Politics

Vaucluse Sydney home sells for over $26million earning owner a $15million profit in just two years


‘Knockdown’ three-bedroom home with Sydney Harbour views nets seller $15MILLION profit in just two years despite the owner making NO improvements

  • The three-bedroom eastern suburbs home sold for more than 26 million dollars  
  • An unknown buyer purchased the Vaucluse property after 51 days on the market 
  • It’s approved for a three-story dwelling, basement parking, and swimming pool
  • The seller had owned it since June 2020 and made $15million on the sale 

A home owner has made an astounding $15million profit on an unimproved property after less than two years of ownership.  

Located in Sydney‘s exclusive eastern suburbs, the property in Vaucluse recently sold for more than $26million – an incredible $15million more than its previous purchase price. 

The home at 29 Carrara Road was bought in June 2020 for $10.9 million dollars by Kingland Mining director, Meihong Yang.

According to property records, the previous owner, Suzanne Grunberg, had bought the three-bedroom home for $11.8million the previous June.     

The property (pictured) located at Vaucluse in Sydney's exclusive eastern suburbs, sold for more than 26 million dollars - 15 million dollars above what it was sold for two years ago

The property (pictured) located at Vaucluse in Sydney’s exclusive eastern suburbs, sold for more than 26 million dollars – 15 million dollars above what it was sold for two years ago

The property was unimproved when Yang decided to put it on the market in February.

Nina Sokolov, an out-of-area agent from real estate group Raine and Horne Avalon/Palm Beach was tasked with the sale.   

The property described as ‘a rare and prestigious harbourside opportunity in Vaucluse’ was on the market for 51 days. 

A sold sticker was added to the online advertisement last Monday but the agent has not made any comment on the sale.

The deal was the talk of the area with multiple sources amazed by its sale price.

‘It’s f***ing insane,’ one resident told news.com.au  

Real estate group Raine and Horne Avalon/Palm Beach sold the three-bedroom, 728-square-metre property which boosts uninterrupted views of the Sydney's Opera House, Harbour Bridge and CBD skyline

Real estate group Raine and Horne Avalon/Palm Beach sold the three-bedroom, 728-square-metre property which boosts uninterrupted views of the Sydney’s Opera House, Harbour Bridge and CBD skyline

‘It was something like $26.72 million…. and all they did was get a DA for a new house,’ another local commented. 

The 728-square-metre block sold well over the suburb’s median house price of $7.9million.

The property boosts uninterrupted views of the Sydney Opera House, Harbour Bridge and CBD skyline.

The development approval provides for a three-story dwelling with extensive landscaping, basement parking and a swimming pool. 

The existing ‘knockdown’ home has three bedrooms, two bathrooms, and a white kitchen filled with Miele appliances.  

The unknown buyer clearly agreed that this was ‘one of the best prestigious properties on the market’. 

Described as a 'knockdown' the property was DA-approved for a three-story dwelling with extensive landscaping, basement parking and a swimming pool

Described as a ‘knockdown’ the property was DA-approved for a three-story dwelling with extensive landscaping, basement parking and a swimming pool

Sydney is the world’s second-hardest city to buy a home in and Melbourne ranks fifth-worst, due to high demand brought on by low interest rates and dangerous borrowing levels. 

All five Australian mainland state capitals are among the 20 most expensive for housing in the world, with Adelaide 14th, Brisbane 17th and Perth 20th, the Demographia International Housing Affordability survey found.

However, Sydney’s overheated property sector is finally showing signs of slowing down and is predicted to fall by about 10 per cent in 2023. 

The forecast follows Reserve Bank of Australia Governor Philip Lowe warning interest rates are likely to rise in the coming year to counter rising inflation.  

‘With our view on rate hikes coming forward, we now expect the turning point in property prices to occur in the second half of 2022,’ the bank’s Quarterly Property Survey said.

The National Australia Bank said the housing market, which is growing at the fastest annual rate since 1989, would likely start turning a corner next year. 

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