40 Warmington Street, Paddington QLD 4064

Renovated single-level Paddington house | 405sqm with build-under potential | Quiet pocket near Paddington Central | High owner-occupier street appeal. The property’s competitive edge lies in its rare combination of a fully renovated single-level layout on a 405sqm lot with legal build-under height, in a street dominated by owner-occupiers. This configuration is scarce in Paddington, where many houses are on smaller blocks or require substantial work. The 169sqm floorplan with separate study and covered alfresco area suits downsizers or professionals seeking immediate comfort without compromising future expansion. Its proximity to Woolworths and Milton Village reinforces convenience for owner-occupiers, while the 55% auction clearance in the local market signals sustained demand for well-positioned houses. The bushfire and flood overlays represent the primary risk, potentially limiting insurance options and resale speed in a downturn, though the property’s elevation at 22m mitigates flood exposure. The build-under opportunity adds commercial logic: a buyer could develop additional space without altering the existing footprint, increasing long-term value. The 2022 purchase price of $1,562,500 highlights strong capital growth, but current pricing near the upper end of the estimated range suggests limited short-term upside. Hold this property as a low-maintenance residence with optional future development, or rent at $1,300 per week for a 2.7% gross yield.