Two Terraces for the Price of Three in Woollahra
A pair of adjoining terraces at 71-73 Moncur Street in Woollahra have listed together with expectations over $3.6m. Such pricing is bullish when considering some other comparables on Moncur Street, especially on the north side of the street.
The more desirable portion of the street is the two petit blocks between Queen and Oxford Streets which lack the ear-splitting 389 bus roaring past and possess rear lane access (hello, off street parking!). Fittingly, just one of the three highest prices on the street have been commanded on the block north of Queen Street. #87 traded in 2010 for $4.0m, #50 (south of Queen Street) traded in 2006 for $4.0m, and most recently #35 (also south of Queen Street) traded for $3.8m earlier this year. All three of those comps were recently renovated and rested on 247sqm, 228sqm, and 303sqm, respectively. With 71 and 73 Moncur both clocking in around 145sqm, the combined terraces reflects a similar size and price as the aforementioned sales, yet with interiors that would require at least $1m and one year in order to properly integrate the two. The lack of parking (and the impossibility of adding parking) further deteriorates the pricing hopes for the combo. Then again, it could be argued the value is keeping the two terraces independent of each other and either lease them out or renovate and sell individually, hoping someone will pay well over $2.5m for a renovated terrace without a car space on a well-travelled (but desirable!) Woollahra Road. We may have our doubts, but then again, if it can happen in Paddington, it can most certainly happen in Woollahra!
For the record, the current owner first picked up 73 Moncur Street for $600k in 1994, then acquired neigbhouring 71 Moncur Street for nearly the same price - $610k - three years later in 1997; making his little Woollahra compound a $1.2m chunk of land.
Randall Kemp and Evan Williams of Ray White Woollahra have the listing: 71-73 Moncur Street, Woollahra
Click below for some lackluster listing photos and no floor plan (womp womp).
