03.06.2024 Local News

How Much Do Prices Vary Within A Suburb?

How Much Do Prices Vary Within A Suburb?

New data shows the most and least expensive parts of each suburb.

We take a look.

Recent data released by REA Group’s PropTrack reveals which streets and areas within suburbs are most budget-friendly and, on the flipside, which are the most expensive.

REA Group says: “a typical home buyer could save about $365,000 by searching in the most affordable parts of the suburb instead of the most expensive areas”.

However, the data shows that in our area, the price difference can be much greater still.

In fact, the eastern suburbs has four of the top 10 suburbs in Australia with the largest variation in estimated house values, with Vaucluse, Bronte, Rose Bay and Bellevue Hill all making the list.

Here’s what the data reveals about Sydney’s east.

Paddington: save or spend an extra $2 million on a larger home?

Lowest median: $2,024,000
Highest median: $4,225,000
The overall median house price: $3,155,000

In Paddington, the median house price can vary by over $2 million, depending which street you’re buying into. This is partly down to location, but also due to differences in housing stock.

For instance, there are three areas where the median is over $4 million. These are the area bounded by Glenmore Road, Goodhope Street and Brown Street; another pocket around Glenmore Road, Cambridge Street and Cascade Street; and a particular block comprising Paddington, Windsor and Hargrave Streets

Our observation is that these areas tend to contain larger terrace houses, which have also historically been built on slightly larger blocks, and that places them in high demand.

For instance, last year we sold 150 Windsor Street, and we’ve previously set suburb records in this area.

However, there is also a much more affordable area in Paddington where the median house price ranges from $2 million to $2.5 million. This is the under-rated south side of Oxford Street, along the Darlinghurst border: a part of Paddington we believe represents great value.

Woollahra: Would you pay a premium of $3.5 million?

Lowest median: $5,061,000
Highest median: $8,680,000
The overall median house price: $4,994,750

Along Woollahra’s Paddington border, including Holdsworth, Moncur and Jersey Road there are bargains to be found (at least by Woollahra standards). Here, the median house value is just over $5 million.

But those wanting to live on the Bellevue Hill/Double Bay side will need to pay a premium. The median value rises to more than $8.5 million for homes between Edgecliff Road, Manning Road, and Attunga.

Again that’s partly because the houses around here tend to be larger with more land, but it’s also because of the open space and greenery that come from living beside Cooper Park, the proximity and convenience of nearby Double Bay, and the fact that some homes even have views.

The heart of this area includes gorgeous Wallaroy Road and Crescent, and Roslyndale Avenue, where we’ve sold many Woollahra properties including 32 Wallaroy Road earlier this year.

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Vaucluse: A $12 million gap for the best harbourside streets

Lowest median: $3,211,000
Highest median: $15,044,000
The overall median house price: $9,300,000

As you might expect, the most coveted real estate in Vaucluse is, naturally, along the harbour, where the median house price is a touch over $15 million.

This area is one of Sydney’s most sought after because it offers stellar city and harbour views, and many of the best spacious waterfront properties in the city.

But look a little further afield and, up on the hill near the cemetery in a slim triangle bordered by Old South Road, Diamond Bay Road and Young Street, you’ll find houses fetch a median of just over $3 million – giving this prestige suburb Sydney’s biggest gap between most and least expensive neighbourhoods.

Queens Park: Proximity to the park could cost you $2 million

Lowest median: $3,285,000
Highest median: $5,289,000
The overall median house price: $3,700,000

In Queens Park, its proximity to the park itself that will cost you more.

Houses in the grid bordered by Queens Park Road, Manning, Blenheim Lane and Cuthbert Street, have the highest median at over $5 million. The cheapest are right next door, bordered by Cuthbert and Birrell Streets with a median of just over $3 million.

Randwick: Would you pay a parkside premium of $3 million?

Lowest median: $2,269,000
Highest median: $5,648,000
The overall median suburb price: $3,232,000

Like Queens Park, the closer you are to the park, the pricier the houses become.

Randwick North is a particular hotspot. The area bordering Darley Road has a house median of more than $5.5 million, thanks mainly to its larger family homes with character and proximity to both Centennial and Queens Park.

Just south of this area are a handful of streets – Wentworth, Sydney, Randwick, Waverley and Gordon – which have a much more affordable median house price of just over $2 million.

Bronte: a geographical premium of $9 million to be beachside

Lowest median: $4,141,000
Highest median: $13,059,000
The overall median suburb price: $5,800,000

If you look at the map of Bronte’s different medians, it’s split clearly along geographical lines.

The most expensive house price median is the North East corner: coastal properties with sensational beach views here go for a median of over $15 million. In fact, sometimes they sell for much more, as our record breaking sale of 1 Bronte Marine Drive for $23.3 million in 2021 showed.

In contrast, the most affordable area is the South West corner, bordering Waverley/Clovelly, where the median is just over $4 million.

Want more?

If you’re looking to buy or sell in Sydney’s Eastern suburbs, get in touch.