Paddington’s Elizabeth St Sell-Off

Three properties on Elizabeth St between Underwood and Paddington Streets are currently on the market. This stretch of Elizabeth St sits nicely in what has consistently been a top-performing pocket of Paddington. However, with the slump of Paddington’s Oxford Street and the exodus of upscale retailers from Elizabeth St between Oxford and Underwood Streets, does that make a residential acquisition here more appealing (quieter?) or more risky? As you’ll see with the comps, prices on this block have been quite stagnant the last 5 years. Regardless of Paddington’s future, we know one thing that holds each of the featured properties back: NO CAR PARKING. And fighting with Grand Nash patrons and the spillover of Oxford Street shoppers is no pretty sight. 

The most gracious of properties on the market is the 9m-wide sandstone-fronted 3-bedroom, 2-bathroom abode at 24 Elizabeth. Listed by Ben Collier and Andrew Hacket of McGrath, the owners are looking in the mid-$3m’s. The home last traded for $3.2m in Oct 2007, not much of a capital gain there. Pictured above and below.

Immediately across the street, and comprising part of a rare row of three-storey terrace houses, we find 41 Elizabeth Street. Featuring Harbour Bridge views from its upper level, the 4-bedroom home is asking $1.695m and is listed through Mark Daley and Georgia Cleary of BradfieldCleary. The three-storey row of terraces has solid comps. Number 39 sold for $1.73m in Nov 2010, 45 sold for $1.625m in Feb 2008 and 51 sold for $1.676m in Nov 2011. Number 41 itself last sold for $1.56m in Jan 2009 and little seems to have been done since that date. Pictured below.

And finally we have 34 Elizabeth Street, listed with $1.5m expectations through Di Jones agents John Anderson and Rohan Aalders. It’s the most “average” of terraces with the prototypical 3-bedroom floorplan and layout. Similar sized neighbour number 32 sold for $1.23m in Nov 2007. Pictured below.