Current castmembers including Ray Meagher (Alf Stewart), Ada Nicodemu (Leah Patterson-Baker), Esther Anderson (Charlie Buckton) and Lincoln Lewis (Geoff Campbell) joined former Summer Bay icons Emily Symons (Marilyn Fisher), Norman Coburn (Donald Fisher) and Nicolle Dickson (Bobby Simpson) at a fan event at the city's Cargo Bar.
The celebration, hosted by Today FM radio duo Kyle and Jackie O, gave hundreds of competition winners the chance to mingle with their favourite Home and Away stars.
Addressing fans, Ray Meagher said: "Home and Away is the most financially successful product in the history of the Seven Network.
"Artistically, some people might argue."
The 65-year-old actor added that initially the show wasn't expected to last more than a few months, but its unwavering popularity with the Australian public is what had seen it go from strength to strength over the past 21 years.
"Now, we are knocking on the door of 5,000 episodes," Meagher said. "We are lucky we've got you buggers."
The mayor of Sydney's Pittwater Council also presented the cast and crew with the keys to Palm Beach, where the series is filmed.