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Sydney's most expensive suburbsJuly 18, 2007 Sydney Morning Herald
Median prices in Sydney's most-expensive suburbs have jumped in the past year.
Which are the most expensive suburbs in Sydney for buying apartments and how the hell do you get to live in them?
It's the $1 million question - or even $1.2 million or $1.35 million in one place - that's bedevilled those of us who'd love a taste of the best, for the price of the worst.
"Sydney's highest-priced unit suburbs are basically determined by the location, particularly on the water and the presence of new apartment complexes," says Mathew Tiller, NSW research analyst with PRDnationwide.
"The top ones are always those on the water, close to the harbour or within easy reach of the CBD, shops, transport and places of employment. By comparison, Sydney's lowest-priced suburbs for apartments are usually those not by the water and with nothing particularly special about them."
Tops is Darling Point, where the median is $1.35 million, up by 15.6 per cent from the year before when the March median was $1.16 million.
Next up is Dawes Point, home of the exclusive Walsh Bay development, on the harbour. There, the median price for an apartment in March this year was $1.22 million, up 19 per cent from the year before's median of $1.02 million.
Sydney's third place, according to PRDnationwide figures, is claimed by Point Piper, at $1.2 million, up 23.1 per cent on the previous year; fourth is Milsons Point at $1.04 million, up a staggering 54.1 per cent; then Cabarita, at $800,000, up 4.2 per cent; and Cremorne Point at $765,000, up 1.7 per cent.
Balmain East and Central Coast's Avoca Beach, which are also both in the top 15 highest-priced suburbs for apartments, are doing well too. The median price of units at Avoca Beach rose by an incredible 86 per cent over the past year to reach $720,000 and Balmain East increased by 39.7 per cent to settle at $700,000. "These large fluctuations in the medians are caused by the release of new premium product on the waterfront over a certain period, which raises the median, or by sales of some very good properties," says Tim Lawless, PRDnationwide's research director.
Those kind of prices are in stark contrast to Sydney's cheapest apartment suburbs, which all lie south-west of the city: Carramar (near Villawood) with its median price of $140,000, down 3.1 per cent on the year before; Warwick Farm at $160,000, down 11.1 per cent;
Cabramatta at $170,000, down 8.1 per cent; Lakemba at $174,000, down 5.9 per cent; and then Ambarvale at $185,000 up 10.9 per cent.
