- Sydney's most prestigious postcodes are typically waterfront locations.
- The most expensive Sydney suburbs sometimes commanded eight figure price tags.
- A waterfront premium is likely one driver behind why these suburbs are so expensive.
Almost all of Sydney’s most expensive suburbs are waterfront locations, with one exception.
The top ten most expensive suburbs in New South Wales’ capital of Sydney range from around $3.8 million to $5.8 million, according to PropTrack’s automated valuation model (AVM)* covering houses and units combined.
Sydney weekly asking property prices
A lap of luxury
Sydney is famously known for having Australia’s most expensive houses, streets, and suburbs, with a 2022 study finding that Sydney’s median house price was some 15 times the average household income. For comparison’s sake, Hong Kong sees median house prices some 23 times the average household income.
In 2019, Sydney was home to an Australian record – a penthouse and sub-penthouse sold in one line for $140 million. Several other homes in recent years have also fetched feverishly high prices, including a $60 million property in Darling Point.
Sydney’s most expensive streets were also some of the most expensive in the nation, dominating the top 100 most expensive streets in Australia, making up 51 out of the 100 streets.
Sydney land values also come with an eye-watering premium. Paddington was recently found to almost cost $26,000 per square metre, Australia’s most expensive land, and certainly Sydney’s most expensive land.
The top 10 most expensive waterfront suburbs was dominated by Sydney, with Sydney’s richest and wealthiest suburbs making up nine of the top ten in the nation.
Pricey to build
Not only is it a financial nightmare to buy a property in Sydney, if you’ve decided to buy some of Australia’s most expensive land, building prices aren’t cheap.
Last year, Sydney ranked as the most expensive city in Australia to build a home. The cost per square metre came in at around $4,400. The research conducted found labour costs almost averaged $100 per hour.
The luxury market dynamics
Back in June 2023, Knight Frank data revealed that Sydney ranked third in the world for luxury property growth, behind Singapore and London.
In September 2023, data revealed that prestige property in Sydney recorded a massive spike in activity, going from 15 in Q1 2023 to 38 in Q2.
The Knight Frank outlook for the luxury property market forecasted three per cent to five per cent luxury home price growth this year.
Sydney will be among the top ten for luxury home price growth, third behind Mumbai and Auckland.
Factors affecting the super-prime end of the market largely appear to mirror those of the broader real estate market. Knight Frank head of residential in Australia, Erin Van Tuil, previously noted that for homes A420 million and above, there is no shortage of buyers, while supply remains limited.
Top 10 most expensive suburbs in Sydney
| Rank | Suburb | Current AVM |
| 1 | Longueville | $5,775,000 |
| 2 | Dover Heights | $5,553,000 |
| 3 | Clontarf | $5,523,000 |
| 4 | Palm Beach | $5,024,000 |
| 5 | Castlecrag | $4,376,000 |
| 6 | Balgowlah Heights | $4,237,000 |
| 7 | Northbridge | $4,190,000 |
| 8 | Castle Cove | $3,839,000 |
| 9 | Vaucluse | $3,800,000 |
| 10 | Willoughby East | $3,792,000 |
Source: PropTrack.
The following is organised by postcode, as some suburbs share postcodes.
2030: Dover Heights & Vaucluse
These two suburbs have commanding views out to the Pacific Ocean, with Vaucluse also providing locals with stunning vistas back through to the harbour and all its icons, such as the Sydney Harbour Bridge, the Sydney Opera House, and more.
Weekly asking prices for 2030, including Dover Heights & Vaucluse
It comes as little surprise that with the state of plot sizes, the views, and the general prestige of the area, home prices don’t come cheap.
Indeed, Vaucluse was home to 2020’s most expensive home, which sold for $24.6 million. It also hosted Australia’s most expensive home in 2015, when a property was sold for $70 million.
2063: Northbridge
Named for its position, not relative to the Sydney Harbour Bridge, but relative to the also stunning Long Gully Bridge, mansions in this suburb have breathtaking sightlines out to the river.
Weekly asking prices for 2063, including Northbridge
Northbridge is also home to some of Sydney’s richest most expensive streets. Northbridge’s Hallstrom Close took top spot, with a street median price of around $7.5 million, and an upper range of over $9 million.
Out of the top 100 most expensive streets in Australia, 39th placed Weetawaa Road is in Northbridge, with a street median of around $6 million, and upper range of close to $7 million.
Other entrants from the suburb include Coolawin Road, Miowera Road, Bourmac Avenue, and Parker Street.
2066: Longueville is the most expensive suburb in Sydney
The suburb saw two streets make it into Australia’s top 100 most expensive streets, including Belcote Road and Poole Street.
This riverfront suburb is a paradise of calm, with easy access to major amenities in Chatswood and Artarmon, along with being a stones throw from the CBD via the river.
Weekly asking prices for 2066, including Longueville
2068: Castlecrag & Willoughby East
Willoughby East is the only suburb to not border the water, but it does border fellow top 10 Castlecrag.
These suburbs likewise enjoy proximity to Chatswood and North Sydney, providing a beautiful balance between the serenity of luxury living and excellent amenities.
Weekly asking prices for 2068, including Castlecrag & Willoughby East
2069: Castle Cove
Just north of Castlecrag and Willoughby East, the suburb of Castle Cove is a paradise of greenery. Surrounding the entire waterfront is a thick border of reserves and trees, providing a sanctuary amidst the hustle and bustle of Sydney.
Weekly asking prices for 2069, including Castle Cove
2093: Clontarf & Balgowlah Heights
The famous Spit to Manly walk traverses these two suburbs, both of which offer exceptional and stunning views out to both the river and the ocean.
While Clontarf is mostly built out to the river, the waterfront border of Balgowlah Heights yields to large swathes of greenery.
Weekly asking prices for 2093, including Clontarf & Balgowlah Heights
2108: Palm Beach
Located an hour north of Sydney’s CBD, towards the northern border of the Ku-ring-gai Chase National Park, Palm Beach is a sparsely populated sanctuary of calmness and serenity.
A long beach comprises the eastern border of this peninsula, with a golf course punctuating the western border.
Weekly asking prices for 2108, including Palm Beach
Oh, and what will $1 million get you in Sydney? Barely enough room to swing a cat – a studio apartment in the middle of the Sydney CBD will leave you very little after transaction costs, coming in at around $900,000. Head further out of course, and things become a little more reasonable and spacious.
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* Data is current to November 2023.
See Sydney’s most expensive streets here, and most expensive houses here.
