The median house price in the ritzy Sydney suburbs of Bellevue Hill, Vaucluse, Clontarf, Bronte and Narrabeen has risen more than $1 million in the past year.
The suburb with the highest increase was Bellevue Hill in the city’s east, according to the data from property finance specialists Shore Financial State.
The leafy suburb recorded a whopping $4.2 million increase in the median house price since February 2021. The median house price in the area is now sitting at $8.4 million.
Average house prices in two other suburbs in the city’s east have also seen increases in the millions.
In Vaucluse, prices increased by around $2.7 million, and in Bronte, by $1.9 million.
The two other suburbs that saw million-dollar-plus increases were in the city’s northern beaches, with the average house price in Narrabeen increasing by $1.7 million and $2 million in Clontarf.
Most Sydney suburbs saw growth
Home prices in several areas in Sydney - not just the wealthy suburbs - saw massive growth.
The “Working Class” suburbs that performed best and saw more than $200,000 in growth included Austral, Summerland Point, Canton Beach, Noraville and The Entrance.
For Austral - the top-ranked suburb in the working class category - the median house price increased $360,500 in the year to February.
For suburbs in the middle class “Rising Sydney” category, Wamberal, Scotland Island, Loftus, Yarrawarrah and Erina all saw house prices increase by more than $400,000 in the past year.
Shore Financial CEO Theo Chambers suspects next year’s numbers will look very different given last week’s CoreLogic figures showed the first drop in Sydney house prices in 17 months.
“The numbers might look very different this time next year, because the evidence suggests the Sydney market is softening,” Chambers said.
“But for the past 12 months and also right now, Sydney has been a seller’s market.”
Chambers said prices had been “going through the roof” in most Sydney suburbs over the past year.
“That’s reflected in the home loans data we’ve been seeing, with borrowers regularly increasing their loan amounts to keep up with surging prices,” he said.