10.25.2023 Suburb Spotlight

Four Eastern Suburbs That Have Dominated Post-pandemic Price Growth

Four Eastern Suburbs That Have Dominated Post-pandemic Price Growth

The Eastern Suburbs property market has been a standout performer over the past decade.

We look at the top performers.

Sydney’s Eastern Suburbs has been among the best-performing property markets in all of Australia over the past decade. We explore four-star performers, even among our strong local market, and analyse what’s behind their incredible price growth.

1. Bellevue Hill – the best-performing suburb in Australia over the past ten years

Since 2013, property values in Bellevue Hill houses have seen a bigger gain in real terms than any other market in Australia, according to CoreLogic.

Between August 2013 and August 2023, the suburb’s median house value lifted by $5.6 million from $3.98 million to $9.58 million – a rise of 140%. That translates to an average annualised growth rate of 9.2%.

What’s more, Bellevue Hill’s status as the ultimate prestige suburb seems to be growing. Three of the ten most expensive sales so far in 2023 have happened in Bellevue Hill, and all of these homes reportedly sold for over $50 million.

We believe Bellevue Hill’s incredible performance is the result of several factors.

First, over the past decade, we’ve seen a number of trophy home sales in Bellevue Hill, including Rona on Ginaghulla Road. Many of these homes are among the most expensive properties in Australia. This reflects the fact that, in many ways, the prestige market has detached from the rest of Sydney’s property market over the past decade – often continuing to experience growth at times when the rest of the market fell.

Second, we’ve noticed a number of substantial renovations and even complete property overhauls in the suburb. That means that when Bellevue Hill property does come up for sale today, it can often be quite different from what was sold at the same address over a decade ago.

2. Vaucluse – the power of prestige

Like Bellevue Hill, Valucluse’s status as a prestige market has helped it outperform Sydney property more generally. After all, this is one of the few suburbs with genuine harbourside waterfront homes. This is the market segment that has risen above all others in the past little while, and several of the most expensive sales in the country have happened right here.

In the past three years, Vaucluse’s median house value has lifted by $3.1 million from $5.5 million to 8.6 million – a rise of 56.4%. CoreLogic reported that Vaucluse also achieved Sydney’s most expensive sale for 2022.

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3. Bronte – the rise of the beaches reflected in the property market

Another stellar performer has been Bronte. In fact, as we wrote last year, prices in this suburb have been rising rapidly for some time, with the median price now 1,500% higher than it was when I started my career in 1993.

That’s right – in 1993, the median house price in Bronte was just $188,050.

Bronte’s rise to the prestige rank of Sydney suburbs reflects the growing popularity of the Eastern Suburbs beaches. It seems that Generations X and Y, particularly, can’t get enough of the beach. We expect this trend to continue, with beachside suburbs likely to outperform the rest of the market over the next decade – especially given the high number of knock/rebuilds and major renovations in the area.

These will combine with standout federation homes (such as 26 Evans Street) and high-end apartment developments to cement Bronte’s place among Sydney’s most desirable suburbs.

Over the past three years, prices in Bronte have risen by 57.2%, according to realestate.com.au, to now stand at $5.425 million, continuing to make it one of the standout performers in the country.

4. Woollahra – the quiet achiever

While other suburbs may hog the headlines, established, beautiful and central Woollahra has outperformed almost everything and everywhere. In fact, Woollahra has slipped under the radar to record the highest price rises of any Eastern suburb over the past three years, with the median house price lifting over 60%.

With its fantastic location next to Centennial Park, village vibe and leafy streets, Woollahra will always be one of Sydney’s most premium suburbs. So we can understand why it, too, has attracted so many strong sales through all cycles.

We’re also proud that, at last count, we had recorded 26 of the 50 top sales in Woollahra of all time. Next door, in Centennial Park and 15 of the top 20 sales.

Want more?

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