Insight

19.10.21  Buying Tips

 

What The Median Price Buys You In Sydney’s Eastern Suburbs

What can you buy for the median property price in Sydney’s eastern suburbs?

Property price movements are usually measured by the median price but what exactly does that mean? And what will it buy you in Sydney’s eastern suburbs?

How is the median price measured?

First, it pays to remember that the median and average prices are different. If three properties get sold in the same suburb over a month, the average price would be the total sales value divided by three. However, the median price would be the value of the middle home, ie. the second most expensive one.

Most data agencies believe that a median price better reflects the reality of what’s happening on the ground because an average can be distorted by an outlying property getting sold. For instance, if the properties in the example above sold for $1 million, $2 million and $18 million, the average would be $7 million - which would be much higher than most people have paid for their home - but the median would be $2 million.

That said, different agencies calculate the median house price in different ways. For instance, CoreLogic says its Monthly Home Values Index uses a ‘hedonic’ method. This overlays the sales data with specific property characteristics, such as the number of bedrooms and bathrooms of each property sold, as well as its ‘geographical context’. So the data banks, economists and real estate agents rely on is a bit more sophisticated than our example.

What does the median price buy you in Parkside Sydney?

The suburbs bordering Centennial Park, including Paddington, Woollahra, Queens Park and Centennial Park, offer a good mix of real estate from studio apartments to large prestige homes. Many properties also have a rich heritage dating back to the nineteenth century. Paddington was a working class suburb and home to many thriving industries before being gentrified in the late twentieth century. At the other end of the spectrum, Centennial Park, particularly Lang Road and the surrounding streets, has always been among Sydney’s most fashionable places to live.

Paddington
Median house price: $2.85 million
Median unit price: $957,500

Woollahra
Median house price: $3.85 million
Median unit price: $1.23 million

Queens Park
Median house price: $3.4 million
Median unit price: $1.35 million

Centennial Park
Median house price: $7.38 million
Median unit price: $902,000


What does the median price buy you beachside?

In the past decade or so, Sydney’s eastern beaches have become home to some of the most prized real estate in the city. Bondi Beach, Clovelly and Bronte are the favoured suburbs to live in for many successful entrepreneurs, prominent business people and entertainers - although Bronte and Clovelly retain more of a family feel than their more famous neighbour. But the Eastern Beaches, including Bondi, Coogee and Clovelly all contain many more apartments than houses, many of which are more affordable.

Bronte
Median house price: $4.8 million
Median unit price: $1.37 million

Bondi Beach
Median house price: $3.55 million
Median unit price: $1.32 million

Clovelly
Median house price: $4.025 million
Median unit price: $1.685 million

What does the median price buy you harbourside?

Sydney’s harbourside suburbs - including Bellevue Hill, Double Bay, Rose Bay and Vaucluse - are home to some of Australia’s grandest and most expensive homes. But that doesn’t mean there’s not affordable property here also. This part of Sydney is also home to art deco and modern apartments, as well as many smaller houses.

Bellevue Hill
Median house price: $6.4 million
Median unit price: $1.28 million

Vaucluse
Median house price: $6.35 million
Median unit price: $1.23 million

Double Bay
Median house price: $5.99 million
Median unit price: $1.7 million

Rose Bay
Median house price: $4.255 million
Median unit price: $1.367 million

What does the median price buy you in the inner city?

Sydney’s inner eastern suburbs include Surry Hills, Darlinghurst, Rushcutters Bay and Potts Point. Once considered edgy, this part of Sydney is now popular with young professionals, downsizers and even families. Higher density than most parts of the East, you’re more likely to find an apartment, warehouse conversion or terrace than a family home on a large block of land. That means freestanding homes can sell for a premium.

Darlinghurst
Median house price: $1.9 million
Median unit price: $1.105 million

Surry Hills
Median house price: $1.92 million
Median unit price: $971,500

Potts Point
Median house price: n/a
Median unit price: $888,888

Want more?

If you’re thinking about buying or selling in Sydney’s eastern suburbs contact my team today. We’re still running at full capacity and carrying out one-on-one property inspections in line with COVID restrictions.

Download our 2018/2019
Eastern Suburbs Market Report

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