Coogee median house prices have recorded a remarkable $580,000 increase over the past year, nearly tripling the annual earnings of an average Australian judge, new PropTrack data reveals.
The beachside suburb’s median house price now sits at $4.01 million, positioning Coogee among Sydney’s top-performing property markets and ranking it 12th nationally for absolute price growth.
This substantial increase comes amid challenging economic conditions, including 13 interest rate rises that have impacted mortgage repayments across the country. Despite these headwinds, Coogee’s growth reflects the broader resilience of Sydney’s premium property market.
The eastern suburbs enclave’s performance aligns with Sydney’s dominance in the national property landscape. More than 130 Sydney suburbs recorded price increases above $204,934 — the average annual income of judicial professionals, according to the latest Australian Taxation Office figures.
Neighbouring South Coogee also demonstrated strong growth, with house prices increasing by $295,000 to reach a $4 million median, further highlighting the sustained demand for Sydney’s coastal properties.
Within the broader Sydney market, where median home prices grew 4.98% year-on-year to a new peak of $1.103 million in September, Coogee’s performance stands out. The current Sydney median sits more than 38% higher than pre-pandemic levels.
The data shows Coogee’s growth places it among an elite group of Sydney suburbs, following Bellevue Hill with a $1.15 million increase and Queens Park with a $1 million rise in median house prices over the past year.
Published 23-October-2024
