Redfern house doubles in value after reno

720 Bourke St, Redfern has just sold for $4,405,000.

A Redfern terrace has doubled in value in just five years after a reno and the arrival of new restaurant mecca nearby.

The four-bedroom, three-bathroom terrace with rear garage with studio above at 720 Bourke St fetched $4,405,0000.

It had previously traded for $2m in 2020.

Records show the home is owned by the CEO of marketing firm Dentsu, Fiona Johnston, whose clever $400k reno in 2021 has well and truly paid for itself.

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Records show the vendor did a $400k reno the year after she bought it.

The reno has well and truly paid for itself.

Sotheby’s agent Zakir Abdallaoui reckons that along with Johnston’s astute transformation, the rebuild of the nearby Surry Hills Village has boosted prices in the neighbourhood.

“It’s certainly very different from the old Murder Mall,” said Abdallaoui.

“You’ve got six world-class restaurants or hospitality facilities there now and it’s something the area’s been screaming out for.”

The home retains its traditional formal rooms at the front.

He says the buyers came from Paddington and there’s a definite trend of buyers from there heading to the Redfern and Surry Hills areas.

“Surry Hills Village has really helped because buyers are finding they’ve now got better restaurants there than they do in Paddington.”

PropTrack shows the median house price in Redfern is now $1,942,500, up 7 per cent in a year.

The median price of units has dropped 7.7 per cent.

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