Sydney suburbs where home buyers splashed the most cash in 2024

Once bridesmaids to Sydney’s ultra-prestige postcodes, Mosman and Castle Hill have now topped Sydney’s leaderboard in total property spend during 2024.

Proving that versatility and buyer appeal can outshine even the priciest postcodes, the suburbs claimed the top two spots in CoreLogic’s Best of the Best Australia 2024 report for the highest total value of sales of houses in Sydney in the 12 months to September.

For Mosman, it’s a victory lap. Retaining its crown for the second consecutive year, the harbourside hotspot hasn’t just held its ground but upped the ante with an additional $250 million in sales value, climbing to $1.65 billion in 2024. Meanwhile, Castle Hill muscled its way onto the podium, claiming second place with $1.08 billion in sales.

Together, the pair accounted for more than $2.7 billion in property transactions, a feat that experts say speaks to their evolving roles in Australia’s real estate hierarchy.

“Mosman is a suburb that’s more and more sought after,” said Michael Coombs of Atlas Mosman.

“Those grand estates, waterfront family homes and its close proximity to the city mean it ticks a lot of boxes. But this year, we also saw a significant increase in expats – almost double from last year. So, while our offshore market pulled back, expats made up about 30 per cent of buyers.

“This led to a rush at the start of the year in our Mosman office that resulted in $300 million transacting in February and March alone.”

Coombs said their office also clocked the top four suburb sales of 2024 – with 46 The Grove topping the list after it fetched $30 million in March.

Despite the performance, Coombs said sales were tougher to get over the line in 2024 as buyer confidence remained on shaky ground. He put the strengthened expat market down to the lowered Australian dollar.

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In Castle Hill, where the median house price reached $2,312,500 in September last year – according to Domain’s latest House Price Report – the surge to second place on the national ladder underscores a different trend.

Jack Ho from Murdoch Lee Estate Agents said the suburb had become a magnet for upgraders – with buyers from blue-chip northern suburbs migrating to the Hills to get more bang for their property buck, alongside families from cheaper pockets such as Blacktown seeking a step-up on the ladder.

“In Castle Hill you can get a house under $3 million, close to nature and great schools with enough space for a pool. It’s an upgrader’s paradise. And it’s good for families, space, and a sense of community,” he said.

“Buyers come from all over Sydney. We get upgraders from the western suburbs who are upgrading to a better home in a leafy street – but we also get people coming from Burwood and Strathfield.”

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Despite the demand, Ho said the end of the year saw a softer market, with conditions likely to remain that way until the second quarter of 2025.

CoreLogic’s head of research, Eliza Owen, said the report showed Mosman’s high price points and larger sales were the winning formula for sales value, while Castle Hill’s aspirational but achievable market paved the way to its silver medal performance.

“The Hills jumping to number two on the total sales value is particularly interesting,” she said.

“It’s obviously not a suburb you associate with luxury, but it’s aspirational for a lot of young families cashing in for the more traditional dream.

“It’s got these beautiful, large, well-built homes on big blocks of land with good schools, so even though it’s not what you think of when you think of luxury, it’s an idyllic area for families, whether they’re upgraders or people from more affluent areas looking to get more value for money.

“It’s a suburb you never need to leave, and while there’s not a lot of people working in the area, there are so many new restaurants and even bars that have opened, so it has become quite a haven for young families.”

But growth can have drawbacks. Owen warned the suburb was getting to a point where it was quite unaffordable, which had slowed the pace of growth in the market.