Would you turn down a $2million profit, 4 years after purchasing a home?
Well one owner has, in what social media is labelling a tragedy and ridiculous after a home purchased in 2018 for $2.2 million was passed at auction for $4.23 million.
With one social media user describing it as “Sydney Real Estate: A Tragedy in Three Acts”.
With many wondering how the property value grew in a few short years, despite losing a bedroom.
One user pointed out that the property previously sold in June 2004 for $1.1 million, and prior to that it was bought in December 1996 for $220,000 highlighting the incredible price jumps.
Real estate agent, Shannan Whitney from Bresic Whitney Estate Agents in Darlinghurst, said the property sold an hour after the auction with negotiations between the vendor ad highest bidder.
He didn’t disclose the selling price but indicated it was between $4.23 million and $4.5 million.
So is the market crazy. Yes!
Is it obtainable? No!
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When considering an investment property with positive cashflow, it is important to make sure it is suitable to your specific financial goals and objectives. Remember to do you due diligence and is you need advice; JR Prosperity Partners can help you decide if this is the best strategy for you.