Coogee Median House Price Shows a Strong 20% Increase

Coogee Median
Photo Credit: Google Maps

As the property market goes from strength to strength, strong demand has fuelled an impressive Coogee median house price increase of 20 per cent, as downsizers, investors, interstate buyers, and young families flock to the eastern suburb for a taste of its beachside lifestyle.


Highlights

  • The property market rose by 19.97 per cent from October 2020 to September 2021, putting the Coogee median house price at $3,551,000.
  • Coogee’s median unit price also rose by 10.59 per cent, at $1,375,000 for the same period.
  • As one of the most expensive suburbs in Sydney, Coogee is a tough property market to enter, being a high-demand market for affluent investors. 

House Price Growth

According to data from Property Market Updates, the house price growth in Coogee rose by 19.97 per cent from October 2020 to September 2021. This has led to the increase in the median house price at $3,551,000, up from $2,960,000 in the previous year. 



Despite the lockdowns, properties in the Eastern Suburbs, including Coogee, have posted growths in the double-digits, as investors continue to flock to places that tick all their boxes. Buyer demand has been outstripping supply in tightly held Coogee, with only 64 houses sold during this period.

Coogee Median
Photo Credit: Property Market Updates

House listings spent an average of 28 days on market. Two-bedroom homes had the most buyers, especially from the young crowd who come from established families. 

This suburb remains high up on the list of suburbs to invest in Sydney and with good reason. Coogee is one of the most expensive property markets to get into in Australia. Despite that, it’s still a high demand market, averaging 1,451 visits per property, per realestate.com.au

Unit Price Growth

Growth of the Coogee median unit price was tracked at 10.59 per cent from October 2020 to September 2021. The double-digit increase has placed the median unit price at $1,375,000, up from $1,227,500 in the previous period. 

Coogee Median
Photo Credit: Property Market Updates

Unit stocks sold for this period reached 338, with half of the transactions for two-bedroom apartments. Unit listings stayed at an average of 29 days on market, with insiders saying there are still not enough stocks to meet demand. 

Over the decades, heaps of Coogee apartments, especially those close to the beach, have been redeveloped to high-standard that appeals to investors with discerning taste and affluent backgrounds.

About Coogee

Vibrant Coogee, found in Sydney’s affluent eastern suburbs, is attractive to both locals and tourists alike. The name “Coogee” is from the Aboriginal word “koojah” which is translated to “the smell of seaweed drying.”

Photo Credit: Google Maps

Coogee became a town in the late 1830s and sealed its popularity as a go-to destination for beach escapades in Sydney in the early 1900s when the electric trams opened. Today, life in this resort town continues to revolve around Coogee Beach, as well as the ocean pools,  McIver’s Baths and Wylie’s Baths. Further up north is Gordons Bay, a haven for avid snorkelers.

Houses in this beautiful beachside suburb are mostly apartment rebuilds and condominiums fitting or the lifestyle of the locals. Half of Coogee’s residents are between 20 to 40 years old, who also enjoy an active nightlife at heaps of pubs, bars, and cafes along the main shopping and dining strip on Coogee Bay Road.

However, further at the back and close to the neighbouring suburbs of Randwick and Clovelly are traditional beach houses and Victorian-era cottages, which are highly in demand for young and small families. 

Coogee is also popular for landmarks like the Coogee Pavilion and the Coogee Bay Hotel, where numerous community events have taken place for decades. 



“I know there are other places to live but I just could not see myself living anywhere else. When you live in a place like Coogee, you do not just have a home, you obtain a lifestyle. Parks, beaches, clubs and community are all in one location.”

Andrew

“I’ve died and gone to heaven. Close to the city, airport, shops, amazing restaurants and cafes, and the perfect BEACH!

Street Adviser

“What can I say about this place? Other than that, I fell in love with Australia and never want to live anywhere else again. Coogee is awesome in every way. Whilst Sydney does have a tendency to be a little on the pretentious side in general this most definitely does not apply to Coogee or ‘The Coog’ as I refer to it. If friendly locals, beautiful scenery, beautiful people, a relaxed vibe, whilst being close to the city and buzz is your thing, then this place is unbeatable.” 

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