Strategic options review — sell, renovate, or lease
Prepared for
Michi Sano
Prepared: 24 April 2026Version: 1.0Status: Preliminary desktop review
Executive Summary
This briefing reviews 38 Roberts Street, Camperdown — a three-bedroom heritage-listed terrace on 127 m² — and evaluates three strategic options for an inherited asset: sell as-is, renovate and sell, or hold and lease. Findings are based on public property data, council planning records, and recent comparable sales in the immediate vicinity.
Estimated Value
$1.97M
PropTrack range $1.48M – $2.47M
Rental Estimate
$1,000/wk
Gross yield ~2.6%
Market Momentum
+15.8%
Camperdown 3-bed, 12 months
Preferred Path — Subject to Tax Position
Sell as-is within the inheritance CGT window, after light presentation works.
Market conditions are unusually favourable for sellers (15.8% annual growth, 22-day median days-on-market). The property's heritage overlay, undocumented upper-floor status, and the soft outcome of the 2024 campaign make renovation a higher-risk path than the headline numbers suggest. Leasing is a viable holding strategy but delivers a sub-2% net yield.
Before committing to any path, confirm the CGT treatment with a qualified accountant — it changes the maths completely.
Property Snapshot
Address
38 Roberts Street, Camperdown NSW 2050
Property type
House — two-storey terrace (inferred from 163 m² floor area on 127 m² lot, 8 m roof height)
Bedrooms
3
Bathrooms
Not recorded in public data
Car spaces
Not recorded — potential rear-lane access (typical of the street)
Land size
127 m²
Floor area
163 m²
Lot / DP
Lot 6, DP 224831
Local government
Inner West Council
Zoning / land use
Residential
NBN
HFC (up to 1000/50 Mbps)
Mobile coverage
5G
Ground elevation
~25 m
Location & Planning
Heritage overlay (material)
The property sits within the Hopetoun–Roberts–Federation Streets Heritage Conservation Area (Inner West LEP, General Conservation Area classification). Any external change visible from the street — including roof lifts, dormers, window replacements, rendering, and facade changes — will require a Development Application assessed against heritage controls in the Marrickville Development Control Plan.
Important. The heritage overlay is genuine, not cosmetic. A 2015 public objection lodged against a neighbouring property (45 Roberts Street) specifically cited streetscape impact under the then-HCA 9. Buyers, conveyancers, and council assessors take this overlay seriously — any renovation strategy must budget for heritage consultants and extended DA timelines.
Other overlays
Bushfire: None
Flood: None
Contamination / acid sulphate soils: None identified in public overlays
School catchment & amenity
Type
School
Distance
Primary (zoned)
Newtown North Public School
0.63 km
Secondary (zoned)
Newtown High School of Performing Arts
0.81 km
Independent (nearby)
Newington College, The Athena School
0.51 – 1.57 km
Short walk to Camperdown Memorial Rest Park, King Street (Newtown) cafe and dining precinct, Royal Prince Alfred Hospital, and the University of Sydney main campus. Strong fundamentals for both owner-occupier and tenant demand.
Valuation & Market Context
Current estimates (PropTrack, Apr 2026)
Metric
Value
Range
Confidence
Capital value
$1,975,000
$1.48M – $2.47M
Low
Rental value
$1,000 / week
$725 – $1,270 / week
Low
Price per m²
$15,555 / m²
—
—
Note. "Low confidence" reflects thin recent transaction data for this specific property (only one recorded sale, in 1995). The range above spans a conservative to optimistic read of the street; a formal appraisal from two or three local agents will tighten it.
Camperdown three-bed market (trailing 12 months)
Median sale price: $2,125,000 (+15.8% year-on-year)
Median time on market: 22 days
Median weekly rent: $1,350 (+6.7% year-on-year)
Sales volume: 22 three-bed houses transacted
Immediate comparables
Address
Beds
Land
Price
Date
7 Roberts Street
2
139 m²
$2,000,000
Nov 2025
62 Mallett Street
3
120 m²
$2,100,000
Feb 2026
111 Australia Street
3
120 m²
$2,175,000
Mar 2026
37 Roberts Street (renovated, 4/4)
4
164 m²
$2,640,000
2022
35 Roberts Street (estimate, similar spec)
3
169 m²
$2,288,000 est.
—
Transaction & Marketing History
Date
Event
Price
Notes
24 Aug 1995
Sold
$250,000
Last recorded transfer
2 Nov 2024
Auction campaign
Not recorded
BresicWhitney — Chris Nunn & Luke Grosvenor. Outcome not in public weekly sales reports.
2024 auction did not complete on public record. The property was marketed to auction on 2 November 2024 but no sale appears in the weekly auction result roundups covering that window. The most likely explanations are withdrawal before auction, pass-in without private sale, or a private transaction not publicly reported. Understanding what caused the campaign to stall is material to any re-listing strategy.
Physical & Legal Status
Two-storey footprint with no traceable DA
Public floor area (163 m²) and roof height (~8 m) confirm a two-storey dwelling. However, PlanningAlerts shows no Development Application on record for this address. This is notable because the following immediate neighbours all lodged DAs for "ground and first floor alterations and additions" between 2014 and 2018:
Address
Year
Scope
6 Roberts Street
2018
Ground + first floor alts/additions
19 Roberts Street
2014
First floor layout modification (s96)
28 Roberts Street
2018
Ground + first floor + rear parking
43 Roberts Street
2014
Ground + first floor + rear parking
45 Roberts Street
2015
Roof elevation (objector comment lodged)
61 Roberts Street
2016
Ground + first floor alts/additions
Three plausible explanations, in descending likelihood:
Pre-2014 extension — PlanningAlerts indexing only becomes consistent from around 2014. Former Marrickville Council records from the 1990s and 2000s may exist but are not digitally searchable. This is most likely given the 1995 sale date.
Exempt or complying development — internal fit-outs and minor internal changes don't require a DA.
Unapproved works — less likely given neighbour objector activity on this street, but not able to be ruled out without council file search.
A formal GIPA (Government Information Public Access) request to Inner West Council will surface any archived DA, Building Approval, or Occupation Certificate held for the property. This is a cost-free step and should be completed before any sale campaign or renovation commitment.
No public floor plan available
The 2024 BresicWhitney listing page has been taken down (standard practice when campaigns end). The floor plan, contract for sale, photographs, and Section 10.7 certificate from that campaign are held by the agents and can typically be released on request.
Strategic Options
Three realistic paths. Each is sized against current market conditions, the property's specific constraints, and typical holding/transaction costs for an inner-west Sydney owner.
Preferred
Option A — Sell as-is within 12 months
Expected net: $1.85M – $2.10M
Light presentation works (deep clean, garden tidy, minor paint) and a well-run campaign with two or three agents appraising before listing. Price to the market, not above it — the 2024 campaign's softness suggests prior expectations ran ahead of evidence.
For
Market is up 15.8% in 12 months with 22-day median days-on-market
Inheritance CGT exemption may apply (two-year window)
Low execution risk — no construction, no permits, no heritage approval
Capital released to redeploy into a more strategic position
Removes ongoing maintenance exposure on an older terrace
Against
Gives up potential renovation uplift (see Option B)
Forgoes future capital growth on a strong inner-west asset
If CGT applies in full, net proceeds drop materially
Needs to resolve undocumented upper-floor status to avoid buyer discounting
Option B — Renovate and sell
Gross uplift: ~$600K · Net after costs: $200K – $300K
Full heritage-compliant renovation to lift presentation to the standard of 37 Roberts Street ($2.64M, 2022). Typical spend on a property this size in the inner west: $600K – $900K. Timeline: 12 – 18 months including DA.
For
Proven comparable outcome on same street (37 Roberts at $2.64M)
Adds documented second level if formalised through the DA process
In-house construction oversight reduces execution risk
Lifts ceiling of realistic sale price materially
Against
Heritage DA timelines at IWC are currently 4–8 months before works start
ATO may treat profit as income rather than capital — different tax outcome
Holding and finance costs during build erode margin
Sydney market may cool by the time the project lists
$700K+ of capital tied up for 12–18 months with execution risk throughout
Option C — Hold and lease
Gross yield: ~2.6% · Net yield: ~1.5 – 1.8%
Light refresh (paint, floors, kitchen top-up — budget $40K – $60K) to maximise achievable rent, then hold as an investment property. Suited to owners who don't need the capital and hold a long-term bullish view on inner-west Sydney.
For
Retains exposure to further capital growth ($300K+ p.a. possible at current pace)
Tenant pays down holding costs while asset appreciates
Maintains optionality — can sell at any future market peak
Modest refresh spend with clear rent uplift
Against
Net yield is poor in isolation (1.5 – 1.8%)
Older terrace carries constant maintenance tail
Tenancy admin, inspections, disputes — even with a property manager
Future CGT clock starts running from cost base reset (if inherited)
Concentration risk — a single large asset in one suburb
Decision Framework
The right path depends primarily on two variables: the tax treatment of the inheritance, and your broader capital allocation goals.
If CGT-exempt & capital needed
Option A (sell as-is) inside the two-year window. Cleanest outcome, potentially tax-free exit, no execution risk.
If CGT-exempt & capital not needed
Option A (sell as-is) remains preferred, but Option C (lease) is defensible if long-term inner-west bull thesis is strong.
If CGT applies & construction expertise available
Option B (renovate & sell) becomes viable — tax treatment already diminishes the Option A advantage. Run a detailed feasibility first.
If CGT applies & no construction capability
Option C (hold and lease) defers the CGT crystallisation and lets the asset compound.
Qualifying guidance. This framework assumes standard resident tax treatment and a single-owner inheritance. Joint ownership, deceased-estate status, partial pre-1985 acquisition, prior investment-property use, and foreign-resident status all materially change the calculus. A qualified accountant must run the specific numbers before committing to any path.
Recommended Next Steps
Regardless of the path eventually chosen, the following information-gathering steps should be completed first. All are low-cost and will materially sharpen the decision.
Immediate (this week)
Engage an accountant with deceased-estate property experience to confirm CGT treatment. This is the single highest-leverage step.
Request the 2024 marketing pack from BresicWhitney (Luke Grosvenor or Chris Nunn, 02 9328 1422). Asks for: floor plan, Section 10.7 certificate, contract for sale, professional photography, auction outcome and price feedback.
Lodge an informal GIPA request with Inner West Council for all archived DA, BA, and certificate files held for 38 Roberts Street. Free, 10 – 20 business day turnaround.
Short-term (2 – 4 weeks)
Obtain two or three independent market appraisals (BresicWhitney, Ray White Inner West, Raine & Horne Newtown). Use them to triangulate a realistic price band — not to choose an agent yet.
Order a Section 10.7 planning certificate directly from Inner West Council (~$70). Confirms current overlays, land use history, and any outstanding orders.
Order a title search and DP 224831 deposited plan from NSW Land Registry Services. Confirms boundaries, easements, and legal lot area.
Commission a pre-sale building and pest inspection regardless of path. Identifies any defects a buyer or tenant would eventually surface.
Before committing to Option B (renovate)
Engage a heritage architect for a preliminary feasibility — not full plans. Scope: what's achievable under the HCA, realistic DA timeline, ballpark cost.
Obtain two builder quotes against the heritage architect's scope. Use range, not average.
Run a full feasibility model with finance costs, holding costs, and realistic sale price against comparable renovated sales on the street.
Only proceed if modelled net profit exceeds the opportunity cost of Option A plus a meaningful risk premium.
Limitations of This Review
This is a preliminary desktop review. It is not a valuation, structural assessment, legal opinion, or financial advice. The following limitations apply and should be understood before any decision is made.
Data limitations
No physical inspection. Findings are based on public data only — no internal assessment has been conducted.
No current floor plan. The 2024 agent's plan has not yet been obtained.
Valuation is indicative, not formal. PropTrack's estimate carries a "low confidence" rating due to thin transaction history.
No DA history confirmed. PlanningAlerts indexing only covers ~2014 onward; earlier Marrickville Council records require a GIPA request to surface.
Bathroom and car space counts unavailable in public records.
2024 auction outcome not publicly recorded. Understanding this matters for any re-marketing strategy.
Scope limitations
Tax advice not provided. All references to CGT and inheritance tax treatment are general in nature and must be confirmed with a registered tax agent or accountant.
Legal advice not provided. Title, easement, and estate transfer matters require a property solicitor.
Financial advice not provided. Capital allocation, redeployment, and opportunity-cost comparisons are general commentary only.
Market conditions may change. The 15.8% annual growth figure is historical. Interest rate movements, policy changes, or macro conditions could alter the outlook materially.
Heritage council position not confirmed. Any renovation scope must be tested with Inner West Council heritage advisors, not assumed from the conservation area classification alone.
Assumptions used
Property is held in a standard resident-Australian ownership structure at the point of inheritance.
No undisclosed encumbrances, caveats, or outstanding orders exist against the title.
Current market conditions in Camperdown persist over a 6 – 12 month decision window.
Construction cost estimates are typical inner-west Sydney ranges as at April 2026 — actual quotes may vary materially.
Use of this briefing. This document is prepared for Michi Sano to support a preliminary decision on strategic direction. It is not to be relied upon for any transaction, finance application, or legal proceeding without further formal investigation. Access Property Services accepts no responsibility for decisions made in reliance on the desktop-level data contained in this briefing.
Sources
property.com.au — 38 Roberts Street profile, valuation estimate, overlays, market data (retrieved April 2026)
Inner West Council — Local Environmental Plan, Marrickville Development Control Plan, Inner West DA portal
PlanningAlerts / OpenAustralia Foundation — Development Application records for Roberts Street
BresicWhitney — comparable sales on Roberts Street (7, 18, 32, 37, 57, 58)
Raine & Horne Newtown Glebe — weekly auction result roundups, October – November 2024
NSW Planning Portal — Spatial Viewer and zoning information
Allhomes — street-level research index for Roberts Street, Camperdown