22 May Explaining Property Price Variances Within Your Suburb
As specialist Sydney buyers’ agents, we understand the factors that drive property price variances in a suburb. Sydney’s real estate market is highly dynamic with each suburb operating uniquely as well as variations within a suburb. Understanding all these nuances can be confusing for buyers. In this article, we share why property prices vary within a suburb and how using a Buyers’ Agent can provide clarity and help you navigate through any confusion.
Understanding Suburb Microcosms
Every Sydney suburb is a microcosm and within a single postcode, you can find a wide range of property prices for the same type of property. Things that influence price include: proximity to amenities such as schools, public transport, shopping centres, parks, and recreational facilities; the property condition; views; land size and lastly the overall demand for housing in that area. Emotion also plays a role in price differentials. For example, perceived desirability, neighbourhood prestige, historical significance, or sentimental attachments can all influence a buyer’s willingness to pay a premium for a property.
Recently, the Eastern Suburbs prestige property market has out performed any other premium markets in Sydney. One of the reasons for this huge growth in suburbs such as Bellevue Hill, which has grown over 100% in the last five years, is the close proximity to several highly regarded private schools.
To dive deeper into intra-suburb price variances we look at the suburbs of: Killara on Sydney’s Upper North Shore; Northbridge on the Lower NorthShore, and Paddington in the Eastern Suburbs.
Killara Homes – Upper North Shore
The median home value in Killara stands at $3.71 million, yet there is a big difference in price depending on the specific location within the suburb. Price variations as much as $5 million are evident across the suburb.
Our specialist Upper North Shore Buyer’s Agent, Wendy Zhang, shares her insight into the price pockets in this suburb.
In Killara, Springdale Road and Stanhope Road are known as prestigious addresses. Homes on Springdale Road fetch an average of $8.5 million, while those on Stanhope Road command ~$7.4 million. The most expensive address in this suburb is 31 Springdale Road, which sold for a staggering $19 million on May 22, 2023.
Apart from these two streets, Arnold Street, Powell Street, Wattle Street, and Rosebery Road also stand out as exclusive and desirable. What sets them apart is their expansive level land, excellent neighbourhood, close proximity to transport and shopping amenities, all of which make them highly sought-after addresses.
Generally, properties on the east side of the Pacific Highway carry a premium compared to their counterparts on the west side. However, it’s worth noting that there are exceptional streets on the west side, offering good options for buyers.
Northbridge Homes – Lower North Shore
In the past 12 months, house prices ranged from ~$3,000,000 to ~$16,000,000.
Not surprisingly, properties near the water command the highest prices. However not all waterfront homes are equal. North facing waterfront homes command more of a premium than south facing waterfront homes. Also, where on the street a property is located influences the price – e.g. are you looking out to the harbour or tucked into the corner of the bay? Whether you’re new to Northbridge and don’t have specialist insider knowledge or you want access to off-market properties, using a Buyers Agent provides you with a critical advantage.
Our North Shore specialist Bernadette Brennan shares her insights into the Northbridge property market.
Coolawin Rd is Northbridge’s most prestigious street as it is a north facing waterfront street and some homes have deep-water boating facilities and jetties. To date, the highest priced sale on Coolawin Rd is ~$25,000,000, however that may be surpassed shortly with the beautiful 19 Coolawin Rd currently for sale. At the end of Coolawin Rd is Hallstrom Close and these north facing homes are also extremely desirable. Coolawin Rd is popular due to being deep waterfront, north facing, and it is wide with easy access to Sailors Bay Rd and transport. Minimbah Rd is another deep waterfront street with north facing homes that is very desirable. Dorset Rd is also a deep waterfront street with lovely homes, although the aspect is south facing to the water.
Paddington Homes – Eastern Suburbs
Paddington is a good example of micro price pockets within a suburb. Some popular streets like Paddington Street have four median prices depending on which end and which side of the street you are buying on. The median prices range from $2.798m to $4.092m so you want to ensure that you are comparing to a similarly located property rather than to the general street. This is a prime example of how intricate knowledge of a suburb can save you thousands of dollars.
Our specialist Eastern suburbs Buyers Agent Jillian Cook shares her insight into the Paddington property price pockets.
Paddington is an old suburb with numerous ornate terrace houses, with Paddington Street, Windsor Street, and Sutherland Street being the top three locations. All three streets are oriented northeast to the rear on one side, and most of the houses have rear lane access, providing highly coveted parking space. The highest price paid to date in Paddington was 33 Victoria Street, which sold on March 24, 2024, for $33 million. A stunning whole-floor apartment in the redeveloped Royal Hospital for Women sold in June 2023 for $20 million. Another notable sale is 240 Glenmore Road, a double-fronted, beautifully renovated grand Victorian mansion, which sold for $14 million on June 3, 2023.
Paddington offers a wide variety of cafes, restaurants, and shops, with easy access to the Sydney CBD adding to its already infectious charm. The properties on many streets offer north-to-the-rear blocks, providing sublime views of the city and the leafy Eastern Suburbs.
The Advantages of a Buyers Agent
Navigating the nuances of property prices within a suburb can be daunting for buyers, especially in a competitive market like Sydney. This is where the expertise of a Buyers Agent comes into play. Here are some advantages of partnering with a Buyers Agent that specialises in the areas you are looking to purchase in:
- Market Insights: A Buyers Agent has a deep understanding of local market trends, allowing them to provide valuable insights into which suburbs offer the best value for your budget and preferences.
- Access to Off-Market Opportunities: Buyers Agents often have access to off-market listings, giving you an edge in finding properties that may not be publicly advertised.
- Negotiation Skills: Experienced Buyers Agents excel in negotiation, helping you secure the best possible price and terms for your property purchase.
- Streamlined Process: From property search to settlement, a Buyers Agent streamlines the entire buying process, saving you time, effort, and stress.
- Objective Advice: Buyers Agents work exclusively for the buyer, ensuring that their advice and recommendations are unbiased and in your best interests.
The difference in property prices within a suburb are a combination of location nuances, property types, market dynamics, growth prospects, and human emotions. Navigating this landscape requires experience and this is where partnering with a Buyers Agent can provide you with a strategic advantage, whether you’re a first-time buyer, investor, or looking to upgrade your current property. By leveraging their insights, access, and negotiation skills, you can navigate the market with confidence and achieve your property goals efficiently, saving time and money.
To find out how we can help you with your individual property search, reach out to one of our Sydney Buyers Agent Local Area specialists below: