One of the most prestigious suburbs in all of Australia. Bellevue Hill is located 5km east of the Sydney CBD, in one of the most beautiful pockets of Sydney; littered with Harbour views right next to both Rose Bay & Double Bay. A suburb full of history, which was an original estate in the late 1800’s, Bellevue Hill has historically been affluent, only increasing over time. Many notable residents reside in Bellevue Hill such as the Packers & Fairfax Family.
Bellevue Hill is an extremely important suburb to Sydney & Australia, with many of the residents owning or managing some of the largest corporations with Australia.
Land has been at a premium since 1900 in Bellevue Hill, meaning it is one of the most consistent, in demand suburbs from both Domestic & International Buyers. Many of these are extremely wealthy professionals, managers, shareholders, or business owners.
Lifestyle
Famous for its larger than average blocks close to the CBD (often above 600m2), many residents enjoy great space in their local streets and communities. Residents also enjoy the green tree lined streets and space of both Woollahra Golf Club & Cooper Park.
Bellevue Hill is within 10 minutes of the Sydney Cricket Ground (SCG), Sydney Football Stadium (SFS) & the Entertainment Quarter at Centennial Park. World class facilities are further available at the two independent schools of the suburb: Scots College & Cranbrook School.
Towards both Old South Head Road & Bellevue Road sit many smaller cafes, restaurants, and stores. Many upmarket harbour view restaurants lie close by in Rose Bay & Point Piper.
Locals can be seen in local gyms towards Rose Bay and Edgecliff or exercising through the tree lined streets and harbour front tracks. Most professionals in Bellevue Hill work in the high rise buildings of the CBD or locally within the Eastern Suburbs.
School Zones
Two of the most expensive private schools; Scots College & Cranbrook School lie within Bellevue Hill. Cranbrook School in recent years has had a $400M+ upgrade to the school with international standard facilities visible along New South Head Road.
Many of the wealthiest individuals send their sons to these schools, and many daughters are sent to St Catherine’s in nearby Waverley.
Bellevue Hill Public School & Rose Bay Public School serve the younger residents of the suburb. The adolescent residents often attend the well acclaimed Conservatorium High School & Rose Bay Secondary College.
Sydney Boys High School & Sydney Girls High School’s are both extremely highly rated ATAR schools, which sit only nearby Moore Park, which attract many Asian students for the exceptional results.
For children with special needs, Centennial Park & The Joseph Varga School both lie close by at Randwick & Centennial Park.
Demographics
Historically, wealthy, and today even wealthier. Bellevue Hill is an aspirational suburb full of aspirational people. Over 75% of the residents are either Business Owners, Directors, Managers or Professionals. It is a key suburb for networking in Sydney and the Southern Hemisphere.
Accordingly, the average weekly income of the suburb is over $3,300 per week - double the state average. A key note is that many of the residents living in detached houses earn well above $5,000 per week.
A large part of many individuals have their asset base are locked up in capital assets, such as property, businesses, and shares. Most of this wealth is passed on generation to generation, shown in the many high profile families that have resided here for decades.
Accordingly, over 35% of residents own their properties completely outright, with many mortgage holders holding loan to value ratios (LVR's) of less than 30%.
Employment
Professional Services is the largest employer within Bellevue Hill. Close to 5% of the suburb are within the Legal Sector - Lawyers, Barristers or Queens Council. The other key roles that many residents hold within the company are within Financial Services, Healthcare, IT & Real Estate Services.
Many younger professionals can be found within the units closer to the main roads of the suburb. Some of the wealthier migrants are also found here too.
There are many C-Suite Executive level employees being within the suburb, often working from home. Working whilst travelling is common trend that can be found amongst residents in Bellevue Hill.
Transport
Being within 5km from the CBD, Bellevue Hill is a suburb with easy access to the CBD, beach, and many lifestyle locations.
Rather affluent, many residents do not catch public transport but have private vehicles that are stored in their larger than average residences.
Buses are the main mode of public transport for public transport commuters. The main stops can be found along South Head, New South Head, Bellevue & Victoria Roads. Here there are many lines that take commuters further east to the coast and beaches, south towards the airport or west towards the CBD.
Due to its affluence, many Bellevue Hill Residents moor their private sailing and power yacht vessels in the local Rose Bay & Double Bay Clubs.
Shopping Centre's, Restaurants & Facilities
Bellevue Hill is close to many world class facilities. For sports fans, many residents use the SCG & SFS * Entertainment Quarter region for training and events. Also, much of the local Scots College & Cranbrook School is a key training and events location for the suburb.
Many of the more upmarket Aged Care facilities lie locally within the suburb, and nearby Double Bay & Rose Bay.
Bondi Junction & Pitt Street Mall are the main large shopping districts for residents of Bellevue Hill; however, many residents enjoy the Oxford Street, high-street of Paddington. Many upmarket stores are found here with a more local feel. In the Western part of the suburb, this is within walking distance.
Development
Land in Bellevue Hill is some of the most scarce in the nation. Most development in the suburb occurs close to New South Head Road & Old South Head Road. Over the past 15 years, this is the main location where higher density is found and further developed.
In many of the quieter pockets, blocks of above 1000m2 are very common. Some dwellings are over an acre, with some over 2. Woollahra Council is extremely difficult to develop in these regions, with many heritage dwellings and lower density regulation keeping the exclusive nature of the suburb.
Rona, in Ginahgulla Road, is an example of this, an acreage that sold for over $50 million with heritage protection and spectacular harbour views.
Some of the most expensive dwellings can be found within the golden mile of Victoria Road, Ginahgulla Road & Kambala Road.
Capital Growth
Like much of the Upper Eastern Suburbs, internationally, these are some of the best performing suburbs for the past 100 years.
Some pockets of these suburbs have had profits of over $50 million on a single property. Bellevue Hill is no different to this, it has averaged above 8% capital growth for houses since the turn of 1900.
Scarcity of stock, no further stock added from subdivisions and excess demand from a wealthy demographic is the highest contributor to this. Many streets here will average above 10% decade after decade.
One of the few suburbs in Sydney where units perform relatively well, is Bellevue Hill. Units are priced above $1 million, meaning there is a high wealth requirement regardless of the dwelling. Units often perform above 6% decade on decade, sometimes above 8%.
Cash Flow
As the suburb increases significantly in value, yield for houses often averages between 2-2.5%. However, this is often over $2,000 per week, and consistently one of the most expensive suburbs to rent in Australia. This was about $1,300 per week in the years around 2010.
Units generally average about a 4% yield. Purchasers need to be mindful of strata rates, as many of the upmarket complexes hold very expensive strata rates, due to many services provided on site such as gyms, pools and saunas.
Rental Demand
Bellevue Hill is predominantly an owner occupier suburb for houses. Over 80% of the dwellings in the suburb are owner occupied. Renters find it difficult to lease properties in the more affluent parts of the suburb as sometimes no properties come to market for up to an entire quarter (3 months).
Often the vacancy rate ranges between 0.5-1.2%, meaning there is an unbelievable shortage of dwellings, and causes rentals to increase more than 1% higher than the average rental increases per annum.
Units are also in high demand, particularly when immigration is high for professional workers. Many of the dwellings are tenanted by these professionals and average vacancy rates between 1-3%.
Why You Require a Buyers Agent in Bellevue Hill
Bellevue Hill is one of the most difficult suburbs in Australia to acquire quality stock. Many celebrities, high net worth and high profile individuals live in the suburb. Often, this means that their residences are not open to the public for viewing, but only by appointment – particularly for houses.
The reason for this, is that there is a requisite standard of individual that is able to afford in a suburb such as Bellevue Hill and many of the surrounding Upper Eastern Suburbs of Sydney.
For purchasers, not having a Buyers Agent in your corner may be the biggest stock mistake you could make. It is possible that over 50% of the stock on market may be sold entirely off market at any given point in time.
Secondly, Bellevue Hill is home to many multi-millionaires and billionaires. These individuals do not have budget requirements when buying properties that they want. If they want a property, often a bidding war occurs until they get the property.
As a suburb of some of the best capital growth in the Southern Hemisphere, having the access and strategy to acquire is your biggest asset. Purchasing correctly here may save you more than $1,000,000 upon purchasing and millions more in capital growth by purchasing correctly over the course of multiple property cycles.
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