North Sydney home to some of Australia’s most expensive units

3 October 2024

By Hannah Wilcox

Two of North Sydney’s suburbs have been named as some of the most expensive places in Australia to buy an apartment. 

As of August 2024, Kirribilli and Milsons Point were ranked number three and five – with median values of $2,109,996 and $2,046,273 respectively.

Sydney was home to the top five most expensive suburbs. Darling Point took the crown with a price tag of $2,450,022 as Barangaroo came in not too far behind in second at $2,243,313.

Number four, with a median value of $2,099,151, was Millers Point.

Almost a third (29.3 per cent) of the 4,772 suburbs analysed earlier this year had dwellings valued at or above $1 million according to research released this week by property research firm CoreLogic.

It comes as national unit prices rose by 5.1 percent over the past year and 1.1 per cent over the past three months.

“Worsening affordability, lower demand for houses as people wait for the first interest rate cut and above average levels of new listings in the existing housing market have put an upward pressure on prices of units,” CoreLogic economist Kaytlin Ezzy told SBS News.

“The rising cost of construction has also played a role in price growth as we haven’t seen a significant flow of new houses and units into the market.”

“We aren’t building as many as we need to meet the demand and that’s putting upward pressure on prices,” she said, adding construction costs had risen during the height of the COVID-19 pandemic and were unlikely to fall.