarama’ – is a stone’s throw from Bondi beach.
The suburb is mainly an apartment market, with a mix of art deco historical buildings and modern developments. The average apartment price is a whopping $1.4 million.
Double Bay – $4,481,000
This upscale wonderland is home to leafy streets, boutique shops, and trendy cafes. If you want to buy a trophy house in this area, you can expect to pay an average price of $4.48 million. Apartments have an average cost of $1.4 million, which is double the median Sydney apartment price.
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