40 Liverpool Street, Paddington NSW 2021

Fully renovated Victorian terrace | Paddington’s quiet leafiest pocket | 3-bed 2-bath with rear lane | Auction May 23 | Walk to Five Ways and Oxford Street The buying case is straightforward. This property has been repositioned from a dilapidated shell into a premium low-maintenance home, which removes the execution risk that usually deters owner-occupiers in this price band. The second bathroom and the custom alfresco deck are rare for a 94sqm terrace, and they meaningfully widen the buyer pool beyond couples to include young families and downsizers. The rear lane access is a genuine edge in Paddington where off-street parking is scarce, and the quiet street position near Five Ways gives walkability without the weekend noise. The heritage overlay is benign here because the renovation has already been done to a high standard, so a buyer inherits the character without the compliance headache. This property suits a professional couple or small family who want a lock-and-leave terrace in a top school catchment without having to manage a renovation project. The risk is price discovery. The $2.8m purchase in March 2025 reflected a dilapidated condition, and the renovation cost,though unstated,would need to be absorbed for the current vendor to break even near the $3.5m guide. Comparable sales on Liverpool Street are thin, and the broader Paddington median of $3.8m masks wide variation between renovated and unrenovated stock. Auction clearance at 71% suggests the market is selective, not frothy. The opportunity is that a disciplined buyer who secures this below $3.5m acquires a renovated terrace with no deferred maintenance in a street with low turnover. Hold for five years and the school catchment and scarcity of rear-lane terraces should underwrite steady capital growth; alternatively, the rental yield at $1,800–$2,000pw covers holding costs comfortably if plans change.