Yahoo Finance $5 million in 2 years: 5 recent Aussie house sales shattering records
It’s the simple, straightforward truth: Australian property prices have reached astronomical heights.
Lockdowns have done little to hamper the continual climb of dwelling values, though experts have noted that the pace of growth is slowing.
But everywhere there are stories of properties being sold at unbelievable price tags.
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Here’s a quick look around at some not-so-isolated incidences of house prices that soared to dizzying heights – and some, over a very short period.
$511,000 to $6 million in 3 decades
$5.49 million profit in 30 years
A 5-bedroom, 3-bathroom riverfront property in a ritzy Brisbane suburb was sold yesterday for $6 million.
The current owners of 32 Archer St, Toowong purchased the property for $600,000 back in June 1993.
Before that, it was sold for $511,000 in October 1991, realestate.com.au records show.
Between 1991 and 2021, the property’s value has risen by $5.49 million.
Record-breaking $4.16 million house (that sold in one day)
$860,000 profit in one day
A four-bedroom home in Sydney’s inner west suburb of Alexandria was auctioned last week for $4.16 million, breaking the suburb’s record price along the way.
The previous record was set last year at $3.6 million, the AFR reported.
The 238 square metre house at 83 Buckland Street, Alexandria sits across Alexandria Park and features an ‘indoor-outdoor’ open plan design that blends the courtyard, which has a pool, with the living room.
But arguably the most astonishing aspect of this sale is that the property was only on the market for a single day.
The property was listed for $3.3 million on 7 September and auctioned the very next day for $860,000 above the initial listing price.
“We went live on Tuesday evening and at 10am on Wednesday, the wife came through,” BresicWhitney Glebe property agent Chris Nunn told AFR.
“At 3pm, the husband came through and gave it the thumbs-up. By 7pm, I had an unconditional offer in my hand.”
6-bedroom home makes $5 million profit in two years
A stunning 6-bedroom, 5-bathroom North Bondi property was sold for $6.3 million in June 2019.
Last week, the 99 Murriverie Road, North Bondi house was sold again but nearly doubled its price, with a final price tag of $11.235 million.
Within two years, the property’s value had increased by nearly $5 million.
The home features an indoor courtyard with a pool, bathroom with marble walls as well as a family theatre.
‘Uninhabitable’ home sells for $4.7 million
$3.605 million profit in 16 years
It certainly isn’t just beautifully furnished properties that are selling for sky-high prices; earlier this year, this crumbling property in Sydney’s eastern suburb of Kensington sold for $4.7 million.
And that’s despite the 25 Duke Street Kensington house not having a functioning bathroom or a kitchen, and being described as “uninhabitable”.
No one has lived in the house for years.
Posh mansion sells for $1.3 million over reserve
$2.85 million profit in 8 years
In April, this luxurious five-bedroom property at 28 Palm Avenue in Brisbane’s suburb of Ascot was auctioned and ultimately sold for $6.9 million – a whopping $1.3 million over reserve.
Before being sold earlier this year, the property had last changed owners in 2013, during which the property’s value was $4.05 million.
The April auction of the 1,453 square metre property was the highest recorded sale that weekend.
With the median property price in the suburb at roughly $2 million, the sale makes the home one of the most expensive in the area.
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