08.31.2016 Property Trends

Good Neighbours Make Good Friends: Who Lives in The Eastern Suburbs?

Good Neighbours Make Good Friends: Who Lives in The Eastern Suburbs?

An address in the eastern suburbs is one of the most coveted goals for many lovers of real estate.

For many, it’s an aspirational place to live and it offers prestige but also a range of living options.

But who really lives in the eastern suburbs?

At the moment, it seems everyone is trying to buy into this part of Sydney and for good reason – it’s one of the best places to live. But there are differences in buyer types depending on what part of the eastern suburbs you’re considering a home in.

In the suburbs closest to the city, downsizers and investors are the dominant purchasers. While further out to the east, upsizers are the main buyer group we’re seeing in the market right now.

The further you get towards the water, and towards Harbour views, the more likely you’ll be neighbours with some of the best-heeled residents of Sydney and in some of the finest luxury real estate. While if you’re looking to buy a home towards the parkside and south-east, you’ll most likely be brushing shoulders with young professionals – some of whom are buying their first or second residences and are looking for a hip location to live.

We also have many students, tourists and young professionals also renting in the east, which adds to our diverse mix of people and the vibrancy of this part of Sydney and the vast demographics that make up our 250,000 strong residents.

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But, alike with all areas, this will change over time.

Who your neighbours are by numbers

  • The Waverley Council area is the highest density in the eastern suburbs, followed by the Woollahra LGA.
  • 26.5% of households in the eastern suburbs are single people, while 24% are couples with children.
  • 37.9% of people in the eastern suburbs are university educated, compared to 24.1% Sydney-wide.
  • 30.5% of households in the east are ‘high-income earners’ compared to 22.6% across Sydney.
  • Of all homeowners in the east, 26.4% own their home outright, while 21.9% have a mortgage.
  • The median age in the eastern suburbs is 37.

Source: Demographers .id analysis of latest Census data

The future demographic changes coming to the east

Along with the rest of the country, the older population in the eastern suburbs is expected to grow. There will be a 40% increase in those aged 65 plus in the eastern suburbs by 2036, according to the Eastern Suburbs Economic Profile. This is largely because of a desire to ‘age in place’.

Those that do downsize want to stay within the local area and may consider a sizable apartment instead of their family home. It’s likely this portion of the population will also want to be near health-related services, such as the eastern suburbs health precinct around Randwick.

One- and two-person households are likely to increase as well, looking to buy or rent one-bedroom and studio apartments. This is part of the younger, cosmopolitan lifestyle of spending most of your time outside the home enjoying what the area has to offer. Currently, these households are most common closer to the CBD and around the Bondi and Bondi Beach areas. Families with children under 15 years are predominantly found in the north east, around Dover Heights, Vaucluse and Bellevue Hill and the south east, around Maroubra and South Coogee.

Notable names in the east

  • Malcolm and Lucy Turnbull, Point Piper
  • Frank Lowy, Point Piper
  • Lara Bingle, former Darling Point and Bondi resident
  • Kerry Packer, former Bellevue Hill resident
  • Russell Crowe, Woolloomooloo
  • Delta Goodrem, former Woolloomooloo resident