62 Clements Street, Russell Lea NSW 2046
62 Clements Street, Russell Lea NSW 2046
3-bed house on ~841m² | 2022 DA for dual occupancy | Low-yield owner-occupier market | Leafy prestige harbourside enclave
This property holds a competitive edge through its unusually large 841 m² block in a street known for elevated, traditional homes. The existing 3-bedroom, 1-bathroom layout is modest, but the land is the primary driver; it permits a substantial renovation or a dual-occupancy redevelopment, given a 2022 DA was lodged for demolition and construction. Its position in a leafy, prestige harbourside pocket appeals strongly to family upsizers and renovators seeking inner-west proximity to water and schools. The property serves buyers who prioritise land value and location over immediate move-in condition, and who are prepared to manage a low-yield, owner-occupier-style investment.
The outcome of the 2022 DA might influence pricing, as an approved demolition and dual-occupancy plan could add redevelopment upside, while an unresolved or lapsed application may leave that optionality unquantified. The condition and age of the existing house may require immediate capital outlay, affecting total holding costs. Rental return is low at roughly 1.8%, so resale growth is the more important factor. Market timing and buyer appetite in the prestige family segment will ultimately shape what a purchaser is willing to pay.
Detailed Independent Property Report prepared by PropCred Analyst team for 62 Clements Street, Russell Lea NSW 2046
Checks found:
Value Risk
Liquidity Risk
1
Planning Risk
1
Income Risk
2
Execution Risk
1
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Market Insight
Russell Lea, in Sydney’s Inner West, has an established residential character and location-supported values. Demand is led by families seeking larger homes—households skew family-oriented and mature—plus individuals and couples in apartments; mortgage-holder share is high. The house median is $3.34 million, up 11.3% over 12 months; units are $1.17 million, up 3.3%. Homes sell in a median 54 days, with 65–68 annual sales, and yields are low: 1.98% for houses, 3.34% for units. Long-run growth is robust—10-year CAGR 7.3%, 20-year 9.7%—and the market sits balanced near trend. Accessibility and established character underpin demand; ongoing development and 38 apartment buildings add supply. Constraints include rising strata supply—30.7% of stock—variable asking prices (1.9% short-term vs 13.2% longer), and broader economic conditions.
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PropCred Estimated Value
Comparable Sales: 62 Clements St sold $2.1M in 2015, $1.385M in 2011 | Property Price Band: $3.5M–$3.6M | Value Drivers: land size, dual occupancy potential, renovation condition
Bedrooms
3
Bathroom
1
Parking
1
Land
841m²
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