Property Hotspots in Sydney's East

Nine suburbs in Sydney’s eastern suburbs experienced double-digit price growth over 12 months, according to the Domain house price report.

We take a look at which suburbs performed best.

According to Domain's house price report published in September 2020, several of Sydney’s Eastern Suburbs were among the leading areas when it came to price gains over the preceding 12 months. In fact, as reported by the AFR, nine suburbs experienced double-digit price growth over the year to 30 September, as well as up to 40% growth over the previous five years.

This is no small feat when you consider how uncertain the market has been at times over that period. We take a look at which suburbs did well and why.

Mascot

Topping the list was Mascot with a 15% price rise. This suburb hasn’t always been on property hunters’ radars but it has undergone a huge transformation in recent years with an influx of apartments accompanied by cafes, restaurants and bars. First home buyers and investors have been competing to snap up property here, and with one of the more affordable median house prices, $1,495,000, but great proximity to the city and airport, it's easy to see why it’s becoming less of a secret.

Randwick

With a median house price of $2,560,000, Randwick comes in at number two on our list. Prices here rose 14.5% over the year, thanks to constant demand from buyers. Proximity is a big driver for people buying into this suburb, with its location near the hospital and university campuses, as well as Centennial Park, the beaches, and the new light rail service.

South Coogee

Up until a few years ago. South Coogee was still a bit of a local secret. But that’s clearly not the case anymore. The suburb came in third for price growth over 12 months, with house prices rising 13.4% to a median of $2,810,000. Families are particularly drawn to South Coogee for its excellent houses, views and laid back lifestyle.

North Bondi

If you thought an established suburb like North Bondi would experience less price growth than the up-and-coming hotspots, think again. Buyers from a variety of demographics are drawn in large numbers to this hip slice of coastline, pushing prices up 12.4% to a median house price of $3,035,000 - second only to Woollahra in terms of outlay.

Coogee

Coogee may have come fifth according to its 12-month price growth of 11.7%, but it took second place on the list for five-year growth at an impressive 41.7%. This brings the median house price in this beachside gem to $2,870,000 and means those who have owned here over the long term have made a very significant gain on their original investment.

Botany

Coming in sixth with 11.5% growth, and a median house of $1,425,000, Botany was the cheapest suburb in the top 10. Over five years prices here have grown 31.1%, and this Eastern Suburb shares a lot of qualities with its next-door neighbour, Mascot, with first home buyers and young families responsible for much of the demand.

Paddington

At number seven, house values in Paddington grew a very healthy 11.4% over 12 months to a median of $2,450,000. Paddington also topped the list for five-year growth at a massive 45.6%. We find unique properties in Paddington, like 14 Caledonia Street, are eternally popular with buyers looking for the best the eastern suburbs has to offer.

Woollahra

Coming in just behind Paddington, with 11.3% growth, was Woollahra. Its median house price of $3,255,000 also rose 37.8% over five years. With buyers coveting its village atmosphere, and leafy parkside location, it’s easy to see why. We currently have this unique four-bedroom home on a large secluded block at 7 Glencoe Road for auction on 6 March.

Kingsford

As with Randwick, Kingsford house prices have benefited from the new light rail in recent years, rising by 11% to a median of $2,152,500. It’s also seen an influx of units that have attracted first home buyers and investors to its convenient parkside location.

Surry Hills

Coming in 10th place was Surry Hills, with a rise of 9.5% resulting in a median house price of $1,817,500. In fact, one of our biggest sales of 2020 was in Surry Hills, at 177A Albion Street. Surry Hills is attracting a wider range of buyers than in the past, with families and mature buyers joining the traditional young professional market in this fast-paced suburb.

Want more?

If you’re looking to buy or sell in Sydney’s Eastern Suburbs, don’t hesitate to get in touch with our team today.

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