672 Elizabeth Street, Waterloo NSW 2017

Heritage terrace | Non-residential history | Zoned residential | Fibre NBN | 5G coverage This single-story terrace presents a rare opportunity to secure a house in an apartment-dominated suburb, with its heritage overlay ensuring neighbourhood character and limiting future supply. Its previous use as an office or medical suite indicates a flexible floor plan, suited for a buyer seeking a character home with renovation potential or a live-work arrangement. The property serves an owner-occupier wanting a unique footprint or an investor targeting the undersupplied terrace rental market. The primary risk is the heritage overlay, which constrains renovation scope and adds cost and time to any transformative works. Inconsistent bedroom counts across listings suggest a layout requiring capital expenditure to realise its potential. The commercial logic is acquiring a land-rich, low-density property type in a high-density area, where its scarcity drives long-term value. Proceed only with a clear plan and budget for heritage-compliant improvements, holding as a long-term residence or a premium rental. Recent sales on Elizabeth Street show a clear premium for houses over apartments. A comparable 3-bedroom terrace at 670 Elizabeth Street carries an estimated value of $1,965,000. Apartment sales, such as a 2-bedroom unit selling for $975,000, demonstrate strong demand but at a lower price point, highlighting the value differential for this house type.