The richest streets in Sydney, revealed

Sydney is home to some of Australia’s (and even the world’s) most expensive properties.

Its notoriously robust real estate market has remained impressively resilient, with property values defying predictions and steadily rising over the past 18 months.

Sydney has led the current property upturn - prices started to rise in January 2023 at a time when supply was thin and buyer demand increased.

This underpinned a price growth spurt across more than 90% of Sydney suburbs.

The influx of new listings this year has been matched by robust demand, fuelling further price increases.

However, growth momentum has slowed since the beginning of 2024.

Moving forward, the various sectors of the Sydney property markets will be fragmented, which is a more “normal” property market.

Sydney auction clearance rates have been strong all year, showing significant depth in the market and suggesting sale prices will continue to keep rising this year.

Despite climbing property prices, tight supply and strong demand, there are still some sought-after areas where demand is as high as ever and the prices are still sky-high and are likely to continue to remain so in 2024.

After all, some of the city’s suburbs are so tightly held that an available property for sale comes around once in a blue moon with homeowners holding onto their houses for as long as 20 years.

And areas in lifestyle or coastal suburbs are still in particularly strong demand as homebuyers wait to secure their dream property.

Here is a list of the top 10 Sydney streets with jaw-dropping properties and eye-watering property prices that some of Australia’s wealthiest people call home.

The most expensive streets in Sydney

If you’re wondering where the city's richest people are residing, here are the 10 richest streets in Sydney based on the highest house sale prices for the 2023/24 financial year.

Source: Domain/real.estate.com.au

Point Piper’s Wolseley Road has long been considered Sydney’s most expensive street and with 308 units, 1 townhouse, 67 houses, and 28 other dwellings, according to Domain data, it’s easy to see why such tight supply, why the street fetches such high prices.

For the 2023/24 financial year, the street came in first place once again with a record-breaking $80-85 million sale of Rockleigh, a classic cottage on a 1284 sqm block taking up 120-122 Wolseley Road.

The sale is particularly impressive given it was bought by the family for just $325,000 in 1978.

Billyard Avenue in Elizabeth Bay was home to the second-highest reported sale in the last financial year - again at around $80 million.

The street is a small cul-de-sac with so few houses that PropTrack has no median house price available - but the median apartment price over the past year was $985,000.

The remainder of the list of the most expensive streets is all located in the well-known and high-priced suburbs of Vaucluse, Point Piper, Woollahra, and Rose Bay.

Sydney leads the pack for property price growth

Sydney continued to record price growth, with prices up a further 0.12% in July, to be 6.1% higher over the past year and sit 4.8% higher than the peak recorded during the pandemic.

Sydney house prices are likely to deliver another solid year in 2024 increasing by 7-9%.

This will be underpinned by strong overseas migration a lack of supply of quality dwellings and very little new construction causing a significant undersupply of properties.

Of course, these are just averages and some locations will outperform others considerably, particularly Sydney's middle ring gentrifying suburbs.

At the same time, Sydney rents are likely to remain robust in 2024 due to a shortage of rental houses and apartments.

Moving forward, there will continue to be a flight to quality and the various sectors of the Sydney real estate market will be segmented, which is a more “normal” property market.

There is a clear flight to quality with A-grade homes and investment-grade properties still in short supply for the prevailing strong demand, but B-grade properties are taking longer to sell and informed buyers are avoiding C-grade properties.

At Metropole Sydney, we’re finding that both home buyers and strategic investors are looking to take advantage of the window of opportunity currently available to them, while homebuyers are still actively looking to upgrade, picking the eyes out of the market.

About Brett Warren Brett Warren is National Director of Metropole Properties and uses his two decades of property investment experience to advise clients how to grow, protect and pass on their wealth through strategic property advice.