Paddington terrace values skyrocket

The Principal of Ray White Paddington, Dean Jarman said property owners in Paddington have an opportunity to achieve significant gains this autumn.
Mr Jarman pointed to two properties on Brown Street, Paddington – similar in size and layout – that sold 22 months apart for a difference of close to $500,000.
On 23 May 2015, Mr Jarman sold the two bedroom terrace at 13 Brown Street for an above-reserve result of $1,395 million.

The property at 13 Brown Street, Paddington

 

“The property sits on 89m² of land and the owners were thrilled with the result – it was well above reserve and an impressive sale for a terrace of that size,” Jarman recalled.
Roll the clock forward to 2017, and a similar two bedroom terrace at 9 Brown Street sold through Mr Jarman on 1 March for $1,876,200. The property was on a slightly larger parcel of land at 93m² and sold prior to auction.

The property at 9 Brown Street, Paddington

 

“The properties are just about identical in layout. The result at 9 Brown Street represents a difference of $481,200 in 22 months – or a percentage growth of 34.5%,” Jarman said.
With the autumn selling selling season well underway, Mr Jarman said owners of properties in Paddington have an opportunity to achieve a significant gain in value.
“The sales in Brown Street show that house price growth isn’t slowing down. Paddington is a very popular area for buyers and we expect to continue to see strong results throughout autumn,” he said.