01.31.2024 Suburb Spotlight

Which Of Sydney’s Eastern Suburbs Performed The Best In 2023?

Which Of Sydney’s Eastern Suburbs Performed The Best In 2023?

Several suburbs in Sydney’s east have been named among the top performers in CoreLogic’s 2023 “Best of the Best” Report for 2023.

Can you guess which ones?

Sydney’s eastern suburbs may be one of Australia’s most expensive property markets, and values here have grown even more over the past year.

CoreLogic’s annual “Best of the Best” Report for 2023 shone a light on the highest performing areas across the nation, and our area topped the list, with mentions in many categories.

We look at five suburbs that excelled in 2023 and why: Kensington, Bellevue Hill, Maroubra, Vaucluse and Point Piper.

1. Most expensive suburb for houses: Bellevue Hill

Bellevue Hill topped the list as Australia’s most expensive suburb for houses, with a median sale price of $9,731,177. Five of the top 10 sales across the country last year happened here, including the most expensive ($76 million in May 2023).

If that wasn’t enough, Bellevue Hill also recorded the second-highest 12-month growth in house values, with prices rising 24.9%.

But don’t be mistaken. Bellevue Hill isn’t only all about hilltop and harbourview trophy homes. As we wrote last year, the multitude of property records out of the suburb mask the fact that it has some great value homes, especially if you’re looking for an apartment.

Continuing down the list, Vaucluse placed second for the most expensive houses in the top performing capital city suburbs list with a median of $9,259,923. It was followed by Double Bay ($6,363,510), Rose Bay ($6,278,977) and Dover Heights ($6,098,661). That means the Eastern Suburbs took out all of the top five positions for Australia’s most expensive houses.

Beachside Tamarama also came in at number seven with a median of $5,809,787.

2. Most expensive suburb for apartments: Point Piper

Harbourside Point Piper topped the list for the most expensive apartments in the country, with a median sale price of $3,316,847.

We find larger, spacious units are particularly sought after in Point Piper, with downsizers prizing the views, luxury and location that Point Piper offers. A stunning example is 1/36 Wolseley Road Point Piper which we sold last September.

Nearby Darling Point came in second on the list of most expensive apartments with a median of $2,656,789, and beachside Tamarama ranked seventh with a median apartment price of $1,768,869.

3. Strongest 12-month growth in house rents: Kensington

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Rents on Kensington houses rose 24.9% over 2023, putting this suburb number one on the list for 12-month rent growth across all of Australia. That’s no small feat when you consider it beat fast-growing rental markets such as Perth and Brisbane.

Kensington’s median rental lifted to $1,426 a week last year. Kensington is sought after for its proximity to the airport, parks, and large employers such as the University of NSW and hospitals. The light rail has also made it even more popular over the past few years.

Other eastern suburbs that featured in the top 10 for price growth in house rent include South Coogee (seventh, 21.3% growth) and Bondi Beach (ninth, 21% growth).

4. Highest total value of house sales: Vaucluse

Vaucluse came in number four for the highest total value of house sales. A total of 90 house sales took place over the calendar year, totalling $859,644,840, with a median sale price of $9,259,923. Vaucluse was only beaten by Mosman on Sydney’s North Shore, as well as Melbourne’s Brighton and Waverley, each of which had more than double (sometimes triple) the number of sales.

Popular with families for its large family homes and harbourside location with stellar views, Vaucluse has long been a high-demand market. Vaucluse also offers a range of property options with some duplexes and many apartments.

Locals love its village feel, which boasts a growing number of great cafes, as well as proximity to great schools and nearby Rose Bay shops.

5. Strongest 12-month growth in values for Sydney apartments: Maroubra

Beachside Maroubra recorded the strongest 12-month growth in apartment values across Sydney, rising 16.5% to reach a median of $1,072,947.

This suburb has gained a lot of attention in recent years for its laid-back beach vibe, without the high price point and crowds of its neighbours further north. Maroubra apartments are particularly popular with first-home buyers and investors.

Despite already being a blue-chip area with relatively high prices, the eastern suburbs dominated this category, taking out six of the top 10 spots for apartment value growth across Sydney.

Vaucluse came in second (rising 16%), followed by Bondi Junction at number five (15.7%), Centennial Park at number six (15.6%), Rose Bay at seven (15.4%), and Tamarama in ninth place (14.4%).

Want more?

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