02.15.2023 Suburb Spotlight

What Your Money Buys You In Sydney’s Parkside Eastern Suburbs

What Your Money Buys You In Sydney’s Parkside Eastern Suburbs

We explore exactly what your money buys you in Sydney’s parkside eastern suburbs – no matter how big or small your budget might be.

Revolving around Moore Park, Queens Park and Centennial Park, Sydney’s leafy, green parkside Eastern suburbs – including Paddington, Woollahra, Centennial Park, Bondi Junction, Queens Park, Randwick and Kensington. – are home to some of the most sought-after properties in our city. So, no matter whether you have $1 million dollars to spend on your next home or $10 million, we show you what you can afford to buy in Sydney’s parkside eastern suburbs.

The changing face of the parkside property market

Corelogic recently announced that their national Home Value Index fell -1.0% in January, which is the smallest month-on-month decline since June last year. And these flatter market conditions are good news for homeowners.

What’s interesting is that across Sydney, and even within the Eastern Suburbs, these declines have been unevenly distributed and we’ve also witnessed some extraordinary growth.

For example, in Randwick, we’ve seen the median house price dip 7.4% in the last 12 months, to $3.15 million in early 2023. It had reached a peak of $3.53 million in mid 2022, but it still sits well above the pre-pandemic median of $2.462 million.

Next door in Kensington, the median house price has continued to soar, reaching a high of $4 million, representing 12 month growth of 23.1%.

So, what does your money really buy today in Sydney’s parkside eastern suburbs?

Under $1 million

In February 2023, Sydney’s median dwelling value fell to $999,278 – or $722 short of an even one million dollars. Even though ours is a premium area, there are a lot of properties on offer for less than that amount – although you’ll be looking at an apartment rather than a house.

Centennial Park ($763,000) and Kensington ($900,000) both have a median apartment value of less than $1 million, while Randwick ($1,100,000) nudges just above the seven figures. But even in those suburbs with higher median apartment values, the median value for one-bedroom apartments is usually under this threshold.

If you’re in the market for a property under $1 million, what you can afford will depend on where you’re buying and how large that property is. In Centennial Park, for instance, you’re likely to be able to buy a good two-bedroom apartment, but in Woollahra or Paddington, you may have to settle for just one bedroom or make other compromises.

Recent sales

33/51 Glenview Street, Paddington. In June 2022, this peaceful top-floor studio apartment with a prime north-facing position sold for just $400,000.

15/41-45 Wallis Street, Woollahra. This oversized one-bedroom apartment close to the village sold for $945,000.

$1 million – $2.5 million

Once you get into this category, your budget will extend to terraces, semis, townhouses and even potentially smaller or unrenovated houses in some parkside suburbs. For instance, the median value of a three-bedroom house in Randwick is $2.8 million. However, terrace houses consistently sell for under $2.5 million.

Alternatively, in Woollahra or Paddington, you’re likely to be able to secure a good two-bedroom terrace, given the suburb medians for two-bedroom houses are $2.325 million and $2.19 million, respectively.

If you’re in the market for apartments, your budget will now extend to a three-bedder in Randwick (the median for a three-bedroom apartment here is $1.75 million) or Bondi Junction (three-bedroom median $2.1 million).

Recent sales

25/351 Edgecliff Road, Edgecliff. This Harry Seidler designed top floor two-bedroom apartment offers incredible views over the harbour and sold for $1.6 million in May 2022.

82 Caledonia Street, Paddington. A fresh, two bedroom sunny terrace in the heart of Paddington, this property sold in August 2022 for $2.05 million.

$2.5 million – $4 million

This bracket is now where the median house prices for most parkside suburbs sits, as the table below shows. In fact, the only two suburbs where you won’t be able to buy the median house are now Woollahra and Centennial Park. Although, at $4 million exactly, Kensington only just scrapes in.

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Of course, exactly what that family home looks like will vary between suburbs. In Paddington, Bondi Junction or Queens Park, it’s almost certain to be a terrace, but in Randwick or Kensington, you could potentially afford a freestanding family home.

Suburb Median House Price
Randwick $3,150,000
Kensington $4,000,000
Bondi Junction $2,500,000
Paddington $3,000,000
Queens Park $3,250,000

 

Your money will also buy you a premium apartment. Your budget now extends to the three-bedroom median in all parkside suburbs (Woollahra is highest at $3.15 million). This should come as welcome news to many downsizers.

Recent sales

24 Rawson Avenue, Queens Park. This versatile three/four-bedroom parkside family home sold for $3.2 million in September 2022.

21 John Street, Woollahra. In July 2022, this classic Victorian terrace close to Queen Street boasting an atrium-style courtyard and high ceilings sold for $3.2 million.

106 Denison Street, Bondi Junction In August 2022 this contemporary home with a six-metre wide street frontage offering plenty of room over a multi-level layout sold for $3.51 million.

$4 million – $8 million

In this bracket, you’ll be able to afford the median house price in Woollahra ($4.8 million) and Centennial Park ($5.13 million). It’s also the category in which you’ll find a lot of high-spec Paddington terraces, as well as most penthouse and sub-penthouse apartments.

While the most expensive parkside homes might still be beyond your budget, you’ll more than likely be able to find that long-term family house that sees you through until the kids leave home. You should also be able to buy something architecturally designed and set in a great location. In fact, you might be able to afford something quite special.

47 Govett Street, Randwick. With an award-winning architect designed renovation this four-bedroom property in a highly sought after enclave of North Randwick sold in December 2022 for $6.5 million.

8 Edward Street, Woollahra. A gorgeous, four-bedroom north-facing home that backs onto Cooper Par, is located in a coveted street and sold in September 2022 for $6.25 million.

41 Moncur Street, Woollahra. This exquisite four-bedroom designer terrace in Woollahra Village exudes tranquillity and has been renovated to retain its classic elegance. In October 2022 it sold for $5.1 million.

Over $8 million

If your budget extends over $8 million, you can afford to buy into the parkside’s ultra-premium market. From the grand Federation-era homes of Centennial Park, Randwick and Woollahra to the most luxurious Paddington terraces, you’re now in the market for some of the very best homes in Sydney’s eastern suburbs.

148 Denison Street, Queens Park. This five-bedroom design masterpiece from Hannah Tribe of Tribe Studio Architects provides effortless functionality and handcrafted finishes just metres from Queens Park. It sold for $8.7 million in November 2022.

16 Frances Street, Randwick. Occupying a wonderfully private 772 sqm parcel, federation-era ‘Wirringulla’ affords a lifestyle of rare elegance, grandeur and effortless convenience. It sold for $9.525 million in October 2022.

14 Lang Road, Centennial Park and 24 Lang Road, Centennial Park. At $20.5 million each, these grand homes hold the joint suburb record for Centennial Park, having sold in February and April 2022.

Want more?

If you’re interested in finding out more about the Eastern Suburbs parkside property market, get in touch.