Sydney’s eastern suburbs property market is roaring back to life as demand rises for the northern part of the region, lifting house values by 3.4 per cent in the past month alone after cuts to interest rates. The month’s jump in values – the biggest in all of Greater Sydney – was led by Bellevue Hill, where values soared 8.1 per cent to a new house median of almost $12 million, followed by Bondi Beach, where the median shot up 7.2 per cent to $4.8 million, and nearby Waverley, up 6.7 per cent at $4.2 million. House values are rising fast in Sydney’s eastern suburbs. Credit: Edwina PicklesEliza Owens, head of research at Cotality Australia, said massive gains in that northern area – which stretches south to Bronte and west to Paddington, Edgecliff and Darling Point – were a direct result of the three interest rate cuts this year, and the cuts still expected. “The reason we’re now seeing those high-end markets come back into the mix is that interest-rate declines increase borrowing power disproportionately for middle- and high-income households,” she said.