01.25.2022 Property Trends

Eastern Suburbs Property Hotspots

Eastern Suburbs Property Hotspots

We all saw the headlines last year about the Australian property market’s record-breaking boom, but how did our local market fare compared to the rest of the nation?

We take a look at which of the eastern suburbs are outperforming the rest.

We all know that 2021 was a bumper year for the Australian property market, and now the numbers are in. Property data group CoreLogic’s Best of the Best 2021 report has tallied the nation’s best-performing property hotspots of last year, and it’s no surprise to find several of our eastern suburbs topping the lists.

House sales hotspots

Curious to know which suburb had the highest median house value in the country in 2021? It was our very own Bellevue Hill, with a median of $8,736,643. In fact, the top seven spots in Sydney’s Highest Median House Value list of 2021 are taken by a variety of eastern suburbs. Bellevue Hill is followed by Vaucluse, with a median of $7,977,461, with Double Bay coming in third with a $6,433,169 median. Tamarama, Rose Bay and Dover Heights occupy positions four through six, and Bronte rounds out the top seven with a median of $5,580,538.

When it comes to the suburbs that achieved Sydney’s highest total value of sales in 2021, two of our neighbourhoods appear in the top five. Vaucluse comes in at number four, with 129 houses sold in the twelve months to September to the value of $908,942,600, followed by Paddington at number five with a total sales value of $892,707,501 after 282 house sales.

With lifestyle properties in high demand last year thanks to lockdowns, it’s no surprise to see beachside suburbs like Tamarama and Bronte performing so strongly. Interest in these suburbs remains high, and they’re predicted to continue performing well in 2022. The prestige property market also shone especially brightly last year, and this is underscored by the presence of premium suburbs like Vaucluse, Double Bay, Paddington, Bellevue Hill, Dover Heights and Rose Bay in 2021’s best performer lists.

Unit sales hotspots

It wasn’t only houses in the eastern suburbs that performed well in 2021. Our area’s units and apartments also came out on top. Waterfront Point Piper had the highest median unit value in Australia in 2021, at $3,216,796. Meanwhile, Darling Point, home to some of Sydney’s most gorgeous apartments, had the third-highest median unit value in Sydney last year at $2,405,957. Chic and cosmopolitan Double Bay was number eight with a $1,843,916 median, and beachside beauty Clovelly rounded out the top ten with a median unit value of $1,757,616.

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After a year of record property price growth, the list of the Sydney suburbs that experienced the highest change in unit values in 2021 makes for interesting reading. Again, it is the eastern suburbs that top the list. Point Piper, with an incredible 38.0% increase in unit values, comes in first, followed by Darling Point at number two with a 35.5% rise in unit values.

Rental hotspots

In good news for property investors (perhaps less so for renters), the eastern suburbs dominate the list of the top ten Sydney suburbs with the highest annual change in unit and apartment rents last year.

Bondi Beach median rents rose by 16.1% as demand for beachside homes surged, putting it in the top position on the list. Point Piper, Bondi and North Bondi occupy second, third and fourth place, while Bronte comes in at number five with a 15.6% increase in median rental value. Rose Bay is number six on the list, followed by Dover Heights at number seven, while Vaucluse rounds out the top ten with a median unit rent increase of 14.9%.

Signs are looking positive for landlords, with the Sydney rental market now the second-most expensive in the country, according to Domain. After a pandemic-induced drop in short-term rental demand and, consequently, rental prices, in 2020, prices stabilised last year as locals, out-of-area tenants and priced-out buyers sought rental accommodation here in the east. As international borders re-open, an increase in immigration and the return of international students is predicted to push unit rents up even further.

Want more?

Looking for more advice about the eastern suburbs property market? If you’re thinking of selling, buying, or investing in Sydney’s East, reach out to my expert team today.