5 Wells Street, Redfern NSW 2016
5 Wells Street, Redfern NSW 2016
3-bed terrace with upper retreat | gas kitchen and café doors | 100m to Redfern Park | compact 112m² lot | no private parking
This property is positioned as a mid-to-upper terrace in a mixed inner-city street. Its three-bed, two-bath configuration and upper retreat are considered more house-like than the compact units nearby. The recent refurbishment, gas kitchen, and café doors are combined to create a genuine indoor-outdoor connection, and the leafy outlook to Redfern Park strengthens the sense of space. It is best suited to professionals or university-linked buyers seeking a city-fringe home with character, walkability, and a flexible layout for home-office use. Its position close to transport, cafés, and parkland is supported by strong ongoing demand from both owner-occupiers and renters.
Appeal to car-dependent buyers may be limited by the lack of off-street parking, though walkability offsets that. Future amenity might be affected by older construction and the mixed streetscape. The 2016 sale provides a benchmark, but value may be shaped more by condition, layout, and demand for well-presented terraces. Weigh the compact 112 m² land against the finish and outdoor flow.
Detailed Independent Property Report prepared by PropCred Analyst team for 5 Wells Street, Redfern NSW 2016
Checks found:
Value Risk
2
Liquidity Risk
1
Planning Risk
1
Income Risk
Execution Risk
1
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Market Insight
Redfern, two kilometres from the CBD, is in the latter stage of gentrification, with heritage terraces and warehouse conversions restored as modern homes. A young professional cohort anchors demand, drawn to the “premium edge” character and inner-city convenience. Median house price sits at $2.21 million, up 15.4% annually, while units are $1.05 million, up 6.6%. Houses sell in about 26 days, and supply for houses has fallen 2% against 8% demand growth. Unit supply is down 11%, but demand has slipped 4%, leaving unit vacancy at 0.9% versus 2.1% for houses. Gross yields are 2.8% for houses and 4.4% for units, though house rents have dropped 9% weekly. The former Redfern Mall redevelopment, linking to Surry Hills and Tech Central, underpins future growth. Key constraints include high entry prices, softening house rents, and subdued unit demand.
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PropCred Estimated Value
Comparable Sales: 5 Wells Street (sold Dec 2016 $1.4M); 55 Wells Street (larger terrace) | Property Price Band: $1.8M-$1.9M | Value Drivers: condition, layout, indoor-outdoor flow
Bedrooms
4
Bathroom
2
Parking
-
Land
114m²
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