Sydney is the most expensive major city in Australia for housing and utilities, costing around 36% more to live here than Melbourne.
Sydney is the most expensive major city in Australia for housing and utilities, costing around 36% more to live here than Melbourne. Worldwide, it’s ranked in the top 5 most expensive property markets, in costly company with Hong Kong, Vancouver, Hawaii, and Los Angeles. But while many find themselves priced out of Sydney’s sought-after-suburbs, there are affordable abodes within these exclusive enclaves, especially if you’re open to investing in an apartment.
With a median house price of $8.6M, the affluent area of Vaucluse in the Eastern Suburbs is one of Sydney’s most expensive postcodes. From the pristine waters of Parsley Bay to the breathtaking views of the harbour, bagging a bargain here is unlikely—but not impossible. The price gap between homes and units here is staggering, with apartments exceptionally more affordable here than in other expensive suburbs. With a buyer’s guide of $900K, this 2 bed, 1 bath renovated apartment on Tower Street offers a rare glimpse of ocean views for under $1M. For an extra $200K, you can live on one of Sydney’s most sought-after-streets, Diamond Bay Road, with this 2-bedroom renovated readymade home or investment up for sale.
For a massive median price of $9.2M, you can carry house keys in Sydney’s most expensive suburb. A coastal enclave sandwiched between Bronte and Bondi, Tamarama is the ultimate lifestyle location. Though unit prices average $2.6M, right now the newly completed $50m redesign of iconic mid-century landmark ‘Skye Tamarama’ has a ground-floor apartment for sale for $1,150,000 – $1,250,000. The only catch? It comes in ‘raw condition’, meaning the rest of the build is on your dime.
Lower North Shore
A Lower North Shore address has long been synonymous with expense. Cremorne Point, one of the most affluent residential areas in the region, boasts a median house price of $4.62M, yet waterfront apartments like 4/144 Milson Road offer the chance to live in one of Sydney’s most expensive suburbs for $1,950,000. Nearby, in Mosman, with a price guide of $775k to $825K, a 1 bed 1 bath apartment in one of the North Shore’s most coveted postcodes is up for sale at 11/507 Military road, while this 2 bed, 1 bath on Cowles Road could be yours for $875K.
Upper North Shore
Despite being one of the most expensive suburbs to buy a home on the Upper North Shore, you can still secure a Wahroonga address for under $650K. This 1 bedroom 1 bath unit in the heart of the suburb is currently on offer, while another $200K will buy you a second bedroom and bathroom at Bundarra Avenue for $849K. A rare but excellent entry point into this prestigious suburb in the form of a house at $875K is currently up for grabs, situated in a community estate.
Among the most expensive suburbs on the Northern Beaches is Fairlight, dubbed ‘the good little sister’ to Manly. Like many beachside suburbs, Fairlight experienced huge growth over the pandemic, with a current median house price of $3.6M. But for $1M, you could call 2094 home with the sale of this 2 bedroom, 1 bath apartment on Griffiths St, walking distance to Fairlight Village and a 10 minute stroll to Manly Beach. In Balgowlah, where a house will set you back around $3.2M and $4M in the neighbouring Balgowlah Heights, units provide a literal foot in the door to the sought-after-suburb, with this 1 bedroom apartment with an auction guide of $740K offering an exciting opportunity for first-home buyers and investors.