Bellevue Hill residents are witnessing their suburb inch ever closer to making Australian property history, with the latest data revealing the median house price has reached $9.925 million – just $75,000 shy of the unprecedented $10 million mark.
According to the latest Domain House Price Report released this week, the prestigious eastern suburb has experienced remarkable growth, with property values climbing by $4.3 million over the past five years. This meteoric rise positions Bellevue Hill as Australia’s most expensive suburb, with experts predicting the historic milestone will be achieved by year’s end.
Photo Credit: Ray White Double Bay
Dr Nicola Powell, Domain’s chief of research and economics, highlighted the significance of this growth for existing homeowners. Those who purchased properties before the COVID-19 pandemic have seen multimillion-dollar increases in their home values, she noted.
The suburb’s appeal has remained consistently strong since 2012, driven by factors that distinguish it from other prestigious Sydney locations. Local real estate professionals point to several key advantages that continue to attract affluent buyers to the area.
Photo Credit: Ray White The Woollahra Group
Ben Collier from The Agency explained that buyers from Vaucluse are increasingly drawn to Bellevue Hill for its superior city access, even though many properties lack harbour views. As waterfront properties become increasingly scarce across Sydney’s eastern suburbs, discerning buyers are turning to Bellevue Hill as their preferred alternative.
The suburb’s unique combination of central location and generous land sizes sets it apart from competitors such as Vaucluse, Bondi Junction, Bronte, and Mosman. Di Wilson from Ray White Double Bay emphasised that residents benefit from proximity to city amenities whilst enjoying the space and privacy typically associated with more distant locations.
Post-pandemic market dynamics have further fuelled demand, with buyers prioritising city proximity over traditional preferences. Oliver Lavers from TRG observed that online property searches now favour inner-city addresses like Bellevue Hill over previously popular Vaucluse listings.
Photo Credit: Ray White Double Bay
The premium placed on renovated properties has contributed significantly to price escalation. Lavers cited a remarkable example where a Fairweather Street property purchased for $9 million in 2020 underwent $3 million in renovations and sold for $21 million just two years later.
Land scarcity in prime streets has reached critical levels, with vacant blocks in prestigious locations like Kambala Road and Bulkara Road commanding prices exceeding $10 million. A recent Kambala Road land sale achieved $13 million for an undeveloped block, demonstrating the suburb’s escalating value proposition.
The year has been particularly notable for trophy sales, with several transactions exceeding $40 million. Significant deals include filmmaker Warwick Ross and former journalist Margot Ross achieving $50 million for their property, whilst retail executive Ellie Tavakoli from ACS Designer Bathrooms secured $45 million for her Kambala Road mansion. Local buyers also completed a $45 million purchase within the suburb.
These figures follow last year’s record-breaking $80 million sale of Alcooringa, the Spanish Mission mansion sold by property developer Stephanie Conley-Buhre.
Industry professionals anticipate continued upward pressure on prices, with Collier predicting that Bellevue Hill may eventually breach the $100 million ceiling for individual property sales. The concentration of ultra-high-value transactions this year alone suggests the suburb’s premium market remains robust.
Recent data confirms that both Bellevue Hill and Vaucluse have experienced exceptional year-on-year growth, with average increases exceeding one million dollars, reinforcing the suburb’s position at the apex of Sydney’s property market.
As the suburb approaches this historic pricing milestone, residents and observers alike are watching to see whether Bellevue Hill will become the first Australian suburb to achieve a median house price of $10 million, cementing its status as the nation’s most exclusive residential enclave.
Published 25-July-2025
