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North Bondi home makes $5 million profit in 2 years

·2-min read
The exterior of the home in North Bondi which sold for over $11 million.
The house has price increased 78 per cent over the two years (Source: Domain)

In a fresh reminder of Sydney’s soaring house prices, a 30 year old woman has made a $5 million profit on her home in just two years.

After purchasing the North Bondi property in 2019 for $6.3 million dollars the home has just been sold for a whopping $11.2 million despite no improvements being made, Domain said.

The six bedroom home sits on 440 square metres and has a swimming pool.

The North Bondi home was listed for $9 million and there were five registered bidder vying for the property.

The incredible result equates to a 78 per cent increase over the two years, which is significantly higher than the 15.4 per cent median house rise for the Bondi area.

But, what’s next for the 30-year-old? An upgrade apparently. The woman purchased a $30 million Bellevue Hill mansion in July.

Exterior of the home in Bellevue Hill that was purchased for $30 million.
The 30 year old has upgraded into this $30 million Bellevue Hill mansion (Source: Domain)

Prices skyrocket but are ‘losing steam’

Australian house prices have continued to rise despite lockdowns sweeping the nations, but growth has slowed to its lowest pace since January.

According to CoreLogic’s latest figures, national dwelling values rose 1.5 per cent in August, and while the figures continue to climb, the rise has been ‘losing steam’ for months.

The slowdown will be welcomed by many potential buyers after prices reached a peak in March this year, when they rose 2.8 per cent in a month.

And, for the upcoming Spring buying season experts suggest prices will keep going higher but at a slower pace.

NAB executive, home ownership, Andy Kerr told Yahoo Finance that the ever rising prices we’ve seen have started creating affordability issues.

“Record low interest rates and government incentives should keep demand strong through 2021,’ he said.

“However, we also recognise rising prices are creating an increasing challenge, particularly for first home buyers as supply remains below average.”

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