Eastern Sydney Unit Prices Surge! Bellevue Hill Jumps Over $500K in a Year, Chinese-Buyer Hotspots Also Make the List — Sydney Auction Clearance Rate at 68%

Week’s Key Focus

Unit prices across Sydney’s prestigious eastern suburbs have recorded sharp increases over the past year, with Bellevue Hill leading the surge. The suburb’s median unit price jumped by 37.7% to $2 million—an eye-watering $547,500 rise—making it the top performer in the city. Little Bay followed with a 23.1% increase, while Woollahra, Coogee, Rose Bay and Paddington also posted gains exceeding 10%.

Experts say the surge is being driven by strong demand from first home buyers and downsizers competing for a limited supply of quality apartments. Domain’s Chief of Research and Economics, Nicola Powell, noted that strict height restrictions in the east have constrained the development of low-density housing, making high-end three-bedroom units particularly scarce. Downsizers who have sold their multimillion-dollar houses are willing to pay a premium to stay in their neighbourhoods, especially for large, well-appointed units. According to a sales agent from Sydney Sotheby’s, whole-floor three-bedroom apartments in Bellevue Hill are rare and highly sought after by older buyers who “need the space and aren’t ready to let go of sentimental belongings.”

The shortage, however, isn’t just due to limited development—it’s also the result of systemic delays in the approval process. Independent economist Peter Tulip pointed to Woollahra Council as a case in point: it approved only 51 new dwellings this financial year, meeting just 20% of its housing target. In response, the council said it had met previous state planning goals and that the new targets failed to reflect practical planning constraints.

While downsizers continue to dominate the east, analysts note that some Art Deco and entry-level apartments are still available on quieter streets within these blue-chip suburbs. For first-time buyers, opportunities remain—though new supply is virtually non-existent. Bellevue Hill homeowner Greg Wade recently listed his three-bedroom, full-floor unit with parking for $3.2 million. “It felt like the right time to sell,” he said. “Apartments like this are becoming harder and harder to find.”

Auction Results Last Week

Sydney: 883 properties were scheduled for auction, with 567 results reported and 383 sold, resulting in a clearance rate of 68%. The total auction value reached AUD 421,401,042, with a median house price of AUD 1,500,000.
Melbourne: 819 properties were scheduled for auction, with 605 results reported and 437 sold, resulting in a clearance rate of 72%. The total auction value reached AUD 344,436,899, with a median house price of AUD 900,000.