08.16.2023 Buying Tips

What Your Money Buys You On Sydney’s Eastern Beaches

What Your Money Buys You On Sydney’s Eastern Beaches

We explore what your money buys you on Sydney’s Eastern Beaches.

The property market in Sydney’s Eastern Beaches has been booming in recent years. But whether you have $500,000 or $25 million to spend on a property, we show you what you can afford to buy in this high-demand part of the world.

Where are Sydney’s Eastern Beaches?

When many people think of Sydney’s Eastern Beaches, it’s the world-famous Bondi Beach that’s usually front of mind.

But Sydney’s Eastern Beaches are much more than just Bondi: they dot the coastline all the way from South Head to La Perouse.

Our Eastern Beaches include fashionable Tamarama and Bronte, family-friendly Clovelly, cosmopolitan Coogee and laid-back Maroubra, as well as the little pockets in between, each of which has a distinctive feel.

Why the lifestyle appeal of the Eastern Beaches has been growing

Buyers and renters are both drawn to the huge lifestyle appeal of living near our iconic beaches. With great transport, a thriving dining scene, and easy access to the airport, Bondi Junction and CBD, there’s a lot to love about the Eastern Beaches.

Residents who are lucky enough to live here can walk their dogs on the beach or take a dip in the ocean before or after work. This blend of laid-back beach bliss and urban attractions makes for a truly unbeatable lifestyle.

Sydney’s beach suburbs attract everyone, from young renters keen to live by the sand and surf to families seeking a relaxed lifestyle. There are also a wide variety of properties – from apartments to townhouses, family homes and high-spec, one-off prestige properties.

This all makes it an exceptionally high-demand market. In Bondi Beach, realestate.com.au reports there were 366 buyers seriously interested in the five houses available over the past month.

Long-term capital gains can almost be assured in perennially popular beachside areas, and Bronte has been one of the standout performers – even as most of the market fell. In February 2020, the median house price in Bronte was $3.44 million. Just three and a half years later, it now sits at $5.55 million, a gain of over $2 million or 61%.

Investors are also attracted to the strong rental market and good returns beachside properties offer – both on the short-term Airbnb market and the traditional rental market.

Right now, apartments in Bondi Beach provide a median gross yield of 3.2%. Apartment rents in the suburb have grown 9.6% over the past 12 months, and house rents have grown 16.9%.

In many suburbs, including Maroubra, Waverley, Coogee and Bronte, rents on units have grown by between 12% and 16% since this time last year.

How far your money stretches on Sydney’s Eastern Beaches

If you’re looking to buy property in this wonderful part of the world, here’s what you may be able to afford based on your budget.

Properties in the Eastern Beaches under $1 million

In August 2023, the overall median Sydney property price was $1,082,129, according to CoreLogic. But on the Eastern Beaches, this is just an entry-level price point.

You almost certainly won’t be able to afford a house, but you will be able to buy an apartment – especially if you’re prepared to settle for a studio or one-bedroom apartment.

As of mid-2023, the median for one-bedroom apartments in Maroubra sits at a very reasonable $640,000. In Coogee, it is $785,000, and in North Bondi, it rises to $860,000, reflecting the popularity of beachside suburbs further north that are slightly closer to the CBD.

In fact, in Maroubra, the median price for all apartments comes in at just under a million, at $952,000 – so you may be able to afford a two-bedroom apartment or small three-bedder there.

At this price point, we see a lot of first-home buyers, particularly now they will pay no stamp duty for properties under $850,000 and a concessional rate on properties worth up to $1 million under the new First Home Buyers Assistance Scheme (FHBAS).

We also see plenty of investors interested in this price range and a growing demographic who are looking for a convenient crash pad near the beach.

Properties in the Eastern Beaches between $1 million and $2 million

Even with a budget of $1 million to $2 million, you’ll likely still be looking at apartments. But, no matter which suburb you’re set on, you’ll be able to afford a slightly larger apartment with the standard two bedrooms.

For instance, in Coogee, the median two-bedroom unit price is $1.25 million. Next door in Clovelly, it is $1.525 million, Bronte is $1.57 million, and in Bondi, it is $1.485 million.

The one suburb you’re likely to afford a small house for in this price range is Maroubra. Two-bedroom Maroubra houses, including townhouses, sell for a median of $1.9 million – the same as the overall median unit price in Tamarama.

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Recent Sales

3/58-66 Curlewis Street, Bondi Beach, a generously proportioned two-bedroom unit in a great location, this property sold for $1.6 million in March 2022.

Properties in the Eastern Beaches between $2 million – $5 million

Once you’re in this price range, you’ll be able to afford some truly excellent three-bedroom apartments. In Bondi Beach, for instance, the median for a three-bedroom apartment value is $2.9 million. In Bronte, it’s $2.575 million, and in Coogee, it’s $2.1 million.

This is also the price point where more houses become accessible. The most affordable beachside suburb to buy a house is Maroubra, with an overall house price median of $2.7 million.

While Waverley also remains a relatively affordable beachside suburb, with an overall median house price of $3.3975 million, it has experienced an impressive rise of 12.3% over the past 12 months. Likewise, Bondi Beach’s overall house price median has risen to $4 million after growing 6.9% in the past year.

For three-bedroom houses, the median stretches from $2.845 million in Coogee to $3.4975 million in Clovelly and $3.9175 million in Bronte.

At the upper end of this price point, we see a growing trend for buyers to purchase a well-located beach house and completely redesign it or create their own grand design with a knock-down rebuild on the beaches.

Recent Sales

8/2-2a Francis Street, Bondi Beach This two-bedroom, two-bathroom apartment has an oversized rooftop retreat showcasing expansive views over Bondi Beach and sold for $3.5 million in early 2023.

65 Albion Street, Waverley This freshly redesigned four-bedroom terrace offers a highly sought-after family lifestyle over an impressive 420 sqm parcel and sold in July 2023.

Properties in the Eastern Beaches between $5 million – $10 million

This price bracket is the territory where you find a prime, beachside family home.

In popular Bronte, the overall median is $5.55 million, and four-bedroom houses sell for a median of $6.05 million. And in tiny Tamarama, the overall median property price has risen 11.4% over the past year to reach $8.8 million. Part of the appeal of property in these suburbs is scarcity: just ten houses came on the market in Tamarama over the past year.

There are also a lot of prestige apartments that change hands for $5 million to $10 million price, particularly in suburbs with lifestyle appeal, like Bondi.

Recent sales

68 Arden Street, Clovelly, sold for $6.775 million in November 2022. An exclusive address, this sophisticated coastal sanctuary is peacefully tucked away behind its gorgeous original façade, opening onto striking architectural interiors, sweeping living zones and resort-style entertaining spaces, with five bedrooms.

26 Evans Street, Bronte A unique and stunning Edwardian family oasis on a blue-ribbon corner parcel, this five-bedroom house sold for $10 million in January 2023.

Above $10 million

This is the prestige end of the market, where beachside property records are made. Property size, but also location, dictated by views and proximity to the beach itself, play a big role in the prices achieved.

Over 2023, Sydney’s prestige market has exceeded expectations, unaffected by high-interest rates and generally flatter property market conditions. And we’ve certainly seen this at the beaches.

We currently have 12 Thompson Street, Tamarama, on the market, a stylish four-bedroom house with incredible dress-circle views. It goes to auction on 19 August.

Recent Sales

3 Calga Avenue, Bronte, this original three-bedroom house on 465 sqm offered truly impressive potential when it sold for $10.4 million in February 2022.

16/16 Notts Avenue, Bondi Beach In 2021, we set the record price for an Australian apartment at auction when this Bondi penthouse sold under the hammer for $20.1 million.

1 Bronte Marine Drive, Bronte With an unbeatable location, we sold this five-bedroom house for $23.3 million in 2021.

Want more?

If you’re interested in finding out more about the Eastern Suburbs harbourside property market, get in touch.