What Over $2 Million Buys You In Sydney’s Inner City And Inner West

April 19th, 2024 - by Brad Gillespie

A budget of over $2 million in Sydney’s inner city and inner west can go a long way, giving you access to luxury penthouse apartments and a great range of larger family homes.

We explore exactly how far your money goes in our part of the world.

The $2 million club is a rapidly growing market

It may seem hard to believe, but a decade or so ago, a million dollars went a very long way in Sydney’s inner city and inner west. However, by 2022, the Sydney Morning Herald reported that in Sydney, about 16% of homes were worth $2 million or more (compared to just 5% across Australia).

A year later, SMH reported that the number of suburbs across Australia with a median house price over $2 million had risen from 140 in 2022 to 170 in 2023.

Some of these suburbs were in our local area. For example, the overall median house price in Alexandria is $2,167,500 (up 25.3% in the last year alone), and for four-bedroom houses it is $2,560,000 (up 14.5% over the last year).

The price bracket where suburb records are set and broken

That said, Sydney’s inner west and inner city still provide better value than areas such as the eastern suburbs and North Shore. In our part of the world, $2 million+ is still the price bracket where suburb records start to be made and broken. And this has been the case for a while.

For example, in 2018, we set what was then a new Alexandria suburb record when we sold an apartment in The Park Terrace, part of One Sydney Park, for $3.12 million (at the time, Alexandria’s median house price was just $1.73 million).

Last year, the Waterloo suburb record was reset at $2,57 million. Alexandria’s record is $4.16 million, and Erskineville's is $4.2 million.

Meanwhile, Surry Hills has a suburb record of $11.5 million. And, after we sold a truly incredible property last year at 198-200 Australia Street, the Newtown suburb record stands at $13.5 million.

Which suburb medians in our area have reached $2 million+?

Two million dollars is almost double the Sydney-wide median dwelling value. But in many blue-chip suburbs across our city, it is considered an entry point.

There are many excellent properties for sale in the inner city and inner west under $2 million. But if you want a house with four or more bedrooms or a large luxury apartment in our area, you’ll almost certainly have to go beyond the $2 million mark.

In fact, the median house price in some suburbs has surged past $2 million, too.

Here’s a breakdown of the median house values, illustrating the jump between three- and four-bedroom houses in Sydney’s inner city and inner west.

Suburb Median Value House Median Value Three-bedroom House Median Value Four-bedroom House
Alexandria $2,167,500 $2,200,000 $2,560,000
Chippendale $1,930,000 n/a n/a
Camperdown $1,800,000 $2,000,000 n/a
Erskineville $1,784,500 $1,976,000 n/a
Redfern $1,802,000 $1,945,000 $2,420,000
Rosebery $2,167,500 $1,950,000 $2,800,000
Newtown $1,730,000 $2,020,000 $2,252,000
Marrickville $1,960,000 $1,950,000 $2,365,000

* Source: realestate.com.au suburb profiles, accessed 16 April 2024

Who buys homes for more than $2 million in Sydney’s inner city and inner west?

At over $2 million in our area, we mainly see owners/occupiers, although there is the odd investor, too.

This price point is generally popular with upsizers looking for extra space (including a third, fourth or even fifth bedroom). In the apartment market, we also see downsizers with large budgets seeking penthouse-style living.

While it’s common to find family homes at this price point, it’s also where the prestige market kicks in. This includes unique, one-off properties, such as heritage mansions or architect-designed converted warehouses.

These properties tend to attract a wide range of demographics, with buyers often coming from outside our area.

What can you buy in Sydney’s inner west for over $2 million?

There are some great properties for sale at around $2 million in Sydney’s inner city and inner west. Here are some of our most recent listings.

99A Church Street, St Peters: This stunning five-bedroom, three-bathroom smart home with a versatile floor plan was designed by Habitat Housing Architects. It is on the market with a price guide of $2.2 million, representing excellent value compared to neighbouring suburbs such as Erskineville or Newtown.

171 Denison Street, Newtown: This three-bedroom house sold for $2.06 million in April 2024.

22 Holmwood Street, Newtown: This terraced house sold for $2.1 million in March 2024. Just 100 metres from King Street, this character home had three-bedrooms.

72 Suttor Street, Alexandria: This four-bedroom, two-bathroom house in Alexandria’s “golden triangle” sold for $2.65 million in February 2024.

142 Queen Street, Beaconsfield: This contemporary house sold for $2.69 million in February 2024. A spacious Torrens title home, it offered five bedrooms, including a studio over the garage.

Want more?

Contact our team today to find out more about how we can help you buy and sell in Sydney’s inner city and inner west.