Sydney’s eastern suburbs: An exclusive enclave where home listings are rare

Oculus, the iconic mid-century home in Bellevue Hill, is the epitome of the area’s blue-chip property.

Oculus in Bellevue Hill

Oculus, the iconic mid-century home in Bellevue Hill, a suburb in Sydney’s exclusive eastern suburbs, is the epitome of the area’s blue-chip property.

Comprehensively renovated in a manner that has enhanced its striking curves and architectural integrity, the home’s landscaped gardens are an exquisite oasis, framing views of Sydney Harbour.

A 5km commute to Sydney’s central business district — and only a few minutes from boutique shops, cafes, bars, restaurants and elite schools — it’s a home that ticks a lot of boxes for families eager to get a foothold in the exclusive and prestigious area.

Having last traded hands in 2008 for $6.7m, owners Jillian Gower and her husband, Philip Moffitt, bought the mid-century masterpiece after returning from a decade living overseas.

“The house was in good condition, however quite dated,” Mrs Gower said.

The iconic Victoria Road house has a distinctive semicircular, partly domed roof and underwent an 18-month renovation by renowned architectural firm Tzannes Associates, who was called in to embrace its curves and improve the floor plan.

Faceted glass was replaced with bespoke curved glass — unavailable when the home was built — and a cantilevered steel terrace with timber blades was added to the top-floor balcony.

The new basement garage was excavated by hand, and the original pool was given a tranquil pond-style finish, and a free-form recycled blackbutt timber curved screen now defines the main living space at the centre of the home.

Now listed for sale with an asking price of about $17m, it exemplifies the suburb’s price growth, highlighted by a dearth of quality listings, with fewer than 10 houses for sale in the highly sought-after Bellevue Hill.

Oculus’s listing agent, Sotheby’s International Realty principal Michael Pallier, said a shortage of quality stock meant he regularly encouraged his Bellevue Hill clients to take their homes to the open market for full exposure.

“I advise most clients not to sell off-market to maximise the price,” he said. “Whenever I list a house, particularly if I take it to auction, it attracts multiple offers.”

By way of example, an estate, with no harbour views and in need of a renovation, on Tarrant Avenue in Bellevue Hill went to auction in September with a reserve of $7m. Listed for sale for the first time in 60 years, strong competition from three registered bidders pushed the price to $8.3m.

“We had sold a better house next door the year before for $8.25m,” Mr Pallier said.

As far as Australian prestige property is concerned, there is nothing quite like Sydney’s exclusive eastern suburbs.

Historic homes and opulent mansions occupy tree-lined streets, the best of them with waterfront positions or postcard views of Sydney Harbour.

Homes have access to harbour beaches, Double Bay and Rose Bay village shops, elite schools, the Bondi Junction shopping centre and transportation.

Suburbs such as Point Piper and Bellevue Hill are the creme de la creme of the eastern suburbs and the area’s No 1 and 2 suburbs respectively in terms of the city’s most expensive postcodes according to REA data.

Fairwater Estate on New South Head Road, Point Piper, sold for $100m, and neighbouring Elaine sold for $71m. The homes were bought by Atlassian co-founders Mike Cannon-Brookes and Scott Farquhar.

Although there’s little difference between the calibre of Point Piper’s homes and those found in Bellevue Hill, the former’s northern boundary is the Sydney Harbour waterfront, offering residents of large sprawling family estates unrivalled views and additional privacy from the road.

Point Piper had so few sales in 2019 — only two transactions — its figures are statistically unreliable, and so it fails to appear on annual industry property lists, compiled by analysts such as REA Group.

However, the average price of those two 2019 sales was $12m, REA chief economist Nerida Conisbee confirmed, well short of the suburb’s previous sales, which are the highest in the country.

Meanwhile, eight of the 10 all-time most expensive transactions are in Sydney’s eastern suburbs, according to data from Australia’s Top 50 Highest Selling Mansions.

“Sydney is a beautiful city with some amazing homes and perhaps some of the most amazing are in the eastern suburbs,” Ms Conisbee said.

“Properties that have amazing views command a premium price, while being right on the water will cost even more.”

Bellevue Hill’s median house price has increased $1.575m in the past five years — the biggest jump in the country — taking prices to $5.25m in the 12 months to the end of December, according to REA figures.

Freestanding homes with no views in need of some updating start from at least $5m, Mr Pallier said.

And despite a softening of Sydney’s property market in the first half of 2019, from which it has now recovered, interest in eastern suburbs prestige property didn’t miss a beat, remaining unaffected by tighter lending restrictions and a federal election in May 2019.

“Point Piper is still the No 1 suburb,” Mr Pallier said.

“But other suburbs, such as Bellevue Hill, remain highly sought after and always will be because of its proximity to the city, access to excellent private schools, synagogues, transport and shops,” he said. “It’s also a nice, safe area to live.”

Bellevue Hill’s most expensive current listing is Alcooringa, a 1930s-built home on Victoria Road with panoramic views of Sydney Harbour, the city skyline, Sydney Harbour Bridge and the Opera House.

The seven-bedroom house last sold in 1993 for $2.9m and is seeking offers in excess of $25m, according to the listing agent, Biller Property principal Paul Biller.

“The eastern suburbs market has started off exceptionally strong this year,” Mr Biller said.

“We’re getting big numbers to all our inspections across the board, whether that’s a one-bedroom apartment priced from $700,000 to a family home asking $7m.

“If anything, we’re getting multiple buyers, and there’s not enough stock to satisfy everyone and that’s what’s driving prices.”

Longer hold times by owners have also exacerbated the stock shortage, Mr Biller said, with homes across the eastern suburbs trading on average every 12.4 years, according to REA figures.

With low interest rates and an improving Australian economy, the outlook remains positive.

“Homes are often passed down through families, and people don’t tend to leave if they can help it,” Ms Conisbee said.

“It is also a suburb where there is a lot of money spent on renovations and knock down/rebuilds so the quality of homes is very high,” she said. “Bellevue Hill sees more sales, but listings are also low compared to other parts of Sydney.”