The Sydney suburbs where home buyers pay a premium for space

Home buyers in a cluster of sought-after inner Sydney suburbs are paying more than $20,000 for only one square metre of land.

The median price paid per square metre in Sydney overall was $2590 last year, but in the most expensive suburb of Paddington, buyers shelled out $27,440 for the same amount of space, Domain’s Price Per Square Metre Report 2024, released on Thursday, found. “People are willing to pay for less space and pay a higher price per square metre in some of these prime, premium locations in Sydney. They are suburbs that are highly sought after, they are suburbs that people fight to get into.”She noted that these areas are dominated by terrace houses and medium-density dwellings, creating an efficient use of land and housing more families than in some other patches of the city’s eastern suburbs.

Some local buyers are downsizers who purchase a country home in the Southern Highlands or on the coast and a city bolthole they can lock up and leave, he said.“The downsizer demographic, upsizer demographic, first home buyer demographic are all competing with one another, which creates a really competitive market,” he said.

Many terraces in Paddington and Woollahra are set on between 90 and 240 square metres of land, while the housing stock a little further away in Randwick, for example, did not run that small, and would more likely be a semi-detached home starting from 180 square metres. Prices were less than $1000 per square metre in Mount Victoria, Woodford, Faulconbridge, Hazelbrook, Lawson, Wentworth Falls and Warrimoo.Demographer Simon Kuestenmacher said many buyers would like a large block of land with greenery and a big house near job clusters with a reasonable commute, but it is out of reach in Sydney now.

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