Select homes in the harbour city’s ritziest postcodes have been selling for a fraction of the price paid by their neighbours.
Select homes in the harbour city’s ritziest postcodes have been selling for a fraction of the price paid by their neighbours.
By Kristy Johnson
February 16, 2025 — 4.00am
A handful of homes in Sydney’s most exclusive neighbourhoods such as the eastern suburbs, northern beaches and lower north shore have sold for prices that appear to be too good to be true.
In 2024, select properties changed hands for a fraction of their suburb’s median house price, amid higher-for-longer interest rates, affordability constraints and hefty construction costs.
The drawcard for some was the location, school zones, upgrade from a unit and the end of strata, but buyers of some of the cheapest homes sold in affluent suburbs last year had to compromise with no parking spot or interiors that need a complete renovation.
Bellevue Hill
It’s a suburb favoured by local celebrities and where Hollywood superstars such as Angelina Jolie, Will Smith and Kourtney Kardashian choose to stay when Down Under.
The median house price of $8.51 million is unaffordable for most, but a two-bedder without parking sold before auction last January for just under a quarter of that, at $2,075,000.
Described as a “sun-filled retreat” on the listing, the semi-detached house at 7A Bellevue Garden is located in a quiet cul-de-sac with tennis courts and rainforest trails nearby.
PPD Real Estate’s Vince Licata said there was a lot of interest during the campaign as it was a unique property, built into a rock wall.
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“It’s a great entry-level property that’s ready to be lived in and is a good upgrade from an apartment as you don’t have to deal with strata,” he said.
Licata said with a parking spot the sale price would likely have been more, but it’s difficult to say exactly how much.
Coogee
About one kilometre from Coogee Beach, the three-bedroom, two-bathroom home at 162 Mount Street sold at auction for $2.7 million in June.
Coogee’s median house price rose 10.1 per cent to $4,135,000 in the year to December on Domain data.
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Offered for the first time in 50 years, the 1940s-built home is described as a “blank canvas” on the listing and requires a rejuvenation with dated interiors.
Amid rising construction costs, the property would appeal to developers or savvy renovators.
Woollahra
Fine-dining restaurants, cafés and designer boutiques line the streets of leafy Woollahra.
A buyer saw the appeal in a fixer-upper in the suburb, paying $1.74 million for the three-bedder at 102 Oxford Street in November. Woollahra’s median house price is $4.23 million.
The property is described as a fixer-upper requiring TLC on the listing, and photos reveal graffiti, peeling walls and caution tape on the floor.
Raine & Horne’s Craig Sewell said the property is uninhabitable and had been vacant for a few years.
“It was owned by a non-profit foundation and the main market during the campaign was developers wanting to flip it,” he said.
The property has no parking space, something Sewell said would “have added $500,000” to the sale price.
Manly
On the other side of town, a fixer-upper sold at auction for $2.5 million in August, well under Manly’s median house price of $4,335,000.
The two-bedder at 35 Balgowlah Road is described as a “rough diamond” on the listing and there are no interior shots.
Situated on a gently sloping block, the cottage was marketed towards buyers prepared for a complete knockdown and rebuild.
Mosman
In a suburb where the median house price is a cool $5.5 million, a two-bedroom semi sold at auction for $1.9 million in December.
The 1930s build at 1/62 Cowles Road in Mosman has had a few cosmetic tweaks, but requires a “complete renovation with new floorboards,” according to Pello Property Lower North Shore’s Titan Davis.
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Davis said the semi drew a lot of interest during the campaign and sold to a local upsizer.
The property is in a desirable location with Balmoral Beach just a short drive and Mosman village in walking distance. However, there are strata costs, shared parking and a communal courtyard.
Clovelly
The two-bedder without a car space at 91 St Thomas Street, Clovelly sold at auction for $2.85 million in October to a young family who will renovate and make it their forever home.
BresicWhitney Inner East’s Romany Brooks said the family loved the location and proximity to schools. There was “strong interest with offers from the start of the campaign”.
Brooks said there is no car spot, but on average, properties with parking could “add $300,000 or $400,000 to the sale price”.
Described as a “character residence” on the listing, the home requires TLC with dated interiors, peeling paint and holes in the roof.
With limited sales, there is no median house price for Clovelly available in Domain data. However, the median house price for its sister suburb of Coogee is $4.1 million.
Kristy Johnson – Kristy is a property reporter for The Sydney Morning Herald.
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