The Sydney property owner adds $ 500,000 to the 3-month home value

An imperceptible home in Sydney with absolutely no renovations sold for $ 500,000 higher just three months later.

A lucky Sydney site has earned a whopping half a million dollars in profits from selling their property after owning it for just three months.

The unnamed property flipper officially owned the Sydney home for less than two weeks before selling it to someone else.

A few days before Christmas last year, they bought a three-bedroom, one-bathroom house in Ryde in northwestern Sydney for $ 2.125 million.

Last week, they approached Belle Property Ryde agent Alex Macri and wanted to sell the property if the right price was offered.

In 23 hours, the deal was sealed and the house went for $ 2.62 million from the market.

That’s a whopping $ 495,000 in just three months.

“The property settled down, which went on for about seven days, so we got a call saying if we had anyone who would buy it,” Mr Macri recalled to

The Sydney developer originally planned to make extensive renovations to the property, and wanted to turn it into a duplex.

They had even received the right approval from the city council.

But according to Mr Macri, the developer then came across projects for other properties that he owned and was open to selling the Ryde.

Within a few days after the three-month settlement date had passed, they had communicated with the real estate agent that they were open to selling.

“They owned the property for a maximum of two weeks,” Mr Macri explained.

“I made the first contact with the buyer on Monday.

“Obviously, we started negotiating. On Tuesday, I received a certificate waiving the withdrawal period. ”

The $ 2.62 million “was a phenomenal result for the area,” according to the real estate agent.

Last year was a “crazy year” for the real estate industry, Mr Macri admits.

Nationally, the value of Australian property rose by 25 per cent, a level not seen since the mid-1980s housing boom.

Despite warnings that a market slowdown is on the way, this Ryde property sale is proof that there is still money to be made, according to him.

“In December, there were lots of stocks on the market that may have had an impact on the price,” Mr Macri said.

“In January, there was a shortage of stock, which caused prices to go high. This owner is reaping the benefits. “

This is not the first time such a remarkable profit has been made in the area during Sydney’s turbocharged property year 2021.

Mr. Macri sold a customer’s house in Eastwood for $ 2.9 million, while just a few months before that they had bought it for about $ 1.5 million.

In total, it turned into $ 1.4 million in profit.

Then there was another North Ryde Home, which was sold during its 18-week settlement period.

It was bought for $ 1.8 million and resold for $ 2.4 million – giving an easy $ 600,000 in the process.

And last October, reported on a home in the eastern suburbs that only nine weeks later went for $ 600,000 more.

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