Location, location, location: it’s one of the greatest cliches of real estate.
But it’s also entirely accurate. We look at how proximity to these five things is likely to impact the value of a home in Sydney’s eastern suburbs.
1. Schools
A lot of Sydney parents put their children’s education above everything else – and quite rightfully, too. So being close to a great school can add real value to a property.
The eastern suburbs has some great schools, too, including independent, catholic and state comprehensive and selective schools. And we often see parents move from other parts of Sydney to be close to them. Public primary schools also have geographical catchment zones that can significantly impact property prices (in a positive direction) if the school is oversubscribed or popular.
Eastern Suburbs independent schools Reddam House (5), Sydney Grammar (8), SCEGGS Darlinghurst (10) and Ascham (18) all featured in the top 20 schools in the latest Better School rankings. As did the government selective school, Sydney Boys High (14). Meanwhile Sydney Girls’ High ranked 21.
2. Beaches
Over the past couple of decades, virtually no property market has performed as well as Sydney’s eastern beaches. Beachside living has become the number one lifestyle choice for many Sydneysiders, transforming once relatively affordable parts of the east into some of our city’s most exclusive suburbs.
Even over the last five years, house prices in suburbs such as North Bondi, Clovelly, Bronte and Coogee have risen by incredible numbers, as the table below shows.
| Suburb | Median house value Sep 2019 | Median house value Aug 2024 | Difference ($) | Difference (%) |
|---|---|---|---|---|
| North Bondi | $2,640,000 | $4,782,000 | $2,142,000 | 81.1% |
| Clovelly | $2,610,000 | $4,461,000 | $1,851,000 | 70.9% |
| South Coogee | $2,375,000 | $3,925,444 | $1,550,444 | 65.3% |
| Bronte | $3,180,000 | $5,200,000 | $2,020,000 | 63.5% |
| Coogee | $2,475,000 | $3,900,000 | $1,425,000 | 57.6% |
* Source: realestate.com.au suburb profiles, accessed 13 Sep 2024
It seems that people can’t get enough of the beaches, and it has become a real factor in ensuring a suburb performs way above the average.
3. Dining and entertainment options
Sydney’s love of food has reached new heights over the past couple of decades. So it’s little wonder then that suburbs with a strong entertainment and dining scene have also overperformed. We’ve noticed that this is especially true for downsizers, who often want to be able to enjoy everything on their doorstep, without having to worry about how they’ll get home.
We expect that as Sydney’s population continues to age, suburbs that are also entertainment hubs will do exceptionally well thanks to their undeniable downsizer appeal. Our picks include Surry Hills, Darlinghurst, Double Bay and, of course, Potts Point.
4. Public transport
Not everything can be right on our doorstep, no matter how much we pay or where we live. So one thing that can really make a massive difference to house prices is proximity to transport links.
The good news is that many of the suburbs in Sydney’s east have great public transport links, which means they’re always popular with buyers. However, for many, the holy grail is proximity to the Eastern Suburbs line (i.e. anything within walking distance of Kings Cross, Edgecliff and Bondi Junction stations).
The light rail network (an updated version of Sydney’s trams) and even quality bus links can add value to a property too.
5. The workplace
Most of us don’t like to think about work when we don’t have to, but that doesn’t mean we want to spend ages travelling to or from it. With many Sydneysiders back in the office, at least part of the time, a quick trip into the workplace ranks high on many people’s wishlist.
Even better, is when the commute to work can happen on foot, or bicycle. So those suburbs with high walkability also rank high on many people’s lists. The walk across the Domain from Woolloomooloo or Potts Point ranks as one of Sydney’s most popular and picturesque commutes. And other walking commutes, from inner suburbs such as Surry Hills or Darlinghurst have strong buyer appeal too.
Want more?
In short, location counts for more than anything towards a property’s value, and proximity to these five things will go some way to ensuring a home is in high demand.
If you’d like to know more about buying or selling in Sydney’s eastern suburbs, get in touch.
