The property market in Australia is not for the faint-hearted with soaring real estate prices across the country. As of January 2015, the top suburbs with the highest median rent were located in and around Sydney – as per a statistics study from CoreLogic RP Data. Here we uncover the topmost expensive Sydney rental suburbs.
Boasting a vast stretch of the most pristine coastal lands in the world, it was only a matter of time before Australian real estate boomed along the beaches. With its expansive and immaculate beaches, Tamarama, an exclusive eastern suburb in Sydney comes in at first place with an average weekly rent of $2200. This is a whopping increase from January 2014, where the average weekly rent stood at $1595. Also, tied in first place is Killcare, a wealthy suburb in Gosford, where the average asking rent was also $2200 per week, albeit a fall from the asking rent of the previous year, which stood at $2450 per week.
Located in Sydney’s eastern suburbs, Vaucluse and Dover Heights saw a fall of $250 per week over the past year to settle at approximately $1850 per week, which is still some of the most expensive Sydney rental suburbs. Many of the houses in these suburbs benefit from a harbour, as well as ocean view – making it a highly sought after location for many wealthy people. Double Bay, also located in the East has always been about affluence and that’s part of this suburb’s appeal. With rent averaging at around $1500 per week, this suburb is not for light pockets.
Bellevue Hill is home to the famous Fairfax family and is up there as one of the most expensive Sydney rental suburbs. Bellevue Hill comes with an asking rent of $1700 per week, which is a slight drop from the year before. With some of the country’s wealthiest people living in Bellevue Hill, the attraction of the area lies in the presence of excellent private schools and hospitals. It is also centrally located in close proximity to several beaches, the eastern suburbs, the airport and the CBD.
Another suburb in Gosford – the coastal area of Hardys Bay comes in with an average weekly rent of $1865. The rental amount from the previous year is not known.
McMahons Point, located on Sydney’s North Shore has an asking price of $1600 per week, which is a phenomenal increase from $590 per week the previous year. Sydney’s North Shore has become highly sought after, due to its low crime rate and easy transport network access to the city’s business districts. With a growing number of pubs, bars and cafes, McMahon’s Point is set to rise in appeal over the next few years.