一年暴涨$54万！悉尼多区公寓价格飙升，最高涨幅37%，原因是这个

Core Insights - The article highlights a significant increase in apartment prices in Sydney's eastern suburbs, particularly in Bellevue Hill, where the median price has surged by over AUD 500,000 in the past year, driven by competition among first-time buyers and downsizers [1][3]. Price Trends - Bellevue Hill's median apartment price reached AUD 2,000,000, marking a 37.7% year-on-year increase, equivalent to AUD 547,500 [2]. - Little Bay follows with a median price of AUD 1,440,000, reflecting a 23.1% increase or AUD 270,000 [2]. - Other suburbs such as Woollahra, Rose Bay, Coogee, and Paddington also experienced price increases of at least 10.2%, with six-figure gains [2]. Supply Constraints - The shortage of quality low-rise apartments in the eastern suburbs, coupled with strict height restrictions, is identified as a key factor driving price increases [3]. - The construction volume is significantly below buyer demand, leading to a scarcity premium that further elevates prices [3]. Buyer Demographics - The widening price gap between standalone houses and apartments is discouraging many buyers, while downsizers are particularly active in areas like Bellevue Hill, where they seek to remain in familiar communities [5]. - Buyers in Bellevue Hill often have substantial cash reserves from selling high-value homes, which contributes to the upward pressure on apartment prices [5]. Planning and Approval Issues - The local council's inefficiency in approving new residential projects is cited as a contributing factor to the soaring apartment prices in the eastern suburbs [5][7]. - Woollahra council, for instance, has approved only 51 new residential units this fiscal year, significantly below its target [7]. Market Dynamics - High-end development projects in the eastern suburbs primarily cater to downsizers, which raises the overall average price and limits options for younger couples or first-time buyers [9]. - Although lower-priced apartments exist, they are often located in less desirable areas, making them less accessible to new entrants in the market [9].