Sandy Bay, Tasmania: Australia's most affordable prestige market that costs $6 million less than Vaucluse
Looking to enter the prestige market without the multimillion-dollar price tag? Welcome to Sandy Bay, Tasmania’s most affluent suburb, where the median house price is $6 million less than Sydney’s Vaucluse.
Sandy Bay is known for its pristine beach, yacht clubs and River Derwent views. Beyond its charm and good looks, the neighbourhood’s five-minute drive to the CBD offers locals a level of convenience the mainland’s prestige market could only dream of.
Similarly to Toorak in Melbourne or Vaucluse in Sydney, Sandy Bay is well-established as Hobart’s most prestigious suburb. Its median house price is $1,200,226, according to the Domain House Price Report for December 2024.
This price point is considerably lower than that of Vaucluse ($7.445 million) or Toorak ($4.2 million), and makes a compelling case for those looking to enter a prestige market for less.
Further north on the mainland, Brisbane’s most affluent suburb, New Farm, has a median house price of $2.8 million – more than double that of Sandy Bay.
For those considering crossing Bass Strait and entering Hobart’s prestige market, agent Ant Manton of LJ Hooker Pinnacle Property has a tempting sales pitch.
“If they sell up in Sydney or Melbourne, they come to Tassie, they can buy something [within Sandy Bay’s median house price], and they can buy a shack or a boat for the weekend,” he says.
“That’s the sort of pitch that I like to put to people: Sell up in one of the bigger markets and put some cash in your pocket as well after doing all that. I think it’s a fantastic option.”
It sounds even sweeter, considering Tasmania’s top-tier property market has a median $445,218 lower than that of Sydney’s overall house market, which has a median of $1,645,444.
The most desired pocket of Sandy Bay is below Churchill Avenue, where larger period homes stand tall, says agent Georgie Rayner of The Agency Hobart.
“I often get asked for properties that are in between Lambert Avenue and Fisher Avenue, and below Churchill Avenue,” she says.
“This pocket of Sandy Bay is certainly considered very desirable; it has the older, larger homes with garden space, off-street car parking, the ceiling height, the size of the rooms.”
The suburb is also known for its diverse mix of modern homes, and most houses in the area are known for their stellar views.
“A huge attraction of Sandy Bay is its views, so pretty much every home, obviously with exceptions, has a view,” Rayner says. “The further up the hill you go, the more magical the views get.
“You can see the finish of the Sydney to Hobart yacht race. You can see the cruise ships that come in. You can see the night lights on the Tasman Bridge.”
The area’s vibrant lifestyle and easy access to the CBD are also winners for house hunters.
Some locals no longer start their car engines because they’re so close to everything – they walk.
“Some people in Sandy Bay don’t even need a car,” says agent Ant Manton of LJ Hooker Pinnacle Property. “If you’re in the right location you can literally walk to everything.
“You’ve got great restaurants, you’ve got shopping, you’ve got supermarkets and transport, and it’s a very easy commute to the city.”
While it is typically a tightly held neighbourhood, both Rayner and Manton have seen more for-sale signs popping up in the area.
The average days on market in the ABS SA4 Hobart region have increased from 65 to 82 days in the past year, according to Domain data.
These slowing market conditions might just be the nudge that potential buyers need to make a move, Rayner says.
“If you are in the market, and if you feel an attraction to a property, may I really strongly encourage you to start a conversation with your agent,” she says.
“I’m finding a lot of vendors are quite comfortable with a longer settlement. It’s a good time to buy.”
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