Despite being one of Sydney’s most prestigious suburbs, Bellevue Hill has seen surprisingly little change in rental prices over the past five years. The median weekly rent for a house in the area now sits at $2350, only a 4.4% increase since 2019 – the slowest growth rate among all Sydney suburbs.
In contrast, nearby suburbs like Rose Bay (up 34.1% to $2075), Paddington (up 31.8% to $1450), and Bondi Junction (up 28.6% to $1350) have seen much steeper rises.
So, what’s behind the minimal change in Bellevue Hill?
Experts believe it’s not due to a lack of demand, but more about the market levelling out after rent adjustments during the pandemic. With rising living costs, some tenants are now choosing nearby suburbs that offer better value for money, especially as luxury rentals become less of a necessity for many.
In fact, rents in Bellevue Hill actually dropped by 5.9% over the past year. Listings in the area are also limited – only 65 rentals were available in April, down from 77 the year before.
According to local property managers, there’s been a noticeable dip in demand at the top end of the market. Homes that once rented for $5000 per week are now leasing closer to $4000, as people reassess their budgets in the face of high construction costs and general financial pressure.
Bellevue Hill’s rental homes tend to be large family houses, often passed down through generations. Many are negatively geared, meaning owners are more focused on long-term capital growth than rental yields.
The typical renters in Bellevue Hill include families, expats, government officials, or locals needing a temporary home during renovations. But even these groups are starting to rethink how much they’re willing to spend on rent.
Some tenants now prefer the livelier atmosphere of nearby suburbs like Bondi or Rose Bay, which offer more retail and dining options. Bellevue Hill, by contrast, has a quieter, more residential vibe – which some still find appealing due to its close proximity to the CBD, beaches, and top schools.
While the pace may have slowed, Bellevue Hill remains a desirable and stable rental market, especially for those who value location, space, and a peaceful lifestyle.
