The sought-after Sydney suburb where property prices just jumped $500k
Unit prices in a string of Sydney's eastern suburbs have soared over the past year, led by a jump of more than $500,000 in Bellevue Hill, as first home buyers and downsizers compete for the limited supply of homes available.
Bellevue Hill's median unit price rocketed to $2 million, a 37.7 per cent annual change or an increase of $547,500, based on Domain's House Price Report for the March 2025 quarter.
Little Bay followed at $1.44 million (a 23.1 per cent increase, or $270,000). Woollahra, Rose Bay, Coogee and Paddington also saw price growth of at least 10.2 per cent, or six-figure surges.
Unit prices jumped in suburbs across Sydney including Parramatta, Botany, Canterbury, Strathfield, North Sydney and Penrith too, up by double digits in the past year, but the east accounted for six of the top 25 performers.
Domain chief of research and economics Dr Nicola Powell said there was a shortage of quality low-rise apartments in the east, as well as strict height caps.
'There are strict height caps on what can be developed,' she said. 'Overall completions are well below buyer demand, and that will help to create that premium and push prices higher.'
Powell said the price gap between houses and units was pricing many buyers out of purchasing a house, and when you add in downsizers in suburbs such as Bellevue Hill, this helps to push up prices.
'They're cashed-up downsizers selling their multimillion-dollar houses, and they want to stay in the suburb for reasons such as community and walkability. That will cause prices to go up.'
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