Sydney’s new prestige suburbs revealed

Adam Smith 26 July 2016

house coinsSydney’s coastal areas are setting the pace for prestige properties, a new report has revealed.

The Domain Group’s June House Report has found Sydney’s eastern coastal suburb of Bronte was the city’s strongest performer, with a median house price of $3.49 million. The report comes after Domain figures revealed Sydney's median price edged back over $1 million in the June quarter. Domain also identified 10 suburbs closing in on a $3 million median house price.

The next highest performer was Clovelly, with a median price of $2.97 million, followed by North Bondi at $2.85 million. Sydney’s Eastern Suburbs figured heavily into the top 10, with Bondi Beach, Coogee and Woollahra also making appearances.

Domain senior economist Andrew Wilson said Bronte’s spot as a top performer was unsurprising.

"Today everyone equates Bronte as the home of movie stars so it is not an unlikely candidate," Wilson said.

Raine & Horne agent Ric Serrao told Domain that while suburbs like Bondi and North Bondi used to attract buyers priced out of the Bronte market, they now drew their own clientele. Serrao said the suburbs were particularly attractive to professionals in the finance sector.

"When the banking sector is doing well and there are bonuses we notice that," he told Domain.

But Serrao said cashed up buyers looking in the area have to act quickly.

"I recently sold a three-bedroom semi in North Bondi with an ocean view after it being on the market for just one day," he said.

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