Sydney’s Top-Growing Luxury Suburbs Revealed: Waterfront Locations Dominate —Sydney Auction Clearance Rate at 70%

Week’s Key Focus

Among Sydney’s many prestige suburbs, those located near the water have stood out for their remarkable growth. According to Domain data, as of the end of March 2024, Bellevue Hill recorded the highest five-year growth among all Sydney suburbs with a median house price above $4 million — rising 71.1% to reach $9.625 million. It was followed by Northbridge ($5.16 million, up 68.1%), Mosman ($5.3735 million, up 63.9%), South Coogee ($4.4 million, up 62.1%), and Coogee ($4.325 million, up 60.8%). Completing the top ten were North Bondi (up 46.2%), Woollahra (up 44%), Hunters Hill (up 40.8%), Vaucluse (up 39.9%), and Manly (up 37.6%).

Ray White Group chief economist Nerida Conisbee noted that ultra-low interest rates during the COVID-19 pandemic played a key role in the strong performance of the luxury property market. “Even very wealthy buyers chose to take out loans during that period, as borrowing was cheap and they preferred to invest their cash elsewhere,” she said. Conisbee also highlighted a clear trend toward living in “walkable, waterfront, and pleasant environments” during lockdowns. Buyers in the high-end market increasingly come from emerging industries like tech, crypto, and gaming, in addition to those in agriculture and mining. This reflects a shift from generational wealth to new economy wealth in driving luxury demand.

Elliott Placks, managing director of Ray White Double Bay, said Bellevue Hill’s price surge could be attributed not only to its prime location between elite schools, the city, and beaches, but also to the strong sense of community: “Many people want to live close to friends and family.” McGrath’s Rose Farina added that Northbridge has attracted a wave of younger, affluent families moving from the east and Mosman in search of larger blocks and newly built homes, as they often lack the time for major renovations. Excellent transport and a strong sense of community have further boosted the suburb’s appeal.

Auction Results Last Week

Sydney:1013 properties were scheduled for auction, with 635 results reported and 442 sold, resulting in a clearance rate of 70%.The total auction value reached AUD 548,251,824, with a median house price of AUD 1,600,000.
Melbourne:962 properties were scheduled for auction, with 737 results reported and 515 sold, resulting in a clearance rate of 70%.The total auction value reached AUD 410,343,949, with a median house price of AUD 955,000.