03.14.2024 Suburb Spotlight

Vaucluse Outperforms The Market

Vaucluse Outperforms The Market

Recently released data shows that Vaucluse is one of the Sydney suburbs that has outperformed the market.

A realestate.com.au analysis of PropTrack valuation data has revealed that Vaucluse is one of Australia’s standout suburbs where house price growth has outpaced its neighbours.

In 2023, Vaucluse recorded year-on-year growth of 15.2%, taking the suburb’s median house value to just over $9 million.

Most of the other suburbs included were classified as “affordable”, meaning they had a much lower median value, so Vaucluse’s presence on the list is notable.

In fact, the NSW suburb on the list with the next highest median was Cromer, on the Northern Beaches, where the median house value is $2,238,000. Meanwhile, the highest growth overall was in regional Moree with 25%.

What is the market impact of an over-performing suburb like Vaucluse?

As realestate.com.au highlights, “In dozens of top-performing suburbs, surging house prices have boosted values for property owners but made it harder for house hunters to buy in, especially in markets where demand outweighs supply.”

This is certainly true in Vaucluse, where data shows last month 2,027 online browsers were competing for just 38 houses. It’s only slightly less competitive for apartments, with 856 buyers looking at the 24 apartments on offer.

In fact, last year, realestate.com.au called out Vaucluse for its strong buyer demand. At that time, Vaucluse houses received 50 enquiries per listing, up two percent year-on-year. Vaucluse apartments had 18 buyers per listing – an impressive 12-month increase of 24%.

Vaucluse already among the “best of the best”

As we wrote earlier this year, Vaucluse already rated several mentions in CoreLogic’s Best of the Best Report for 2023.

Vaucluse had 90 house sales in 2023, with a median sale price of $9,259,923. It also clocked the second-highest total volume of sales in Sydney for houses, with $859,644,840 of real estate sold.

If that wasn’t enough, Vaucluse ranked number two nationally in the Top 10 Performing Suburbs. It also registered the fifth and sixth most expensive sales in the country last year, with properties selling for $36.2 million and $39 million.

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Vaucluse’s success isn’t limited to its prestige waterside trophy homes. The suburb’s apartments also record the second strongest 12-month growth in values across Sydney, with the median rising by an impressive 16%.

Something for everyone in Vaucluse

Outperforming the market is nothing new for Vaucluse – in fact, we reported on Domain data from 2019 that showed this has been a persistent trend over the past five years.

That’s because Vaucluse is one of Sydney’s most sought-after suburbs, offering stellar city and harbour views, as well as many of the best spacious waterfront properties in the city. It’s also home to a growing number of cafes and shops, has access to great schools, excellent parks and walks, and is close to both the city and the beach (with secluded harbourside swimming spots of its own).

Vaucluse snapshot

According to 2021 Census data, Vaucluse has 9,510 people living in 3,792 dwellings: 47.8% are houses, 8.4% are terraces, townhouses, or semi-detached, and a surprising 40.4% are apartments.

According to realestate.com.au, the overall median house price in Vaucluse is currently $9,300,000. But as we wrote a few weeks ago, prices can vary significantly depending on where you look.

Some streets have a relatively affordable median sale price of $3,211,000, while others have a median of $15,044,000. This also gives Vaucluse another crown: it’s the suburb with the widest gap between its most and least expensive neighbourhoods.

Buyers looking to upsize in Vaucluse need to be prepared for a price hike. The step up from a three- to a four-bedroom house costs $4,512,500 (based on median house values). By comparison, if you want to go from a two- to a three-bedroom apartment, it will cost $560,000.

When it comes to apartments, our tip is that Vaucluse actually represents very good value. The median apartment price currently stands at $1,370,000, according to realestate.com.au. That’s cheaper than many nearby suburbs, including Rose Bay ($1,460,000), Double Bay ($1,700,000) and Bondi Beach ($1,400,000)

Want more?

If you’re looking to buy or sell in Sydney’s Eastern suburbs, get in touch.