Over the past five years, houses in 101 suburbs across Australia have made their owners a million dollars, according to recent data from realestate.com.au.
No fewer than 86 of them were here in Sydney.
We explore which suburbs in Sydney’s east earned their owners the most.
Properties that have made a million dollars in five years
The reality is that many suburbs here in Sydney’s east have earned far more than just one million dollars for their owners over the past five years. Here are the top four performers.
1. Bellevue Hill
Given Bellevue Hill has the country’s highest median house price at $10.28 million, it’s probably not surprising that houses in the suburb also earned the most for their owners.
What may be surprising, however, is the dollar amount the median house price grew by. Houses in Bellevue Hill experienced a median price rise of $4 million – an average increase of $800,000 a year.
2. Vaucluse
At number two in terms of dollar earnings was Vaucluse. This stunning harbourside suburb boasts many of the city’s best harbour views and has the trophy homes to make the most of them.
Houses here saw a median price increase of $2.275 million over five years – or more than half a million each year.
3. North Bondi
North Bondi achieved third place with $2,212,500. North Bondi’s median increased 15.3% over the past year alone to reach $4.9 million.
4. Bronte
Bronte came in close behind North Bondi, with its median housing price growing $2,137,500. Bronte has also become the third most expensive suburb in all of the country, with the median house price now sitting at $5.5 million.
Sydney’s eastern beaches overrepresented
In total, 16 suburbs in Sydney’s East were represented on the list of 101 nationally that made over a million dollars in five years (as the chart below shows).
After Bellevue Hill, Vaucluse, North Bondi and Bronte the east was also represented by Dover Heights and Rose Bay, which both made it into the top 10.
Bondi Beach and Clovelly were close behind, with Queens Park, South Coogee, Woollahra, Kensington, Bondi, Coogee, Maroubra and Paddington also making well over a million dollars for their owners.
Significantly, half of these (eight in total) are beachside suburbs in Sydney’s East.
Eastern Suburbs that earned over a million dollars in five years
| Suburb | Median house price | Five-year price growth dollar amount |
|---|---|---|
| Bellevue Hill | $9,750,000 | $4,087,500 |
| Vaucluse | $8,550,000 | $2,275,000 |
| North Bondi | $4,700,000 | $2,212,500 |
| Bronte | $5,287,500 | $2,137,500 |
| Dover Heights | $6,255,000 | $1,935,000 |
| Rose Bay | $6,000,000 | $1,855,000 |
| Bondi Beach | $4,105,000 | $1,755,000 |
| Clovelly | $4,505,500 | $1,750,500 |
| Queens Park | $4,280,000 | $1,645,000 |
| South Coogee | $4,011,000 | $1,631,000 |
| Woollahra | $4,720,000 | $1,520,000 |
| Kensington | $4,100,000 | $1,445,000 |
| Bondi | $3,812,500 | $1,437,500 |
| Coogee | $3,818,500 | $1,363,500 |
| Maroubra | $3,040,000 | $1,240,000 |
| Paddington | $3,200,000 | $1,100,000 |
What factors drove this price growth?
As we’ve discussed before, an ongoing low supply of properties for sale, coupled with increasing demand, have put pressure on the property market here in Sydney’s east.
These price rises over the past five years included the pandemic property boom’. But with the average hold time for a house now at over 11 years, the reality is that most house owners in the eastern suburbs make far more than a million dollars by the time they sell.
It is also significant that apartments were absent from the list. While apartments regularly break records at the top end of the market – and particularly in the luxury end of the Potts Point market – their medians skew lower thanks to the large number of smaller, more affordable apartments.
The fact that apartments are absent also reflects the fact that the gap between house and apartment prices is steadily growing.
The dominance of Sydney’s Eastern Beaches
We’d argue that this data reflects the fact that the Eastern Beaches has well and truly cemented its place among Sydney’s most prestigious and most popular areas.
Specific to the beaches is the fact that buyers have been actively seeking a coastal lifestyle near the sand and the surf in increasing numbers over the past decade.
There has been incredible demand for suburbs towards the north, such as North Bondi and Bronte, with their close proximity to Bondi Junction and the city. This has been behind them starring on this list. However, it’s also clear that the whole of the Eastern Beaches are reaping the rewards, with almost every single eastern suburbs beach on the list, right down to Maroubra.
The beaches are particularly popular with Gen X and Y, with the Sydney Morning Herald reporting last year that Gen Y or “millennials” now account for more eastern beaches residents than any other age group.
And, as we’ve written before, the rise of the Eastern Beaches is a trend we think we will continue to see for some time.
Want more?
If you’d like to know more about buying or selling in Sydney’s eastern suburbs, get in touch.
