Elizabeth Bay Houses Make Waves

We turn the spotlight on Elizabeth Bay and look at why houses in this premium harbourside suburb are so highly sought after.

We turn the spotlight on Elizabeth Bay and look at why houses in this premium harbourside suburb are so highly sought after.

Elizabeth Bay: a blue chip harbourside address

Let’s begin with the most obvious factor that makes Elizabeth Bay so popular: its location.

Sitting right beside the harbour, it’s surrounded by water, with some of Sydney’s best views. It also has charming parks, tree-lined streets and many character properties.

Elizabeth Bay is within walking distance of the CBD and Rushcutters Bay, and well served by buses, trains and ferries. Along with its neighbour, Potts Point, it has become famous for its food scene, with cafes and restaurants, complementing its bars and nightlife.

These factors make it coveted by downsizers, as well as young professionals. This has driven apartment prices up by 15.4% in the last year alone.

Scarcity value

According to Domain, houses in Elizabeth Bay are so tightly held that just two have changed hands in the past 12 months.

That’s partly because there are few things rarer than a freestanding house in Elizabeth Bay. In fact, according to the last Census, there are 3,840 properties in the entire suburb.

So, while there’s a growing gap between apartment prices and house prices generally, in Elizabeth Bay it’s more pronounced than in most suburbs.

Of Elizabeth’s Bay’s houses, just 10 (or 0.3%) are freestanding. Another 14 are semi-detached or terrace houses (0.5%). The remainder are apartments. And across both property types, most are relatively compact. Just 40 properties in the entire suburb – including houses and apartments – offer four or more bedrooms.

That means, when houses with generous proportions come on the market, they usually attract enormous attention and intense competition from buyers.

Most of Elizabeth Bay’s houses are older, established properties with heritage features. However, many have been reinvented for modern living.

What does a house in Elizabeth Bay cost?

So few houses sell in Elizabeth Bay that neither Domain or realestate.com.au can provide reliable data on median house prices.

What we can say for sure, however, is that they don’t come cheap. Both location and scarcity drive up the price of houses in the suburb. Meanwhile, freestanding houses always sell for a premium compared with terraces.

In 2019, stunning “Bomera” at 1 Wylde Street sold for around $34 million and 88 Elizabeth Bay Road sold for $9.75 million.

In 2020, a modern strata terrace at 15 Greenknowe Avenue sold for $3.45 million, “’Barncleuth House” at 6 Barncleuth Square sold for $4.7 million and a terrace at 44 Roslyn Gardens sold for $4.4 million.

In 2022, a modern strata terrace house at 17 Greenknowe Avenue sold for $3.255 million.

In 2023, “Jenner House” at 2 Macleay Street sold for $30.35 million.

Then, the iconic “Boomerang” (known for being a movie star in its own right) at 42 Billyard Avenue, became Australia’s most expensive sale of the year when it quietly changed hands for a reported $80 million.

In 2024, a terrace at 13A Roslyn Gardens sold for $7.5 million, a month after a neighbouring terrace at 21 Roslyn Gardens sold for $7.225 million.

Unique offerings in Elizabeth Bay this Spring

We are fortunate to have two incredible Elizabeth Bay houses on the market this Spring, both going to auction on 31 August 2024.

84 Elizabeth Bay Road, Elizabeth Bay ‘Keadye’ is a landmark circa 1892 Victorian Italianate and Arts & Crafts freestanding home, originally designed by architect John Bede Barlow. It comes with approved plans by architect William Smart to reinvent the historic six-bedroom residence as a harbourside masterpiece, complete with master suite, cinema room, gym, lift, swimming pool and rooftop garden. Set on 510sqm on the Elizabeth Bay loop, the property is a short stroll to Rushcutters Bay.

30-30A Billyard Avenue, Elizabeth Bay With water views across Elizabeth Bay, the 1878 Victorian Italianate villa ‘Mostyn’ was built for Alexander Macleay, the original owner of Elizabeth Bay House. The property presents a rare opportunity to purchase two individual residences, each with four bedrooms, or reinstate it to one residence befitting its original grandeur. Set in prestigious Billyard Avenue, on 481 square metres with a northerly aspect, the house is moments to vibrant Macleay Street. 30 Billyard last changed hands 26 years ago, in 1996, for just $1.25 million.

Want more?

If you’re interested in buying or selling property in Sydney’s Eastern suburbs, get in touch.