01.25.2023 Local News

Property Sales Records In Sydney’s Eastern Suburbs

Property Sales Records In Sydney’s Eastern Suburbs

We look at the suburb records for property prices in Sydney’s Eastern Suburbs.

2022 was a mixed year for the broader property market, with prices dipping from their record highs as interest rates started to bite. However, there were still several great results here in Sydney’s east, including some big new suburb records.

Sydney’s Eastern Suburbs still topping the list

Corelogic recently released its annual ‘Best of the Best Report’ for 2022, and the Eastern Suburbs tops the National Best Performers lists for both houses and units.

Vaucluse was the most expensive suburb nationally for houses, with a median sales price of $7,943,965, while Point Piper topped the nation for units, with a median of $2,895,563. Bellevue Hill, Rose Bay, Double Bay and Bronte also made the top 10 for most expensive houses in a capital city, while Darling Point and Double Bay made the top 10 for most expensive units.

Half of the 10 highest sales nationally were in Sydney’s east, with addresses in Vaucluse, Darling Point, Point Piper, Woollahra and Rose Bay featuring on the list.

Meanwhile, Clovelly had the strongest 12-month growth in rents for capital city houses, at 25.1%.

One thing each of these suburbs has in common is that they’re over-represented when it comes to prestige properties. As we’ve mentioned before, premium property often defied the market downturn over 2022 because the top end of the market runs on different dynamics from other market segments. Interest rate rises don’t tend to matter quite as much, with cash buyers more common.

Suburb records broken

I’m proud that my team managed to break and set four new suburb price records in 2022. We believe it shows the strength of the prestige market and bodes well for a good 2023.

Typically, suburb records are broken by properties that can’t be replicated. They have something special that you won’t find elsewhere. Both 14 and 24 Lang Road Centennial Park fit this description, and they jointly hold the Centennial Park suburb record of $20.5 million after each sold in early 2022.

In October, we sold 16 Francis Street Randwick for in excess of $9 million, setting a new record for Randwick. We also broke the suburb record for Queens Park when we sold 148 Denison Street for $8.7 million in November 2022.

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Because of the uniqueness of these properties and their scarcity, suburb records can stand for many years. For instance, in 2018, we co-sold the amazing Rona on Ginahgulla Road for a Bellevue Hill suburb record, and its reported sale price of $58.37 million still stands as a suburb record today.

We set the Surry Hills record price when we sold 177a Albion Street for $11.5 million in 2020.

We also held the Paddington suburb record for five years before breaking it again in 2021 when we sold 175 Underwood Street for $12 million. And, in 2021, we established a new record for Woollahra when we sold 14 Rosemont Avenue for $45 million.
Sometimes, however, the market moves fast – like it did in Bronte, where we set a stellar suburb record in 2021 that was promptly broken again.

Looking towards 2023

Because the premium market is affected by different factors, we expect to see suburb records broken again in 2023.

Knight Frank’s Prime Residential Forecast for 2023 forecasts that Sydney will feature in the top five cities for most likely home purchases by ultra-high-net-worth individuals. It also forecasts prestige property to rise 2.0% on average across the 25 cities it monitors in 2023. This may not sound like a lot, but it can be quite significant on a $20 or $50 million home.

Growth depends on what comes onto the market or is offered off-market and the depth of prestige buyers.

Want more?

If you’re thinking about buying or selling property in the Eastern Suburbs, don’t hesitate to get in touch with our team today.