38 Prince Street, Randwick NSW 2031
38 Prince Street, Randwick NSW 2031
Detached 1920s house | 443m² land in apartment-heavy strip | 6-bed family scale | $4.3M May 2024 sale | Redevelopment DA lodged
This house holds a rare position in Prince Street, where strata units dominate and detached family homes are the exception. The 443m² block is materially larger than typical apartment footprints nearby, and the six-bedroom layout serves a buyer wanting space, privacy, and a genuine house in a suburb known for compact living. Built in 1920, it carries period character, though the internal area of 125m² is modest for the bedroom count. The strongest appeal is to owner-occupiers seeking a long-term family home near UNSW, Prince of Wales Hospital, and the beach precinct, with the option to renovate or extend. Its size and configuration make it a standout holding in a street where most sales are two-bedroom strata units, giving it scarcity value.
The planning history signals real redevelopment potential—a DA exists for demolition and construction of two three-storey semi-detached dwellings with basements and pools, plus Torrens title subdivision. That option may appeal to a buyer with development ambitions, but it also introduces uncertainty around current condition and future use. The May 2024 sale at $4.3M, up from $3.825M in 2021, reflects strong capital growth, though the estimated rental yield is low at around 2.4%, which matters only if income return is a priority. The house may need updating given its age, and the modest internal footprint relative to bedrooms could limit immediate appeal for some families. Buyers should weigh the cost of renovation against the land value and the possible upside from subdivision, while also considering that the redevelopment path carries approval risk and construction expense.
Detailed Independent Property Report prepared by PropCred Analyst team for 38 Prince Street, Randwick NSW 2031
Checks found:
Value Risk
Liquidity Risk
Planning Risk
1
Income Risk
2
Execution Risk
1
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Market Insight
Randwick remains a tightly held coastal suburb, with median house prices between $3.61m and $3.75m and units from $1.256m to $1.4m. Its proximity to beaches and parks drives steady buyer interest, but houses show uneven annual growth of 2.49% to 6.2%, while units rise more consistently at 5.5% to 6.7%. Units also turn over faster—38 days versus 48 days—reflecting stronger demand in that segment, particularly from investors drawn to gross yields near 3.7% against 2.03% for houses. Weekly house rents range from $950 to $1,500; units, $850 to $875. With only 155 detached sales over the past year and mortgage ownership at 48% of properties, the market is sensitive to interest rate moves. Early 2026 data indicate prices sit below long-term trend, suggesting a degree of undervaluation but also cyclical caution.
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PropCred Estimated Value
Comparable Sales: 3/19 Prince Street 3-bed unit sold $1.5M; 3/45 Prince Street 2-bed unit sold $1.2M | Property Price Band: $4.2M–$4.4M | Value Drivers: land size, redevelopment DA, period character, bedroom count
Bedrooms
5
Bathroom
4
Parking
3
Land
453m²
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