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.
Prices skyrocket but are ‘losing steam’
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.
“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.”