72 Anzac Parade, Kensington NSW 2033

High flood overlay risk | Medium density zoning upside | Tight Kensington pocket | 822m² corner holding play The flood overlay on this corner parcel introduces a cost layer that few buyers adequately price: higher insurance premiums, potential delays in development approval, and a narrower pool of lenders willing to finance without a geotechnical indemnity report. That said, the R3 medium density zoning on a combined 822m² site is commercially rare in this suburb, and buying here means you are not paying for a completed dwelling but for the optionality to hold or redevelop. This property should only be held as a medium-term land bank, not as a turnkey home. What makes this competitive is the corner position and dual lot structure — it offers frontage and flexibility that single parcels in Kensington cannot match, and the school catchment and proximity to UNSW and Centennial Parklands keep demand resilient across downturns. For a buyer seeking a patient development entry in the eastern suburbs, this is a credible foothold. Your next step is to obtain a flood risk assessment from a certified hydrologist to quantify the cost of compliance before you bid.