An Introduction to Sydney Prime Group
The Sydney Prime Group was established to create greater connectivity between key McGrath agents in the prestige areas of Sydney and the wider Knight Frank business. Through this platform our operatives share listings, buyers, and general market intelligence with one another to help drive awareness and create velocity of sale for our vendors.
Together, the Sydney Prime Group works to bring qualified buyers from outside your local area to your home, meaning that you aren’t just getting a local area specialist, you’re getting an entire team of high performing agents from across the city.
We have taken the opportunity to showcase some of the results that our Prime Group operatives have achieved over the last 12 months in the pages that follow.
Sydney Prestige Market Summary
Compared to one year ago, Sydney’s prestige residential market has outperformed across most leading indicators for 2024. Prestige sales transaction volume trended higher, the average time on market to sell a home was shortened, prestige residential values and rents grew stronger and gross rental yields rose.
Key Drivers
The Reserve Bank of Australia (RBA) lowered the cash rate target to 4.10% in the February 2025 meeting in to order to stimulate the Australian economy, this was held steady in the April 2025 meeting.
Business conditions were 3.2 points above the average in December 2024 in the NAB business survey, although this trended lower than the 5.5 pts recorded a year earlier. Company gross operating profits rose 5.9% in 2024 after recording 7.4% in 2023, although growth in new private business investment was down from 8.8% to 0.3% over this time.
There tends to be a strong correlation between an upward trending stock market performance and the growth in prestige property prices. The S&P/ASX 200 annual growth eased from 17.3% in September 2024 to 7.5% in December 2024.
Australasia’s wealthy population grew by 3.9% in 2024, to 49,367 people with net wealth of more than US$10 million. This population is forecast to grow by a further 5.3% by the end of 2028 according to the Knight Frank Wealth Sizing Model.
Number of Sales
Although more homes were listed on the market at the end of 2024, Sydney’s prestige market saw a growing number of transactions take place at a faster pace than a year ago.
Overall, there were 4.7% more Sydney residential listings in the month of December 2024, compared to a year ago (Corelogic).
Sydney’s prestige sales rose 27.1% in 2024 to total 1,630 home sales, compared to 2023, according
to McGrath Research. The number of prestige sales across Sydney trended up 4.2% between Q3 2024 and Q4 2024, to total 370 sales in the fourth quarter of 2024. Although, this was lower growth than the same quarter (at 122%) one year ago.
Sydney prestige homes were listed on the market for an average 72 days in the Q4 2024 quarter. This was slightly higher than 69 days one quarter ago, but lower than 78 days a year ago.
Price Outlook
Sydney Prestige Prices - Performance over past 5 years
Contrary to the price performance being sustained in the lower end of the core residential market and the top 1% of the market in Sydney, prestige prices across the top 5% of the market saw 1.1% growth in 2024, with -0.8% price performance recorded in the last quarter of the year. Since 31 December 2019, Sydney prestige prices have grown by 23.2%.
Sydney’s prestige annual price performance trended below the global average of 3.2% at the end of 2024, which ranked Sydney at 28 place from 44 global cities in the Knight Frank Prime Global Cities Index.
With slightly more homes on the market, global uncertainty and the lead up to potential rate cuts has slowed price performance.
Following more sustainable growth in 2025, with restored confidence in H2 2025 post-election, McGrath Research forecast 3% prestige price growth in 2026 and a further 5% in 2027.
Rental Outlook
Sydney Prestige Rents - Performance over past 5 years
Looking at Sydney prestige homes from an investment perspective, gross rental yields were lifted by 3 bps in Q4 2024 to average 2.54%, whilst this was 6 bps higher than a year ago.
Construction costs continue to delay new developments kicking off, mainly driven by labour whilst material costs remain elevated. This is capping new supply coming into the market for both investors and owner occupiers. As a result, prestige property rents in Sydney have increased by 43.2% since 31 December 2019.
Sydney prestige rental growth was 0.5% in the December 2024 quarter, rising 4.7% in 2024. This trended at more than double the global average of 2.2%, where Sydney ranked 5th place from 16 prime cities tracked in the Knight Frank Prime Global Rental Index.
Prestige residential rents in Sydney are forecast to increase a total of 3% by the end of 2025, and a further 3% in 2026 and 4% in 2027, according to McGrath Research.
Sold for $16,515,000
An absolute waterfront masterpiece of incredible elegance and grandeur
5 Sea Street Hunters Hill
Sold for $15,000,000
Stunning contemporary oasis in this exquisitely reimagined early-century classic
43 Prince Albert Street Mosman
Sold for $14,780,000
Architectural home reveals vast harbour backdrop
106 Arabella Street Longueville
Sold for $12,889,000
Commanding a prime position above Balmoral Beach
41 Redan Street Mosman Sold for $13,400,000
Magnificent designer sanctuary on the water’s edge
This stately home melds timeless elegance with modern design
Sold for $9,100,000
for $12,550,000
for $8,200,000
Sold
Breathtaking Victorian residence masterfully reimagined 24 Harbour Street Mosman Sold
Framed
for $7,800,000 Sold for $7,550,000 Period elegance with modern luxury in a meticulously renovated two-level design
Sold for $43,500,000
‘Monkton’ Blue-ribbon family estate with world class harbour views
53-55 Cranbrook Road Bellevue Hill
Architectural masterpiece and a world class entertainer on a 1,567 sqm block
78 Kambala Road Bellevue Hill
Architecturally and thoughtfully crafted c1854 by Frederick Clarke embodying Dutch colonial style
38 Roslyndale Avenue Woollahra
The apex of luxury living within ‘One Barangaroo’
Sold for $17,500,000
Barangaroo
Sold for $16,600,000
Stunning private five bedroom family home on 677sqm in exclusive enclave
4 Cranbrook Road Bellevue Hill
Sold for $12,500,000
Flowing effortlessly, the floorplan has been carefully considered to accommodate a growing family for years to come.
5 New South Head Road Vaucluse
8 Cooper Street Paddington
This outstanding home is arguably his most spectacular Paddington creation.
Sold for $13,250,000
315/180-186
Sold for $9,200,000
Eye level panoramas of the sand and surf beckon in this outstanding residence
Campbell Parade Bondi Beach
Sold for $8,500,000
Benchmark apartment with impeccable finishes and superior craftsmanship
102/134 Campbell Parade Bondi Beach
23 South Street
Strathfield
Exquisite state-of-the-art sanctuary boasting worldclass resort entertaining
Sold for $16,880,000
Prestigious waterfront parcel with private beachfront access 44 St Georges Crescent Drummoyne Sold for $12,500,000
Magnificent estate, set on a colossal 2,460sqm parcel with 30.48m frontage 52 Woodside Avenue Strathfield
23 Firth Avenue
Sold for $10,650,000
100 Barker Road
Strathfield
Sold for $9,300,000
31 Boden Avenue
Palatial home reveals a refined sense of grandeur
Strathfield
Luxury home showcasing breathtaking interiors and resort style entertaining
Near new home crafted to impeccable standards
Strathfield
Sold for $9,300,000
32 Myee Avenue
Strathfield
Spectacular brand-new architectural masterpiece of innovative design
Sold for $8,800,000
44 Newton Road
Strathfield
A magnificent showcase of modern state-of-the-art architectural design
Sold for $8,400,000
2 Myee Avenue
Strathfield
Exquisite residence showcasing modern luxury and effortless entertaining
Sold for $8,000,888
Beaches:
Sold for $9,755,000
True beachfront property on the upper peninsula
Mona Vale
Deep waterfront setting in Newport’s most exclusive enclave
Extraordinary residence designed with a clear focus on style
Commanding 180 degrees of due north ocean frontage
Classic Pittwater retreat oasting 32 metres of waterfrontage
1/11 Birdwood Avenue Collaroy
86-88 Prince Alfred Parade Newport
World-class beach house on 1,000sqm of landscaped grounds
Sold off Market for $11,500,000
115/156A
Sold for $8,500,000
18
One of a kind ‘Elysium’ Penthouse with sweeping 270-degree views
Terrigal Drive Terrigal
Sold for $7,500,000
Landmark estate with an uninterrupted ocean panorama
Edward Place Knockrow
Breathtaking 2.5 acre estate
epitomizing refined coastal living 37 Vicary Road
Sold for $5,900,000
Terrigal
8 Border Street Byron Bay
Award-winning contemporary masterpiece with 30m of Belongil beach frontage
256 Iona Park Road Moss Vale
Magnificent rural sanctuary nestled within 89 acres of pristine land
Sold Confidential
60 Kingsley Street Byron Bay
Award-winning six bedroom sanctuary with incredible entertaining zone
Showcasing
17 Prime Offices across our extensive Sydney network and beyond
McGrath Beecroft
McGrath Crows Nest
McGrath Double Bay
McGrath Hunters Hill
McGrath Lane Cove
McGrath Lindfield
McGrath McMahons Point
McGrath Millers Point
McGrath Mosman
McGrath Strathfield
McGrath Wahroonga
McGrath Willoughby
McGrath Avalon
McGrath Bowral
McGrath Byron Bay
McGrath Collaroy
McGrath Terrigal
Metro offices
Lifestyle offices
Collaroy
Terrigal
Double Bay Mosman Crows Nest
McMahons Point Millers Point
Willoughby
Wahroonga
Beecroft
Hunters Hill Lane Cove
Byron Bay
Bowral
