2024 has been a solid year for property, but lately the pace of growth has slowed, at least in some market segments.
Nationally, CoreLogic reveals prices rose 5.5% in the year to 30 November 2024. But, over the past month they increased by just 0.1%.
Sydney’s median actually slipped by -0.2% over November, but overall recorded a respectable 12 month increase of 3.3%, reaching $1,196,809.
Interestingly, Sydney apartments are still seeing small gains, with the drop off mainly visible in houses.
Despite recent sluggishness, Corelogic figures reveal that since the onset of COVID in March 2020, Sydney housing values have risen 28.7%, gaining an average of $266,854 in under five years.
Eastern suburbs in the spotlight
In our local area, results reveal the market stabilising in some areas after rapid price rises, but still growing in others.
According to realestate.com.au, Potts Point apartments are one part of the market when prices have stalled with 12 month growth of -9.1%, and a median of $820,000. But right next door in Elizabeth Bay it’s the reverse, with growth of 9.9% and a new median apartment price of $1,030,000.
Rushcutters Bay apartments are up 6.2% to $855,000, Woolloomooloo is up 9.5% to reach $1,292,500, and three-bedroom apartments in Darlinghurst rose an impressive 21.7% to reach a new median of $3.6 million.
We forecast more growth on the horizon, as our view is that certain pockets of the Eastern Suburbs could actually be undervalued.
Best of the best in the Eastern Suburbs?
Corelogic’s freshly released “Best of the Best” report for 2024 highlights some key performers from our market, including several on the Eastern Beaches:
Bronte has reached number 8 on the Top 10 Performing Suburbs list for the most expensive houses in Greater Sydney. With a median house price of $5,118,859, it has also ranked at number 8 on the list of most expensive suburbs across all capital cities. In fact, Sydney took out 9 of the 10 positions, and 6 were here in the East, with Bellevue Hill, Vaucluse, Rose Bay, Dover Heights and Double Bay also represented.
Clovelly was not far behind at number 10 on the list of the Most Expensive Suburbs in Greater Sydney, with a median house price of $4,636,586.
Tamarama ranked 10th on the list of Most Expensive Suburbs for apartments in a capital city, and in Greater Sydney, with a median apartment price of $1,893,062.
Darling Point came in second on the same lists, with a median apartment price of $2,512,397. It was beaten only by Point Piper, where the median price is $3,118,700. Meanwhile, Sydney suburbs took out all 10 places on the capital cities list for most expensive apartments.
Interestingly, the Domain End of Year Wrap 2024 report revealed that the keyword search “Art Deco” increased in popularity this year, going from 17th to 14th position.
Not only does this show a renewed appreciation for vintage charm and original architectural features, it also bodes well for art deco properties in our area. Potts Point and the Eastern Suburbs are home to a large number of Art Deco homes and apartments. A great example is 9/81 Elizabeth Bay Road, a stunning art deco penthouse currently on the market.
Our 2024 results
Some of our biggest sales this year were for the amazing new oversized apartments being built at “Billyard Ave”. This included the stunning sub-penthouse at 8/29 Billyard Avenue, which sold for a confidential amount, as well as the four-bedroom apartment at 1/29 Billyard Avenue, which was purchased for $17.4 million.
We also sold 1802/21 Elizabeth Bay Road, Elizabeth Bay, an expansive two-level penthouse located on top of the iconic Encore building, with 3 to 4 bedrooms, for $17.5 million.
Our area is popular with downsizers thanks to the larger penthouse and three-bedroom apartments on offer. Our sales over 2024 show the range and variety of larger apartments in this inner city market:
- We sold 1303/81 Macleay Street, Potts Point, a three-bedroom apartment in Ikon for $8.5 million (and 1102/81 Macleay Street, a two-bedroom apartment off-market for $5.5 million).
- 202/14 Macleay Street, Potts Point, a three-bedroom apartment in Pomeroy, sold for $7.8 million.
- 12/93 Elizabeth Bay Road, Elizabeth Bay, three-bedroom apartment in Kincoppal, sold for a confidential price.
- 707/46-48 Riley Street, Woolloomooloo, a two-bedroom apartment in The Riley, sold for $3.75 million.
- 2/65 Elizabeth Bay Road, a stunning three bedroom apartment with water views, sold for $3.45 million.
- A three bedroom apartment in Byron Hall, 18/97-99 Macleay Street, sold for $2.3 million.
- We sold a beautiful three bedroom apartment in Wyldefel Gardens at 11/8a Wylde Street, Potts Point for $2.84 million.
- And 3/2 Clement Street, Rushcutters Bay, a leafy three-bedroom semi-like apartment, sold for $1.825 million.
We also sold 21/23 Billyard Avenue, Elizabeth Bay a one-bedroom apartment, for an excellent price, at $1.92 million, and on the beaches, we sold a two bedroom at 5/5 Andrew Street, Bronte for $1.38 million.
When it comes to houses, we also had some great sales with a three-bedroom home at 40 Thompson Street, Darlinghurst selling for $3.4 million, another at 115 Blair Street, North Bondi selling for 4.57 million, and we sold a two-bedroom terrace at 1a Barcom Avenue, Darlinghurst for $2.35 million (not bad when the overall suburb median for houses is $2.385 million).
Want more?
We recently discussed why we think Sydney’s Eastern suburbs property market presents good opportunities for buyers right now, and we truly believe this is the case. We invite you to check out our latest listings and, if you’d like to know more about buying or selling in Sydney’s eastern suburbs, get in touch.
Wishing you and your family a safe and happy festive season.
