231 Rainbow Street, South Coogee NSW 2034
231 Rainbow Street, South Coogee NSW 2034
5-bed family house | pool and alfresco living | premium South Coogee pocket | strong owner-occupier appeal
This property stands out for its rare combination of scale and freestanding form in a suburb where much of the stock is smaller homes or apartments. Five bedrooms and four bathrooms give it genuine family depth, while the pool, landscaped gardens, and secure parking for two cars make it a complete coastal lifestyle package rather than a fixer-upper. It sits comfortably in the higher end of the local market, suited to buyers who want move-in-ready quality with room to grow, and its position in a quiet, tree-lined street near beaches, parks, and schools reinforces its appeal to families prioritising convenience and privacy.
The land size of roughly 415–422 square metres is modest for a five-bedroom home, which may limit future expansion or redevelopment potential compared to larger blocks in the area. The building coverage at around 49 percent suggests the house occupies a significant portion of the lot, leaving less outdoor space than some buyers might expect. Condition, presentation, and the quality of the alfresco and pool areas are likely to weigh heavily on price, as these are the features that differentiate this property from similar homes. Buyers should also consider that the premium price point reflects the location and finishes, so value will hinge on how well the current layout and upgrades match their lifestyle needs.
Detailed Independent Property Report prepared by PropCred Analyst team for 231 Rainbow Street, South Coogee NSW 2034
Checks found:
Value Risk
2
Liquidity Risk
2
Planning Risk
1
Income Risk
2
Execution Risk
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Market Insight
South Coogee, a coastal enclave wedged between Maroubra and Coogee, sits 12.1km from the Sydney CBD. Demand comes from owner-occupiers drawn to beaches, parks and dining, plus investors chasing consistent growth and a 0.38% vacancy rate. House medians span $2.56m (Residex) to $4.65m (Property.com.au), with annual growth of 11–13.7%; units range $1.08m–$1.39m, up 6.92% annually. Houses sell within 20–34 days. Rental yields are modest at 1.86% for houses and 3.72% for units, with weekly rents of $1,950–$2,000 and $928 respectively. Prices are elevated after five-year gains of 36.3% (houses) and 24.7% (units); tight vacancy supports values, but high prices and low yields limit headroom and raise rate sensitivity.
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PropCred Estimated Value
Comparable Sales: 12 Close Street, South Coogee sold $6.5M (5-bed, 630m²); 291 Rainbow Street, South Coogee sold $4.475M (3-bed, 327m²) | Property Price Band: $5.8M–$6.4M | Value Drivers: pool and outdoor entertaining, five-bedroom layout, freestanding condition and presentation
Bedrooms
5
Bathroom
4
Parking
2
Land
415m²
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