Question 1

Is Double Bay a nice place to live?

Accepted Answer

Double Bay is an inner-eastern harbourside suburb centred on a sheltered bay and a compact village shopping strip along Bay Street, where boutiques, speciality food shops and cafés have created a strong street culture. The foreshore and small parks provide regular water views and boating activity, while residential streets mix Victorian and federation cottages with low-rise apartments for a close, well-kept feel. Regular ferries and frequent buses link Double Bay to the CBD and nearby beaches, making it an easy base for city and seaside living.

About 4,709 people live in Double Bay, with a median age of 39, and the community is weighted towards couple families, which together make up around 84.7% of all families. Median household income is $3,077 a week, and 55.3% of homes are owner-occupied while 44.7% are rented. Public works and planning are focused on transport and public space, including a rebuilt wharf with improved access, Bay Street upgrades to aid pedestrian connections, park pathway works and a proposed redevelopment of the Cross Street car park that is under consideration.

Question 2

Is it expensive to live in Double Bay?

Accepted Answer

Housing costs in Double Bay sit well above what local households earned at the last Census. The current median unit price of $2,300,000 is about 14.4 times a typical local annual household income at the last Census (weekly household income $3,077, annualised to $160,004), which places buying a unit well above local incomes.

Renting also takes a significant share of a typical local household's weekly income at the last Census: a house rent of $3,000 a week would be about 97.5% of that weekly income, while a unit rent of $1,100 a week would be about 35.8%. If you are mainly interested in renting or buying, those are the figures that matter and will help you judge how stretched housing costs would feel against local incomes.

Everyone's financial situation is different, so it's important to consider your own circumstances when deciding which suburb is right for you.

Question 3

Is Double Bay a good place to invest?

Accepted Answer

House values jumped 47.6% over the past 12 months, a very large rise, while house rents rose 17.7%, a strong increase. For houses in Double Bay, the price gain this year was much larger than the rent gain. On the unit side, values rose 10.8% and rents rose 10.6%, both strong increases and almost identical in size.

If capital growth matters most to you, the big lift in house values is the figure to note. If rental income is your priority, the rent changes show solid gains too, and for units the value and rent movements were roughly even. What that means for you depends on your goals and circumstances.

This information has been prepared without taking your objectives, needs and overall financial situation into account. It is not meant to be a substitute for professional financial advice. For this reason, you should consider the appropriateness of the information and, if necessary, seek appropriate professional advice.

	Houses	Units
Median price Past 3 months	N/A	$2.30M
Change in value Past 12 months	47.6%	10.8%
Sold Past 3 months	7	29
Median days on market Past 12 months	N/A	49
Average rent Past 12 months	$3000	$1100
Change in rent Past 12 months	17.7%	10.6%

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