23 Plunkett Street, Naremburn NSW 2065

Peaceful pocket | Low yield ~2.1% | Heritage overlay limits change | Tight 95sqm interior for two beds The property’s strongest risk is the heritage overlay which caps future extension potential and adds approval costs, likely $20,000 to $50,000 for any major works. The 215sqm lot with 44% building coverage and rear lane access gives room for a modest studio or garden studio, but the yield at $1,140-$1,165 per week against a $2.8m valuation barely covers holding costs in this market. You are buying land security and location, not income or renovation upside, so hold long term and expect slow capital growth inline with Naremburn’s established character precincts. What makes this house competitive is its freestanding Federation form on a quiet cul-de-sac within walking distance to St Leonards rail and Crows Nest retail, a combination rare under $3m in this corridor. The modern kitchen with Smeg fittings, polished floors and high ceilings reduce immediate refurbishment spend, and the rear lane access to a storage shed adds functional utility for downsizers or professionals wanting lock and leave with character. This suits a buyer who values period ambience and walkability over square metreage, and who can absorb low initial yield while land value accumulates. If you accept the heritage constraint and modest floor plan, book a private inspection during the scheduled open times and compare against the three adjoining sales on Plunkett Street this year to test the vendor’s reserve. Three comparable sales on the same street from January to March 2026 show adjusted values between $2.65m and $2.95m for similar period cottages on 200-230sqm lots. This property sits at the higher end of that range given the updated kitchen and rear lane access but the low yield and heritage risk are already factored into the Domain mid estimate of $2.81m, indicating fair current pricing for a cautious buyer.